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MFAA Prosper : Mortgage and Finance Brief 08
NCCP does not mean 'elder discrimination' The NCCP regulations do not require lenders or others to discriminate against older borrowers by refusing loans or altering the terms of the loan, says the MFAA. Numerous industry commentators have voiced concern to the contrary, but the MFAA has likened the scenario of an older person being refused a mortgage because they may not be able to pay back the amount without selling the home again as the equivalent of expecting lessees to sell their vehicle when the balloon payment is due. They might pay it out of savings or sell other assets or such. In some instances, lenders may narrowly interpret NCCP (in which s118(3) says that if borrowers can only repay [their loan] by selling their principal place of residence that it is then presumed that the loan will cause substantial hardship and is therefore not a suitable loan), but neglected to read further and note that it goes on to say 'unless the contrary is proved'. The interpretation that older people should be refused a home loan is made without consideration of any other savings or investments the individual may hold and, as such, unless the right questions are asked a wrong answer will ensue. MFAA seeks extension to NCCP disclosure deadline The MFAA has lobbied the Federal Treasury for a further extension to the deadline for implementing NCCP disclosure regulations. Treasury previously extended the deadline from 1 January 2011 to 1 April 2011. The MFAA would like to push this date back to at least 1 July. "We have sought an extension because the disclosure regulations have still not been finalised, and are unlikely to be for a few more weeks," MFAA CEO Phil Naylor says. "We are hopeful that at least a 1 July extension will be agreed." The deadline requires brokers to provide consumer disclosure documents to consumers under the NCCP regime, including credit guides, quotes and proposals. However, there have been delays in providing the final form of the disclosure regulations. The MFAA's 2011 Excellence Awards took place last month at a gala dinner in Melbourne. For a full report on the event, plus pictures of all of the winners, turn to page 28. Awarding excellence The implementation of the MFAA's strategic review has resulted in changes to the Continuing Professional Development (CPD) requirement for our members. Key changes include: • CPD activities are now submitted in hours, not points; and • there is an annual CPD requirement of 30 hours. The changes are designed to ensure members are operating at higher professional standards aligned to the new MFAA membership categories. Submitting CPD hours also removes the added complexity of converting hours to points. In the past, the qualification process for allocation of CPD points was generally based on 1.5 CPD point for every 2 hours of development. The new process allocates 2 CPD hours for every 2 hours of development. These changes will be visible within your online membership portal shortly. We encourage members to visit the CPD area on our website for the latest information on MFAA's CPD Qualifying Activities and the MFAA CPD Policy. Changes to MFAA CPD requirements Mortgage & Finance brief | 13 MFAA news
Mortgage and Finance Brief 07
Mortgage and Finance Brief 09