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MFAA Prosper : Mortgage and Finance Brief 07
The credit guide is designed to assist the customer to decide whether to use the broker 's services. It includes a general description of your business, the lenders with whom you conduct business and your remuneration. • Describe each element of your remuneration, including commission, fees and charges. Describe who charges each type of remuneration and who receives it (e.g. the broker, the credit provider or some other person). Clearly explain when the remuneration is payable. • You can combine a number of required disclosures into one document. For example brokers who act as credit representatives of credit licensees can use a joint credit guide that includes information for both the broker and the credit licensee. Likewise the credit quote can be included in the credit guide. • Carefully check that all required information is included. The credit quote provides more detailed information about the remuneration that the broker will receive for the services that the client is seeking. It sets out the maximum amount of the fees and charges that will apply. • It is likely that brokers will need to include the dollar amount for fees and charges and/or the percentage payable for commission. • The client must sign and date the quote (or show that they have accepted it e.g. in an email) and brokers must give the customer a copy of the accepted quote. The credit proposal is required once the broker has decided which loan or lease to recommend to the client. It informs the customer of the fees, charges and commissions that will be payable for the credit assistance that the broker will provide in relation to that loan or lease -- as well as any other fees the customer might need to pay, e.g. valuations. • Brokers should disclose the dollar amounts of the anticipated fees, charges and commission for the specific loan or lease. • If the credit is to be used to pay the fees, include an estimate of the balance that will be available to the customer after payment. • Provide the credit proposal when you suggest the loan to the client. CREDIT PROPOSAL CREDIT QUOTE CREDIT GUIDE Top tips: Top tips: Top tips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
Mortgage and Finance Brief 06
Mortgage and Finance Brief 08