Powered by MOMENTUM MEDIA
Powered by MOMENTUM MEDIA
subscribe to our newsletter

ASIC to publish low-doc loan report

The corporate watchdog will soon publish a report on responsible lending, with a particular focus on low-doc home loans.

Speaking at the MFAA conference on the Gold Coast today, ASIC deputy chair Peter Kell announced ASIC’s plans to publish the report.

“This review focuses on the responsible lending conduct of authorised deposit-taking institution (ADI) and non-ADI lenders providing low-doc home loans,” Mr Kell said.

Advertisement
Advertisement

“This report follows on from our earlier reviews of credit assistance providers’ responsible lending conduct.

“We have noticed a number of changes and improvements in the market since we commenced our reviews," he said.

Over the course of its reviews, ASIC noted that licensees are collecting, recording and considering more information about consumers’ financial situation, and their requirements and objectives.

“We have also seen licensees implementing new systems to ensure [the] compliance of their representatives and the reliability of information provided by other third parties,” Mr Kell said.

While our upcoming report focuses on lenders providing low-doc home loans, as with our other reports the findings will be relevant for credit licensees more generally,” he said.

ASIC to publish low-doc loan report
mortgagebusiness

Latest News

The major bank is most vulnerable to a COVID-induced spike in credit losses and is set to raise its collective provisions, according to Mo...

The major bank has announced the appointment of a new chief financial officer. ...

Jamie McPhee, the CEO of super fund-owned bank ME Bank, has resigned after nearly 10 years in the role. ...

FROM THE WEB
podcast

LATEST PODCAST: What's being done to support home buyers?

Do you expect COVID-19 to reduce or increase your business flows?

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.