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BFCSA investigates fraud involving lenders, spruikers and financial planners worldwide.  Full Doc, Low Doc, No Doc loans, Lines of Credit and Buffer loans appear to be normal profit making financial products, however, these loans are set to implode within seven years.  For the past two decades, Ms Brailey, President of BFCSA (Inc), has been a tireless campaigner, championing the cause of older and low income people around the Globe who have fallen victim to banking and finance scams.  She has found that people of all ages are being targeted by Bankers offering faulty lending products. BFCSA warn that anyone who has signed up for one of these financial products, is in grave danger of losing their home.


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BFCSA: Mortgage Broker Industry just starting to figure out the Bank Fraud problem: Brokers have been set up!

Posted by on in ASIC'S Negligence
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Top industry exec takes on mortgage fraud

    Australian Broker News
by Amy Rosenfeld | 31 Jan 2014
Founding director of Club Financial Services Group Andrew Clouston has announced the release of a new product designed to stamp out mortgage fraud in Australia.

Clouston says the product, MOGOcheck, has been so successful in the UK regulators have mandated a major lender to start using MOGO to toughen up the e-authentication process for punters wanting a quick loan, and he expects Australian regulators to follow suit.

“I would envisage we’d be making similar announcements in the Australian market within three months comfortably,” says Clouston.

MOGOcheck is a tool that allows brokers and lenders to provide a customer with a tool that gives them the ability to easily verify and transfer documents back to the lender or broker – in the format that they require.

“The encryption of the data is direct from the source – being the banking site the user is logged into – and the broker or lender then knows the document is and original sourced document and could not have been tampered with in any way whatsoever.”

With positive credit reporting due to come into play in a little over a month, MOGOcheck will also help to fill the void for banks that currently don’t have the technology to gather, supply and process the extra documentation needed, he says.

The motivation for MOGOcheck came from his time as a broker, says Clouston.

“I spent years in the industry wrestling with documents and never knowing which document was an original or may have been tampered with in some way so I went out to source a technology solution that is convenient for customers and provide a risk-free result for lenders.”

The understanding that brokers are often time-poor played a large part in the development process, he said.

“We’ve been very conscious to build it in such a way that most of the work is done on our side and we can deliver data in a secure format to lenders or broker in a format that actually works to their existing systems and processes rather than requiring then to spend months on technology development and things like that. It’s a very easy integration process.”

Increased reports of fraud in the mortgage industry and tighter regulations have helped to drive an “almost overwhelming” amount of interest in the product, says Clouston.

“We have, for all the right reasons, had strong regulation across the mortgage industry for the last 4-5 years and that’s good for the industry and that kind of rigour over what everyone in the industry is doing is an absolute positive for the industry.
Ed:  Comment: the Fraud and income fudging is via the Bank Assessment Teams using a different NSR % on their version at 1.1.  Broker version is 1.479 Its the service calculator that causes the fudged income figures.  Banks invented it.  Be prepared.  We have seen thousands of these.  Fraud is internal to the lender's processing. Why?  It generates mass profits. Your clients should ask the Bank for its file copies of client file.   Watch the Lenders wriggle and squirm out of that one!  If there is no involvement on their part, why not hand over the files fellas?  This email address is being protected from spambots. You need JavaScript enabled to view it.
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  • doyla66
    doyla66 Friday, 07 March 2014

    Sounds like this is more about client fraud than Bank fraud.
    How are they going to stamp out internal Bank fraud if the regulators won't regulate what they license?
    Is another non-bank independent audit unit needed to attend to the work regulators were expected to do and failed?
    How do we get the Government to understand it's also their job to ensure the regulators do what we expect of them and pay them to do?
    Maybe each regulator needs a disclaimer sheet detailing what they don't do so consumers aren't misled by their misplaced faith in the Australian regulatory system.

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