Key issues: Refinance | mortgage broker | failure to provide services with due care and skill | insufficient funds to complete refinance

Summary of Determination

I find that the  FSP:

  1. I find that the FSP failed to provide its mortgage broking services with due care and skill when it arranged loans for the consumer in January 2014. In particular, I find that the FSP failed to identify and inform the consumer about a funding shortfall before the consumer committed to loan and brokerage agreements.

  2. To resolve the complaint, I order the FSP to pay the consumer the sum of $52,604.50 as compensation for the financial loss caused by the FSP’s conduct, plus interest. 

Follow this link for a full copy in PDF >>  Determination | 24 November 2015