Wednesday, February 2, 2011

Dodgy brokers get slap on the wrist from Lloyds. In other news, Santander welcomes 900 new faces.

Lloyds axes 900 brokers from its panel

*It should be noted that mortgage fraud is still rife with a quarter of all mortgage applications being fraudulent* Lloyds Banking Group has struck 900 mortgage brokers off its panel over the last three years after uncovering suspected fraudulent practices. This week’s Money Marketing also reveals that around 300 brokers have been removed from Lloyds’ panel over the last year. Practices such as over inflating income and fraudulent applications have led to brokers being suspended for interim periods of three, six or 12 months. In some cases Lloyds has stopped working with brokers on a permanent basis.

Posted by sibley's b'stard child @ 03:42 PM (1195 views)
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4 thoughts on “Dodgy brokers get slap on the wrist from Lloyds. In other news, Santander welcomes 900 new faces.

  • Come on, they wouldn’t get the work if it were straight.

    ‘I’ve been laid off from work
    My rent is due
    My kids all need
    Brand new shoes

    So I went to the bank
    To see what they could do
    They said son – looks like bad luck
    Got-a hold on you

    Money’s too tight to mention
    I can’t get an un-em-ploy-ment ex-ten-sion
    Money’s too tight to mention

    I went to my brother
    To see what he could do –
    He said bro-ther like to help you
    But I’m unable to
    So I called on my fa-ther fa-ther
    Oh my fa-ther
    He said…………

    Money’s too tight to mention
    Oh mo-ney mo-ney mo-ney mon-ey
    Mo-ney’s too tight to mention
    I can’t even qual-i-fy for my pension.’

    ~ Mick Hucknall.

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  • The comments section of the MM article tell a common story ie the broker submits a genuine enquiry and it is declined by LBG (C&G or other brand) and the potential borrower then makes the same enquiry via the branch network and surprise surprise the application flies through – branch targets must be met Ladies & Gent’s !

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  • sibley's b'stard child says:

    Good….god:

    “A few years back a client approached me for a loan of £382,000 on a £500,000 purchase. Her provable income was £6,000 net.

    I was more than surprised when the local bank arranged a loan for this amount.

    It transpired that the branch manager had placed an income of £50,000 for the client and her unemployed husband.

    Like the mis-advising of investment products the branch targets have to be met somehow, right?”

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