a cominique that was just released by Absa states that they will not entertain home loan applications from Bond Originators in excess of 40% loan to value. They might have said to them "Get out of our lives" and some words to that extend (The words to that extend cannot be written here)
A few questions arises ;
1. Are bond originators clients of the bank ?
2. If so are they not entitled to consideration in terms of the banking code of conduct ?
3. The bank has not conducted themselves according to any aspect of point 2.15 of the banking code of conduct:
No integrity was shown ( let alone uncompromising integrity)
Fairness cannot even be mentioned
No trust or confidence is being promoted for the industry
(The other banks will follow suit)
Unfortunately the Brandometer cannot go to minus bacause they do not deserve a 0%
A few other questions arises : Why does this happen? As things go it is very evident that bankstaff are nowhere as knowlegable as those in the bond origination industry. They now want to sign contracts with Estate agents to submit applications directly to them - to what end? Estate agents are not trained in any aspect of applications for home loans.
Maybe we must leave it at that and see what the other banks do.
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