Fine of 12 million euros for Rabobank for 'irresponsible mortgage lending'
Rabobank has been fined 12 million euros by the Netherlands Authority for the Financial Markets (AFM). According to the AFM, the bank violated rules when providing mortgages. The bank is said to have lent money without properly checking whether the mortgage loan was responsible for the customer.
Rabobank provided so-called customized mortgages between 2019 and 2021. And when taking out these mortgages, the bank did not sufficiently check whether the mortgage was justified. The AFM says: "In this, it weighs heavily that the structural violations are related to both the underwriting criteria (the policy) and the handling of individual customer files (the practice). Consumers were not sufficiently protected."
In addition, false competition was created because Rabobank was able to offer potential customers higher mortgages than other lenders.
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