NAB and Advantedge are members of the mortgage broking Combined Industry Forum (CIF).
To deliver on their commitment as CIF members, as part of CIF Reform #6 NAB and Advantedge will be sharing certain broker information with us (as a participating aggregator) from July, 2020.
This information will be shared for the purpose of identifying and monitoring broker actions to investigate and prevent poor customer outcomes. This aligns to NAB and/or Advantedge broker accreditation obligations.
Key risk indicators monitored
CIF Reform #6 requires that NAB and Advantedge calculate nominated Key Risk Indicators (KRI) for its accredited brokers, namely:
- number of customers 90 days in arrears
- percentage of loans which are interest only and percentage of loans which are owner occupier.
They are then required to regularly report on these KRIs, along with the following broker details: name, lender broker code and state.
If you have questions about CIF Reform #6 and / or the KRIs and information which will be shared, please speak to your NAB/Advantedge Partnership Manager.