C.21 Compliance - Advice Comments

Broker Tools - Advice Comments

It is the role as a responsible lending broker is understand what your clients wants and needs and then recommend the most suitable choice of products you can.

Audits When you get audited, the auditor will want to see how your reasons for your recommendation and what analysis you have completed to justify these recommendation. It is essential you document this decision process and the best place to document it is within VowNet.

Broker Notes & Loan Recommendation Documents If entered correctly in VowNet, these advice comments can also become very useful content for completing Brokers Notes to' the lender and your Loan Recommendation Document you can send to the client. ie "The PRODUCT – was chosen as it suited the client’s needs and preferred lender"

Comments Examples Below are some examples that can be referred to. CARE - these are examples only and you should use your own reasons. Remember to be as specific as possible in your reasoning. Examples are therefore a guide only:

Examples of reasons to recommend a LENDER:

LENDER – was chosen as the client’s choice of preferred lender LENDER – was chosen as the client’s existing lender

LENDER – was chosen as they had a policy niche which suited the clients requirements LENDER – was chosen as the client’s wanted the lender's product

Examples of reasons to recommend a PRODUCT:

PRODUCT – was chosen as it suited the client’s needs was their choice

PRODUCT – was chosen as it suited the client’s needs and is a cheap option PRODUCT – was chosen as it suited the client’s needs and preferred lender

PRODUCT – was chosen as it had a product niche which suited the clients requirements

"The client was presented with a number of different lenders/product to choose from and ultimately the decision was the clients"

Examples of comments for BORROWING CAPACITY:

STRONG – Client has a strong surplus cashflow position to meet lending commitments. GOOD – Client has a good surplus cashflow position to meet lending commitments. CARE – Client has an adequate surplus cashflow position to meet proposed commitments. CARE – Client has requested a LOW DOC loan as they cant provide their most recent financial statements