Recent reporting on the enquiries required to complete your Responsible Lending obligations with a prospective buyer has been ‘eye opening’.
Can We Make it Easier?
We recognise that a software solution to assist with these obligations is required, just as much by Vendor Financiers as it is by Mortgage Brokers. To this end, we’ve been working with a software provider, in an effort to provide the Vendor Finance Industry with a system that turns the VF application and qualification process into a fully complaint paper trail.
A paper trail that incorporates all the required Responsible Lending reports and stores them securely in ‘the cloud’ (offsite).
It’s been agreed with the software provider to run a small Pilot Program for the Vendor Finance Industry and we are looking for 4 participants. However there is a cost involved so this opportunity may not suit all Industry members at this point. The cost is $120 per month. We would like you to trial the software for two months and report back with your constructive feedback. Of course, if it doesn’t suit your business then you may choose to drop out of the Program after month one.
We’re looking for participants who can get the most use out of the program as possible over the two month period, so larger VF businesses are preferable.
For Smaller Operators
For smaller operators that can’t justify the software in their business right now, we are talking with the software provider about a smaller scale solution.
No Conflict with the ‘Property Investor System’
I have huge respect for Tim Hart’s, Property Investor System because it is simply a great product. We’ve had and used Tim’s great System for many years. The software we’re talking about above is software that compliments the Property Investor System by creating all the reports required by the National Credit Code, to meet your Responsible Lending obligations.
Practically, for those of you using the Property Investor System, once you have qualified your buyer, using the Client Qualifier within the System, you will move to the software we are trialling in this Pilot Program. This software then takes care of the reporting requirements of your Responsible Lending obligations.
To get this Pilot Program launched, if you’d like to participate, please email me at, email@example.com with your email address and phone/mobile number. I’ll be in touch.
PS. We are not making any money from our work with this software provider but we do look forward to using the end product 🙂