Question: Why didn't the people from GE Money actually phone at least one in five of their proposed lenders to check their bona fides?
Answer: Because GE Money was just as greedy for business as the little crooks from Tasman Mortgages and the big crooks from their parent company BlueChip.
One of the oldest tricks in the book is for the broker to take away a blank form and then fill in the details later. How convenient. In this case, false occupation details were used to avoid the rejection the crooked broker knew would result from inclusion of the true occupation - 'retired.'
Adolf has first hand knowledge of a few other little tricks used by the little crooks at Tasman. He overheard one day the chief little crook instructing the new chum little crook on the manner in which the forms should be completed.
"Don't ever say they have two cars, even if they have two or more. That will reduce the amount you can get approved. Always fill in 'one car.'
In the life insurance industry, where a broker fills out an application in his own writing (and sometimes there are genuine reasons why this is done***) responsible insurers send a copy of the completed application to the client with a verification request before any policy is issued. You see, legally, the application form, along with the policy document, comprises the contract between the parties.
*** You'd be surprised how many wealthy young farmers are extremely dyslexic or in fact almost unable to write anything other than their names.
May 29 in history
4 hours ago