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MFAA Prosper : Mortgage and Finance Brief 06
You recently celebrated your 25th year in the financial sector. How did it all start? I actually studied law at university in Sydney, and although I completed the course I had realised halfway through I didn’t want to be a lawyer, so I went into banking at the sug gestion of my uncle, who was a career banker. I joined the State Bank of New South Wales and spent 12-and-a - half years there filling a variety of roles, including retail branch management, training, lending, operations and project management. I left State Bank in 1997, took a bit of time off and completed an MBA. I then spent a year at the Commonwealth Bank before joining a small brokerage for a year. That was my introduction into mortgage broking, and I joined Mortgage Choice in 1999. What does your role now involve? My title is Compliance and Corporate Standards Manager, a role I’ve filled for six years. It’s my job to ensure our business and our franchise businesses meet their legal and regulatory obligations. With NCCP coming into force it continues to be a busy time. How is Mortgage Choice approaching the NCCP regulations? The whole industry is coming to grips with the practical impact of the legislation and the challenge of meeting all the requirements while maintaining loan volumes. The difficulty is that, as the regime is new, there are no defined and determined standards and many of our decisions are necessarily based on the unknown. The terms of the legislation and the ASIC guides are open to varying interpretations and, as yet, there are no definitive answers. Our view is that some of our broking colleagues have adopted an ultra-cautious approach, which may be making the process of writing business unnecessarily difficult. What do you mean by ultra- cautious? I’m referring to excessively analysing the financial position of customers seeking finance. Some groups are using “fact finder” documents up to 20 pages in length, which is way over the top. I understand why they are doing it, in order to reduce risk exposure to the minimum level, but at what cost? It may be that loan applications that should be proceeding are not, thereby disadvantaging those customers, for no compelling reason. We’ve taken a practical and commercial approach, which we believe satisfies the responsible lending requirements. I was speaking with one of our very experienced brokers recently. Her Tim Donahoo has worked in the world of banking and finance for over 25 years. After time spent as a banker, he joined the broking sector in 1998 and currently holds the position of Compliance and Corporate Standards Manager. Mortgage & Finance Brief caught up with him to discuss NCCP, customer service and making dreams come true. Interview Martin Wanless Tim Donahoo Compliance and Corporate Standards Manager, Mor tgage Choice Inter view 24 | Mor tgage & Finance brief
Mortgage and Finance Brief 05
Mortgage and Finance Brief 07