Privacy
For a privacy form to be signed compliantly it must be signed .............
On or Before credit file hit
Which of the following is not a valid secondary ID?
1. ATO Notice of Assessment
2. Centerlink Statement
3. Mobile Phone Bill
4. Utility Bill (Water, Gas or Electricity)
5. Council Rates Notice
Mobile Phone Bill
Minimum acceptable GLE without further clarification
0.8 or 80%
What is the scaling for Casual Income?
0.8846 or 88.46%
If we verify income lower what two extra steps are we required to do?
1. Manual Capacity calculation
2. Repayment Ratio
What are the 5 key requirements of the privacy form?
1. Name of Guest
2. Dealership Name
3. Correct Brand
4. Signature of Guest
5. Correct Version Footer
Guest has given us a digital drivers licence and a digital medicare card can we pass AML?
No unable to utilise digital medicare card for AML however we may be able to waive secondary ID
If GLE is less than threshold what is the next steps?
Request BM to clarify or revisit expenses as below benchmark
Can we verify Casual Income < 12 months in settlements
No needs to be verified by lending
If income was verified lower with spousal offset and had 50/50 rental expense what would the repayment ratio look like?
Guest Income: 2000
Spouse Income: 2000
Rental Income: 1000
Repayment: 500
Repayment Ratio would be
Sole
Income: 2500
Repayment: 500
What is the process if there is a privacy form signature mismatch?
1. Ask BM if Privacy form has been witnessed by them if it has proceed
2. If it not witnessed by BM - they will need to provide a document to verify signature or resign privacy form
What are the states where we can accept digital licences?
Victoria, South Australia, New South Wales & Queensland
If Payslip has rental expense as post tax deduction and system has rental as a deduction how do we proceed?
Do not include in income calculation as system already deducting via expense
Give 2 examples of a foreseeable change?
1. Parental or Maternal Leave
2. Applicant not started role
3. Construction Loan full loan not declared
4. Fixed interest rate expiring
what is considered sensitive infomation and is required to be redacted?
1. TFN numbers
2. Card Numbers bank card including CCV
If we see a overseas passport what extra step is required for AML?
Complete VEVO Check
You are looking to waive secondary ID and need to see if safe habour is met. Where do you find this information and what do you need to see?
CDE report identification and needs to be verified
What is the process if we see mortgage statement flagging?
1. complete income verification and add the system calculated mortgage amount into the capacity calculator. if capacity evident request sign off
2. If cap not evident request for mortgage statement
Rate x Hours x Frequency of payslip
What figure do we utilise to verify self employed sole trader income?
Net Business Income on ITR
What is the process for Consumer auto approved remote aml application?
1. check form
2. complete template
3. employment check required
4. sign off from SME
Australian Passport is provided for AML however has expired 1 year ago is this acceptable?
Yes we can accept passport expired <2 years
You need to verify rental expense and BM provides are rental receipt. Upon review you note that there are 4 names on the agreement. How would you proceed?
You would ask BM to clarify who the other names are their relationship to the Guest then ensure this is correctly portioned in the rental expense field e.g 25% and selected as joint non applicant other
If bonus noted on payslip what would be the best way to approach the income? Explain your process.
Use base salary to exclude bonus to see if capacity evident, if evident move on. If capacity reliant on bonus we will need to see previous bonus to determine consistency and verify using annual taxable + add bonus ontop
If you were verifying income and saw salary sacrifice on payslip what are the requirements to waive the clarification of salary sacrifice?
monthly capacity > salary sacrifice deduction