National Australia Bank (NAB) has sacked 20 bankers and disciplined another 32 over the selling of mortgages without accurate customer information and documentation.
Following an extensive review of its mortgage book, NAB said it had identified about 2,300 home loans sold since 2013 that were likely to contain inaccurate information.
The bank said the loans in question may have been submitted without accurate customer information and/or documentation, or correct information in relation to NAB’s Introducer Program.
The problem loans were largely arranged in New South Wales and Victoria.
NAB said it had commenced writing to about 2,300 customers — many of whom live overseas — asking them to participate in a detailed review of their loan.
That review may include verification of documents submitted at the time of their home loan application.
Affected customers may be offered compensation as appropriate, the bank said.
“What occurred was unacceptable,” NAB’s head of customer banking and wealth Andrew Hagger said.
“We have investigated this matter thoroughly, and, as we have always said, whenever we find issues we will investigate them, fix them, and hold people to account — and we did,” he said.