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MFAA Prosper : Mortgage and Finance Brief 05
Our new editorial team is led by publisher Bobbi Mahlab and editors Roslyn Atkinson and Martin Wanless. We also have new advertising sales managers, Nicole Dixon and Kerry Frances. We hope you like the new look and feel of this respected title. Our plan is to ensure that it always contains the latest industry news and information, as well as practical and inspiring stories that serve the interests, careers and needs of MFAA members. We also want to promote the charity and fundraising work of mortgage and financial professionals in our new 'Community' section at the back of the magazine. You'll soon see a new and improved enewsletter from MFAA as well, which will take all the latest news and information and condense it into an easy-to-read format, with stories directly relevant to your business needs. So grab a cup of coffee, sit back and enjoy reading the October/November edition of Mortgage & Finance Brief. We look forward to meeting you at industry events in the coming months. About Mahlab Media As a specialist client publisher, Mahlab Media's sole focus is working with clients such as MFAA to produce print and digital publications that meet the needs of members. Established in 1997, we have particular expertise in the business and financial sector. Our clients include associations such as the National Association of Insurance Brokers (NIBA), the Real Estate Institute of NSW (REINSW), Abacus Australian Mutuals, and companies including Westpac, Commsec and Mars. Your member magazine After a bit of questioning it became apparent that this broker's client was born overseas and had 'anglicised' his name because it was, he thought, unpronounceable by most of his co-workers and others. This happens more often than most people would think. How many times have you met a Joe whose legal or real name was Joseph or Giuseppe and you hadn't even thought about it? Contractions of names can have ID consequences too, such as Cal -- which could be Calvin, Caleb, Callum, Calhoun, and so on. The only thing you can do is collect the credit data and all of the other bits and pieces your aggregator, mortgage manager or lender requires, and then submit it in the full knowledge that all relevant information is collected and passed on to the decision maker -- the lender or mortgage manager. They're the ones who need to make a decision whether or not to provide the loan. Obtain copies of driving licences and, if you think there's something unusual, request a copy of their birth certificate or other original documents and then ask for an explanation of any differences. Document the response (and get it signed if you can) and pass all of it on to your lender/mortgage manager. Remember, the exercise of verifying anything that 'looks peculiar' is about protecting your own backside as much as it is about consumer protection. If you have a compliance question, please contact MFAA on 1300 554 817 or email firstname.lastname@example.org Joe Bloggs, Joseph Bloggs or Giuseppe Bloggs? The other day I had a call from a broker who asked: "What do you do when you get a borrower who has different documents in different names?" Words Calver t J. Duffy, Executive Director -- Gover nance & Compliance, MFAA Welcome to the first edition of Mortgage & Finance Brief by its new publishers, Mahlab Media. 6 | Mortgage & Finance brief From the editor MFAA Compliance Tip
Mortgage and Finance Brief 06