Introducer Tips and Updates
September 15, 2016
As we continually improve our business and process for our valued Introducers we have some tips and updates to assist in getting your loans settled quickly and efficiently.
Effective immediately including any loans in the pipeline we no longer require the original loan applications to be sent to our office. We know this has caused some frustration in the past however, as part of our Mortgage Management Deeds with our funders we are technically required to hold the originals in our office. We understand it is now 2016 and this requirement generally adds unnecessary steps to the process in this digital age. Our Introducer Agreement outlines your obligations for retention of documents as follows:
3.8 Provision of information
(a) You must maintain appropriate and adequate records of your activities under this agreement (either in hard copy or electronically in a secure location that is regularly backed up). These records must be retained for not less than seven years after each Loan is made or principal increase advanced.
(b) Within 14 days of our request, you must provide any information or documents requested by us relating to:
(i) the introduction of and other dealings with Applicants; and
(ii) your business and any Intermediary’s business in so far as those businesses relate to dealings with us.
For the avoidance of doubt, this obligation survives any termination of this agreement. (The statement that this obligation survives termination does not imply that other clauses which by their nature survive do not do so.)
When transactions involve a trust the original certified copy of the trust deed will need to be lodge with the land titles department when registering the mortgage. Generally, the solicitors acting for the funder will require to hold the original certified copy (no scanned copies) of the trust deed prior to issuing mortgage documents. In recent times we have seen an increase in lending to more complex structures and unfortunately there has been delays around mortgage documents being issued as the solicitors were not in possession of the correct documents. Further, there has been some cases where a second certified copy was required due to the first version being incorrectly certified.
As a suggestion you should obtain a certified copy of the trust deed as early as possible in your process and also ensure that it has been certified correctly. Below is an guide on certifying documents which may be helpful:
Certification by Qualified Witness (Justice of the Peace , Commission for Declarations, Solicitor etc)
Endorsement on a copy of single-page document is as follows:
This is to certify that this is a true copy of the original, which I have sighted.
Full name (or registration number, if applicable)
Endorsement on a copy of a multi-page document is as follows:
If the original document has more than one page the witness must either (a) certify each page;
or (b) sign or initial each page, number the page as 1 of 40, 2 of 40 and so on (if the pages are not already numbered) and make the following certification on the last page:
This is to certify that this [number of pages]-page document (each page of which I have numbered and signed) is a true copy of the original [number of pages]-page document that I have sighted.
Full name (or registration number, if applicable)
The Australian Government introduced enhancements to the Anti-Money Laundering and Counter-Terrorism Financing Legislation (AML/CTF) in January 2016.
The changes are primarily focused on identifying the beneficial owner of an account and collecting additional information associated with this.
For all non-individuals the enhancements mean that there is a responsibility to:
- Collect, verify and record full name, residential address and date of birth of each individual beneficial owner
- Capture industry type using Australian Standards to understand the customer’s primary source of income
- Determine the beneficial owner’s percentage share of ownership, asset entitlement or voting rights
- Collect Entity Structure (Simple or Complex) to understand the complexity of the entity’s structure
For trust accounts, capture the name of the Settlor of the trust unless:
- The trust is regulated (e.g. SMSF), OR
- The settlor is deceased, OR
- The initial amount contributed to the trust is less than AUD$10,000, as disclosed in the trust deed.
When submitting loan applications to Future Financial please ensure you have completed all of the necessary verification of identity forms (Company & Trust) for each beneficial owner/s. These forms can be found in our Introducer Portal or if you need further assistance you can contact our Relationship Management team.
We also have a handy help card that may be of assistance, click here to download.
Update Contact Information
From time to time we will need to communicate with you. This is generally via email however it is important for us to ensure all contact information is up to date.
Please complete this form if you wish to provide your current contact information and we will update our system where necessary.
Below is a summary of the easiest ways you can liaise with the team at Future Financial. We also provide direct contact information for all staff which can be found on our website.
Scenarios – via our Online Scenario Form or by calling (07) 5630 3222
New Loan Applications – Email to Applications@futurefinancial.com.au
Rates, Fees & Forms – via our Introducer Portal
As always the team at Future Financial are here to help at any stage of the loan so please do not hesitate to contact us whenever the need arises.