As a Credit Licence holder, Mortgage Choice (and Smartline) are required to maintain a documented Policy, which sets the standards under which we expect our Credit Representatives to adhere to when providing Credit Assistance. This document outlines the minimum requirements that a Credit Representative must take to evidence that they have taken reasonable steps to verify a Customers Financial situation.
Our Responsible Lending Policy includes the minimum Customer Financial Evidence Requirements which must be met in respect of obtaining and verifying a loan applicant's financial position details, regardless of any greater or lesser requirement the selected lender may have (including personal loan and asset finance lenders).
Customer Financial Evidence Requirements
Credit Standards Checks are completed on Credit Representatives on the basis of the Customer Financial Evidence Requirements. Failure to meet these requirements may impact the outcome of your Credit Standards Check.
To meet your Best Interest Duty there will be many circumstances where you may need to make further enquiries if the Customer has additional income such as bonuses, overtime, commission or seasonal income or are self-employed.
The review of the Bankstatements.com report can be your reasonable steps to verify the enquiries you have made with the Customer. Please see an example HERE.
Further details can be located in the below attachments - Why the Change and Change on a Page.