New mortgage - Compliance Details not included

P

Pexus1976

Registered User
Messages
189
Hello,

I applied to a number of brokers last month for a mortgage. Rececived the packs last week. But there is no compliance detials included in these packs...i.e. Terms of Business, distant marketing, copy of authorization...

Is this normal or should I stay away from these brokers?

What should be included in a standard mortgage pack?

All comments appreciated!
 
What 'packs' did you receive? Application forms, loan offers or information packs?

Brokers are required to display their authorisations from the financial regulator in a prominent posistion in their business premises - they aren't required to send a copy of them to clients.

Sarah

www.rea.ie
 
I think the OP is expecting to recieve the type of documents that you would recieve when taking out a life policy etc.

These regulations do not apply to mortgages.
 
As far as I am aware regulations are coming in early 2007 where a broker must send out this information.

feel free to request them from the brokers involved and if they don't provide them, look elsewhere

Bob
 
What 'packs' did you receive? Application forms, loan offers or information packs?

Mortgage application forms. Sorry I should have clarified! What is generally include in these?
 
Mortgage application form, salary (or accountant's) certificate and a list of the documents required for mortgage approval. Personally speaking I wouldn't send out a terms of business letter at AIP stage.

Sarah

www.rea.ie
 
Under the new Financial Regulator Consumer Protection Code brought out on August a broker must provide a copy of their terms of business to the customer before providing the first service.

This was just brought in so there is still a bit of debate about when exactly TOB should be given to customers, personally we try to give them at our very first meeting or when we send out application forms but I wouldnt be too concerned about the fact that you have not received them, im sure if you ring and request them the broker will send them out to you immediately.
 
You must log in or register to reply here.
Back
Top