Paying for mortgage broker

[The Adviser]

BTW, it's amazing this industry is not regulated yet considering the amount of money that people are borrowing these days.

Sorry mate,

This industry is extremely regulated. Why is it that so many people think that mortgage brokers are not regulated?

Rob

 

[Aceyducey]

Adviser,

Welcome to the forum!

It seems that not only some posters, including other brokers but also the RBA also believes the Mortgage Broking industry is not regulated.

Perhaps you can explain what regulation you see applying to the industry and explain why the RBA Governor's stance on the matter is incorrect.

Cheers,

Aceyducey

 

[Rolf Latham]

Hi Rob

Welcome to the forum.

The industry per say from the lender onward has a tight level of regulation, thats a fact.

The reality at broker level is too often otherwise.

A 2 day course, some PI Insurance and hey presto Im an Accredited Mortgage Consultant broker too, with no requirement for any handholding, or indeed real world exposure. Meanwhile, I could have written 10 deals that have just cost 10 borrowers tens of thousands of dollars and future opportunity because I had no idea of sequencing, lmi exposures, entity limits, or the potential tax treatments of LOCs, vs offset accts

I do agree with you Rob, that on disclosure issues, the brokerage industry is very tightly regulated, and about to become even more so in NSW, but on newish entry, we are far to loose.

ta
rolf

 

[The Adviser]

MIAA, ASIC, DFT, UCCC, Privacy Act, Lenders, Aggregators, Consumer Credit Admin Act, FTRA, Insurers... to name a few.

Those that do not comply with the above do not last long.

 

[Jimmyjamjars]

Didn't know whether it was the done thing to mention names in posts henceforth my vague reference to a broker earlier in this thread but seeing as everyone is cool with it, Rolf Latham is the broker I was referring to Julliet. Top rate, absolute professional and goes the extra yards (and then some). The obsession bit worries me though. Rolf, you need to get out more, bit of sun, bit of vitamin E, you know what I'm saying
JIM

 

[Rolf Latham]

Hiya Rob

I get your point......... I feel most of those though are self regulation and those that arent specific to brokers, they are general to the industry, and do little to ensure reasonable basic knowledge standards.

Ta
rolf

 

[The Adviser]

Rolf,

I don't dispute knowledge standards are terrible. I hope they bring in the regulation they are seeing in WA or even tougher regulation.

At least borrowers have many avenues should they choose to pursue their broker who does them an injustice.

 

[BV]

So many mortgage brokers and so little advise.
I have been trying for weeks to get some advise on a couple
of my threads and didn't have much luck with the brokers.

Now what should I think?
that none has come across situations like mine?

http://www.somersoft.com/forums/showthread.php?t=16049
http://www.somersoft.com/forums/showthread.php?t=16157

cheers

 

[Aceyducey]

So many mortgage brokers and so little advise.
I have been trying for weeks to get some advise on a couple
of my threads and didn't have much luck with the brokers.

BV,

No-one pays the members of this forum to give you advise.

And I thought that your questions were quite well answered without any need for a broker to add their 2c.

Why not get up and call a broker on your own initiative?

You might get the answer in a 5 minute call.

Cheers,

Aceyducey

 

[BV]

BV,
No-one pays the members of this forum to give you advise.
Cheers,
Aceyducey

Acey,
You are using strong words here...
I was primarily asking for an opinion and ideas more than anything else.
Lots of members gave their opinion and advise and I thank them for that.

I don't mind paying a broker or financial adviser for any assistance
they offered. In fact the plan from the beginning was to keep the
properties so I would have had to borrow money one way or another.

I am still working through some ideas (with a resident broker) and it
may end up being quite rewarding for him as I might have to refinance
3 properties to achieve my goal.

I am sure you understand where I am coming from.
I often see that some people are quick to put up their hand for business
or have time for lengthy responds to some threads while they ignore others.
I apologise if I offended anyone but I've seen this happen before so
lets help each other where we can.
cheers

 

[stanley]

So many mortgage brokers and so little advise.
I have been trying for weeks to get some advise on a couple
of my threads and didn't have much luck with the brokers.

Hi BV, maybe you should also post your question at Steve's site where you'll find some other brokers who dispense good advice.

 

[geronimo]

I apologise if I offended anyone but I've seen this happen before so
lets help each other where we can. [/B]
cheers

BV

If your questions have been sufficiently answered by non-broker members of the forum, why should a broker throw in his/her 2c just for the sake of it?

The reason is often that if you have not provided specific details about your financial position it is often difficult give specific advice. In that case you're better off contacting a broker personally who can get specific.

Your accoutant will also need to be involved in the process if there are taxation issues. If there are, perhaps you're better off posting in the Taxation forum too, to get advice from the experts such as Dale GG.

Good Luck!

Brendon
----------------------------------------------
Acute Mortgage Reductions
www.acutemr.com.au
[email protected]

 

[Aceyducey]

You are using strong words here...

Actually I found your words even stronger

So many mortgage brokers and so little advise.
I have been trying for weeks to get some advise on a couple
of my threads and didn't have much luck with the brokers.

It's good to hear you're working with a mortgage broker.

However if you're not happy with the advice they've been able to provide (thus asking at the forum) my suggestion stands, try calling one of the regular brokers on the forum - they are very experienced.

And frankly as everything brokers say on this forum is above & beyond the call of duty, I find that accusing them of having:

time for lengthy responds to some threads while they ignore others.

is also very strong!

Cheers,

Aceyducey

 

[fatboy4]

I agree with many replies $500 sounds steep when most get a commission from the lender.

Ask them to justify their fee. Some lenders do not work through brokers eg Resi and Bank of Queensland- ask him if he can access these...but then he would need to not be a broker (a broker who doesn't...)

 

[Tibor]

Hi fatboy,

I dunno about Resi, but I had several loans from Bank of Qld arranged by a broker.

 

[Rolf Latham]

Hi Tibor

Effective 1 June this year, BOQ have decided that they prefer to open lots of franchised direct outlets, hence they feel they no longer need the broker force.

They had their niche but wont be missed.

ta

rolf