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'Desperate people do desperate things': loan fraud alleged at giant

Adele Ferguson |  07 June 2018  |  News

The crisis at Mortgage Choice is deepening with documents emerging that show almost half its brokers are considered "low performers" for failing to meet the loan giant's controversial sales targets.

Shareholders wiped 22 per cent off the share price of the ASX-listed broker on the back of revelations the mortgage giant’s franchise model is pushing franchisees into financial ruin, depression and the taking of shortcuts when arranging loans.

A joint Fairfax Media and ABC 7.30 investigation has obtained explosive internal documents where Mortgage Choice labels franchisees who don’t meet monthly targets as “low performers” and top earners as “big guns”.

 

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