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MFAA Prosper : Mortgage and Finance Brief 08
Online scamming You should be aware of the dangers of putting your personal details online. The ACCC recently released its Scams Activity Report 2010, in which it says it received 42,000 reports of online scams in 2010, almost twice the number for 2009. Brokers are consumers, so you need to be vigilant also, to avoid being scammed, especially with the rise in the incidence of identity theft. Some of the scams seen by the ACCC that you need to be aware of caused them to give this advice: "never send credit card or bank account details to anyone." Unless you are absolutely certain you know who they are don't give away your details. And even then you should be careful. For instance I know of no lenders who ask for you to confirm your account details via an email. This is the sort of advice you can give to your clients. If you want more information or think you've been scammed, then go to this website www. scamwatch.gov.au. You could even include some tips in your newsletters to clients to keep them in touch with relevant information. Just remember -- if it looks too good to be true, then it probably is. Document retention Although different laws apply in different jurisdictions, brokers are advised that their records of loan transactions must be retained for at least seven years and should be readily accessible. It is good business practice to do so in order to provide and maintain a high standard of client service, not to mention managing commission payments. They may be kept electronically. There is no need to keep paper copies. A copy of withdrawn and cancelled applications should also be kept. Expert advice to keep your business safe Why you should be cautious of putting your personal details online, and why it is good business practice to retain your records in a readily-accessible place. Words Calvert J. Duffy, Executive Director -- Gover nance & Compliance, MFAA I had the pleasure of attending the MFAA Excellence Awards last month -- and what a fantastic experience it was. All of the award winners were thrilled to receive the accolades that position them at the very top of their profession. And who can blame them? Imagine how much of a boost it would be, for example, to be the national association's "mortgage broker of the year" -- as Mike Buchecker of Aussie now is -- and how much that would benefit your business for ever. In promotional terms alone, it's invaluable. The other thing that seriously impressed me at the Awards was the pride and professionalism the industry has. Everyone there was proud of what they'd achieved, especially the people who were shortlisted for the Awards. The role of the mortgage broker is receiving increasing attention in the press, and the more that can be discussed, and the benefits clearly translated, the better for all concerned. To be able to go out as officially the best in your profession is a seriously good proposition. So if you weren't there, you really did miss a great event. And if you didn't put yourself forward for an award then please make it something to do later on in the year for the 2012 awards. I know self-promotion jars with some people, but nobody will do it for you -- and if you don't do it, there are plenty of other people who will. In terms of the difference it could make for you and your business, it is really worth the time invested in it. Martin Wanless, Editor Stars of the show 10 | Mortgage & Finance brief Editor's letter MFAA Compliance Tip
Mortgage and Finance Brief 07
Mortgage and Finance Brief 09