Legend International provides this disclosure statement to ensure
the openness in our relationship.
NATURE OF BUISNESS
1. We are a mortgage brokering firm having been active in the
market since 1998. Our core day to day business is actively
arranging secured loans (mortgages) against fixed property.
We work through out New Zealand for the New Zealand mortgage
market and source our funds both nationally and internationally.
Some clients approach us direct but, predominantly clients are
referred through our networking system to our offices for assistance.
(Our referring agents include other brokers, solicitors, accountants
and lending entities)
2. We are not a member of an aggregator/ franchise
group/ company or firm who holds agreements with lenders on
our behalf. We generally hold agreements direct with the lenders
3. Our lending base includes ASB, Westpac, Bluestone,
GE Money, Southern Cross Finance, Custom Credit, Asset Finance,
Southern Cross Finance, Auckland Mortgage Trust, New Zealand
Finance, General Finance, Cairns Lockie, Freedom mortgages,
Southern Finance, Pioneer finance, Professional Mortgage Trust,
Prudential mortgages, Axis Finance, The Law Oak Centre, City
Wide Finance, File Management services, Mairangi Properties,
Dimidiate Investments, Primosso Holdings, Abridge Finance, Trimac
Finance, Spiers, Orix, North South Finance, Blackbird Finance,
Marac, Allied Nationwide, New Zealand Mortgage funds, Glaister
Ennor, Bridger Finance, Capital Acceptance, Howard Trust, Trident
Covenant Mortgage Trust,UDC.
We confirm we do have access to further lenders than listed
above however due to the number of lenders available have tried
to show a variety. We are also continually sourcing further
lenders and growing our portfolio to provide as many options
as possible for our clients.
4. We have operated as a mortgage brokering
firm since 1998.
All discussions and information shared with Legend are subject
to the Privacy Act of 1993. You are entitled to access to your
information held on file on request. We are required by law
to hold all information collected for 7 years so, any information
you require from your file will be copied for you on request.
We request that a Privacy Act Waiver is signed so we can present
your information on your behalf to our lending base to obtain
finance. The same privacy act waiver is also used to obtain
accurate settlement statements on any debt that is to be refinanced.
OTHER MATTERS REQUIRING CLARIFICATION/ RECOMMENDATION
1. Legal and accounting issues - we recommend that independent
and specialist advice is sought and obtained when required.
Any discussions with Legend in respect of legal and accounting
issues do not replace advice from qualified professionals.
2. We advise our clients to discuss there
mortgage documents with an independent solicitor prior to signing
3. Professional Risk Insurance -Generally,
but especially, as part of any financial transaction, clients
should review there personal risk insurance requirements. Making
a financial application in no way implies that such a review
has been applied with Legend and or its staff and specialist
advice should be obtained.
4. Professional Indemnity Insurance -
As is requested by some of our lenders we do hold current Professional
Indemnity Insurance through Lumley Insurance, managed by Mooney
and Associates to the value of $2,000,000.00. In proven cases,
this protects our clients from financial loss due to fraud,
gross negligence, gross misrepresentation etc (if perpetrated
1. We confirm that on standard bank applications we generally
do not charge fees. Further that if we need to charge fees on
any work we conclude, these fees are disclosed in our Authority
to Assist and are firstly accepted by the client and then only
payable after the client has accepted the loan offer arrange.
Should the client not sign and accept finance arranged on there
behalf the fees are not payable.
2. Occasionally we do charge an upfront, non
refundable retainer, either on behalf of our lender or / and
for a portion of our fees upfront. Often this is due to the
complexity of the application presented on larger applications
with multiple entities or properties or developments. If a retainer
is required this is discussed upfront, signed and agreed upon
so we can proceed.
3.. We confirm we have an arrangement with Fidelity
life Insurance for long term and mortgage protection Insurance
for clients which we do receive a commission direct from them
for any Insurance arranged.
4. We confirm we have an arrangement with Avon
Insurance Brokers who can assist with arranging house and house
hold insurance for clients, we confirm we refer as a service
to our clients and do not receive any remuneration for the same.
5. In the normal course of business, Legend
receives commission from Lenders that successful business is
placed with. This is confirmed in our Authority to assist which
is signed by our clients when signing acceptance of any loan
offer and/ or disclosed in the lenders loan offer documentation.
If we do not receive commission payments from our lenders or
if the remuneration to be received does not cover our costs
in obtaining the same, clients are charged a fee direct from
ourselves which is payable on acceptance of the loan or at draw
down of the same. Fees charged and payable direct by clients,
if applied are agreed and signed for by the client.
6.. The nature of the commission paid to us
by our lenders can be a single upfront commission (percentage
of the loan facility) and ongoing (trail) commission (percentage
of the loan facility), or a mix of both.
7. We may also receive a commission in the placement
of Insurance on behalf of clients similar to clause 5.2.
6. Referral Network
We do obtain clients from referral sources, most of which we
pay a referral fee on success to. This does not generally increase
any charges applied to clients that are
Referred but, assists the clients in not having to pay additional
fees to the referral agent.
7. Money Handling
Legend does not operate a Trust account so, it is our preference
that all payments required to be made to Lenders, Solicitors,
Accountants etc. are made direct to there account details provided.
We do NOT operate a Trust account and do not, under any circumstances
use clients money or property for our own benefit.
Legend International is owned and managed by Carolyn Calder
who completes and checks each application that comes into our
Carolyn has been has experience in New Zealand Mortgage Brokering
Industry since 1997 and managed Legend since 1998.
Carolyn keeps abreast of products available on the market and
attends at least 3 product training courses offered a year.
Carolyn's associated qualification include: - Diploma in property
practice and the law (SA), Diploma in Tax law (SA), Diploma
in Matrimonial Law (SA).
As required we herby certify that in the proceeding five years
neither Legend nor Carolyn Calder has been:
1. The subject of a successful claim (for dishonesty, negligence
or misrepresentation) under any Professional Indemnity Insurance
Policy held on either's behalf.
2. Convicted of any offence of dishonesty or any relevant offence
under any Act or law applying in New Zealand, nor been a director
of a company so convicted.
3. Adjudicated bankrupt, nor are and undischarged bankrupt,
nor have had a bankrupt discharged.
4. Prohibited by law from taking part in the management of a
There are no proceedings currently being taken
against Carolyn Calder, (or any company of which Carolyn Calder
is a director of) under any of the above mentioned list (1-4)