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MFAA Prosper : Mortgage and Finance Brief 06
Caution advised over trail book and database purchase Members are advised to take great care if they are considering the purchase of a trail book. MFAA is aware that so-called "trail books" and "databases" are being offered for sale by some entities with a poor history of ethical dealing. Of course, many operators are, principled and fair in the business they undertake. However, MFAA has been informed by a significant number of complainants that one particular operator refuses to make any data available until an offer is made for the book and a substantial deposit paid - prior to any due diligence being undertaken by the purchaser. Apparently, it is also suggested that should the offer be withdrawn, the deposit may be lost. MFAA recommends that members should only consent to buy a "book" if he/ she is satisfied regarding: • the quality of the book; and • CRM files; before an offer of its value to the purchaser can be assessed. You will probably need to sign a confiden- tiality agreement with the vendor about the data in the "book" prior to any due diligence you conduct. The potential purchaser should be able to provide a deposit (if required) which should be fully refundable, with the exception of a reasonable and agreed administration fee, if the data in the book is unsatisfactory or does not meet the buyer's expectations. National Board and Office Bearers named Victory for common sense At the MFAA annual board meeting, which was held in Brisbane last month, the following board members were confirmed: President: Joe Sirianni (elected for two- year term in 2009). Vice President: Steve Kane. Treasurer: Garry Driscoll. Other directors: Craig Green, Warren Prince, Ray Hair, Geoff Colls, Martin Leedham, Barry Elmslie, Damian Percy and Joe Zappia. MFAA welcomes the ASIC ruling on exit fees and DEFs as contained in its Regulatory Guide 220 released last month. MFAA made detailed submissions to ASIC in August to ensure that DEFs are not prohibited and can be fairly used by lenders (particularly non-bank lenders) to provide competitive finance to consumers. RG 220 ensures that DEFs can remain as part of the competitive lending marketplace provided they reflect the losses incurred by lenders when early payment occurs. The ruling outlines the costs that can be included in the DEF. A complete copy of the ruling RG 220 can be accessed at www.asic.gov.au . Joe Sirianni, President MFAA working with Treasury on Credit Guides, quotes and proposals Thank you to all candidates in the MFA A State Council Elections. Our online election system provided us with a very strong number of votes cast by MFAA members this year. The following candidates were elected (in alphabetical order): South Australia/ Northern Territory Kevin Boyle*, Leah Busby*. Victoria Paul Filippone, Ray Hair*, Voula Kotsiras*. New South Wales/Australian Capital Territor y Donna Beazley, Peter Beverley, Scott Bolton*, Val Tyson*. Queensland Ruan Burger*, Craig Green, Michelle Middlemo. Western Australia Tom Brazier, Marco Meloni, Tony Versace. Tasmania Geoff Colls, Peter Crosswell, Brady Henley*. Congratulations to all those candidates who were successful – the large number of candidates nominated clearly indicates the level of interest members have in being involved in the ongoing success of their association. *Indicates new Council member. Turn to page 26 to find out what some of the new Council members have on their agenda for 2011. New State Council members revealed Mor tgage & Finance brief | 7 MFAA News As members will be aware, the NCCP requirement to provide Credit Guides, quotes and proposals to consumers is scheduled to commence from 1 January 2011. MFAA over the past few weeks has been involved in discussions with Treasury as to the form and content of these documents. In particular, we are pressing for as much of this information as possible to be provided in one document and for the content to be confined to information that is easily available to the broker and is relevant to the consumer. We believe these requirements will be resolved in the next few weeks, but if there is any delay MFA A has already flagged with Treasury the possibility of a deferment of the operative date for some or all of the above requirements. We will advise members as soon as the final position is made available. Time is running out to be recognised as part of the 2011 MFAA Excellence Awards. Submissions must be in by 5pm Friday 10 December. Turn to page 60 for more.
Mortgage and Finance Brief 05
Mortgage and Finance Brief 07