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By: Jessica Darnbrough
E-Mortgage Wise director Don Hoang has been expelled from the MFAA for engaging in dishonest conduct.
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Mr Hoang was found to have submitted income supporting documentation to a lender from a company he knew to be false.
Moreover, Mr Hoang was found by the MFAA to have failed to act with all due skill, care and diligence by submitting mortgage applications which were identified as being fraudulent.
This conduct was contrary to clause 42 of the MFAA Code of Practice which states, “A Member must not engage in any acts or omissions of a misleading, dishonest, deceptive or fraudulent nature.”
“The MFAA has a well defined Code of Practice which demands high standards of behaviour, ethics, expertise and experience,” MFAA chief executive officer Phil Naylor said.
“This Code is enforced by the MFAA through its disciplinary rules and tribunal and is well respected by the industry. This expulsion is part of policing those standards.”
Mr Naylor said the MFAA took its responsibility to members seriously and would continue to police members after licensing comes into play later in the year.
“We have strongly lobbied for the past four years for consistent, nation-wide regulation of mortgage brokers and welcome the passing of the National Consumer Credit Protection Act, but will continue our strong approach to disciplinary matters as we believe it is in the best interest of consumers and our members,” he said.
