Ever notice how a lot of these charges are for Westpac based deals? I wonder if it's just a propensity to use WBC for dodgy deals, or that their auditing team is particularly good at finding dodgy documents?
She should have just said she was only relying on documents uttered by the clients, all eight of them lol,
It is pretty unfortunate that this type of behaviour is going around so much (at least according to daily broker news!) - definitely damages the image of brokers as a profession over the longer term. From my conversations with a few local agents in the western sydney, some people genuinely think its OK to do. There's a large cash based economy in the region, which can make getting standard loans in the short term difficult.
Hey Redom, I disagree, as someone who wants to invest,it is the idiots who take loans then try and blame banks etc when things do not work out. I liked the freedom and no BS of low doc. Broker will never be looked down on if they are enabling clients, they will be looked down on if they get people into trouble knowingly or too reserved , like you get a client, they are on welfare of 200 a week and somehow get them a loan that requires 2k a week and talk them into it on the old low doc, that would be clearly wrong. You can't stop everything. It needs discretion, not black and white rules to prevent any possible problem.
Yes indeed. Some people just dont think when they do it it is fraud. Had a family member get a loan through another broker a few years ago after i said it didn't service. Guess which lender and which policy quirk? Yep westpac and the old employment letter. Cant believe they had that as a sole way to verify income.
You'd have to be fairly stupid to try to fake this sort of thing. If the loan is investigated, the paper trail leads straight back to the broker. They get away with it for a while but eventually they do get caught and they've provided the evidence incriminating themselves. The think is, eventually these sort of loans go into default somewhere, somehow. Eventually something gets investigated. The really pathetic thing is they're doing this for a payout of $2k - $3k.
I know someone that does fraud investigations for the banks. It seems this sort of fraud is pretty widespread. Once they find one piece of fraud they will then start auditing all the files of the broker and then they may have a larger criminal case which they will refer to the police.
If it goes to the police, everybody better make sure they are super squeeky clean, how many large organisations would be able to say they do not have any bad eggs in the employee basket ? I would wager they will only refer very bad or repeat thieves. We have seen discussions on the forum of people who seem to be able to get all sorts of finance ticked off on, seems clear to me people at all levels working to get this done, not just a bad broker, there is some understanding inside the bank. I agree, would be foolish to start changing things behind a customers back so you can get a few grand, your cheating both parties here. These people would have something to complain about.
