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New laws coming into force at the end of the month will make it compulsory for all mortgage brokers to operate under an Australian Credit Licence (ACL).
Under national credit reforms, anyone engaged in credit advice on home loans will need to register with the Australian Securities and Investment Commission (ASIC) prior to June 30, 2010, or be appointed as a representative.
Registered credit participants will then have six months between July 1 and December 31, 2010, to apply for an ACL.
Loan Market Chief Operating Officer Dean Rushton said the ACL requirement would only enhance the mortgage broking ...
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Categories: Finance News. Tags: ASIC, Home Loan, Loan Market, Mortgage Brokers.
From today, mortgage brokers can register for an Australian Credit Licence, which is a new key requirement of the industry.
Loan Market Chief Operating Officer Dean Rushton said the ACL requirement would only enhance the high regard for the mortgage broking sector.
“Brokers are a major part of the home finance industry and there has been a huge growth in people relying on brokers when they take out a new home loan or refinance,” he said.
Governing body ASIC is encouraging brokers to register as soon as they can, with the cut off date being 20 June.
Source: theadvisor.com.au, Loan Market
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Categories: Finance News. Tags: ASIC, Australian Credit Licence, Dean Rushton, Loan Market.
New laws which will make it compulsory for all mortgage brokers to register for an Australian Credit Licence (ACL) can only benefit the industry, says leading mortgage broker Loan Market.
Under national credit reforms, anyone engaged in credit advice on home loans will need to register with the Australian Securities and Investment Commission (ASIC) prior to June 30, 2010, or be appointed as a representative.
Registered credit participants will then have six months between July 1 and December 31, 2010, to apply for an ACL.
Loan Market Chief Operating Officer Dean Rushton said the ACL requirement would ...
read more...
Categories: Finance News. Tags: ASIC, Home Loans, Loan Market, Mortgage Brokers.
