Lenders met to discuss the biggest challenge facing the mortgage industry right now – but brokers don’t believe they really have the grips of what the industry faces anyway.
The article
What’s the biggest challenge facing mortgage broking? Lenders discuss garnered heated comment from many of you.
Brian Broker thinks the banks don’t ‘get it’ and called for comments from
FBAA and MFA.
“Brokers cost them nothing except commission which is paid a long time after the deal is done. The winners will be the banks who reduce these overheads and pay the brokers better commissions – bring it on!”
QAL lamented: “The banks continually cry ‘we absorb the costs’. Hello? And what do you think the brokers do? We absorb many costs as well. Commissions have been cut, compliance costs are up and clawbacks (due to lost business which is not our fault) on work already done.”
Steve L thought the only way to get a good overview of how the industry is going is to survey brokers, and
Tim H thought the commentators were out of touch with brokers at the coalface.
But Comment of the Week goes to
Barney, who said:
“Blah blah blah. Give us our 0.25% trail back. That will fix an awful lot. More income enables brokers to reinvest back into their business to grow volumes and support in all areas – including compliance. The argument that the banks can't afford it is getting a little stale.”
See the article and more comments
here.
Thanks to all our valued commentators this week!
