A reminder

Referring loans is regulated by the National Consumer Credit Protection Legislation (NCCP) and to ensure that we manage the requirements under these regulations, Mortgageport uses a specialised loan processing system. This system provides the ability to keep you up to date with your client’s loan application and to manage your referral fees.

What you should know about the NCCP:
It is important that you understand your obligations under the NCCP including;

• only engage in credit activity as a referrer incidentally to another business you are carrying on:
• not engage in referring clients if you have been banned from providing credit advice;
• not charge a fee to the consumer for the referral.
• only inform the consumer that we are able to arrange loans and leases but not specify any particular product, and not provide any recommendations or advice concerning loans or leases;
• obtain the consent of the consumer to pass their name, contact details and a short description of the purpose for which the consumer may want the credit or lease; and
• pass the consumer’s contact details to us within five business days of informing the consumer that we are able to arrange loans and leases but not any specified product;
• disclose to your clients that you may receive a commission for referring the loan application.