From: Rolf Latham
HI All
Recently, there was a post on the topic of who represents whom in the mortgage broking transaction.
Weeeeeeeeeeeell,
A different Interpretation of who reprsents whom in the broking transaction AND some new legislation on the way:
Extract:
A number of brokers are not independent because they only deal with
one or a few lenders. Other brokers prefer certain lenders because they pay
higher amounts of commission than others. The report states that given
market changes, there is now a far greater degree of competition between
lenders and so the role of finance brokers is seen increasingly by consumers
as a method to save time in searching for the best available deal. If a
broker fails to do this, the fundamental reason for the consumer using the
broker has been breached. The steering committee considers that the borrower
is the broker's client, irrespective of who pays the broker's fee.
Full item is at
http://www.nsw.gadens.com.au/clientaccess/marketing/bulletin0402/bulletin.htm
Bout bloody time too !
Ta
Rolf
HI All
Recently, there was a post on the topic of who represents whom in the mortgage broking transaction.
Weeeeeeeeeeeell,
A different Interpretation of who reprsents whom in the broking transaction AND some new legislation on the way:
Extract:
A number of brokers are not independent because they only deal with
one or a few lenders. Other brokers prefer certain lenders because they pay
higher amounts of commission than others. The report states that given
market changes, there is now a far greater degree of competition between
lenders and so the role of finance brokers is seen increasingly by consumers
as a method to save time in searching for the best available deal. If a
broker fails to do this, the fundamental reason for the consumer using the
broker has been breached. The steering committee considers that the borrower
is the broker's client, irrespective of who pays the broker's fee.
Full item is at
http://www.nsw.gadens.com.au/clientaccess/marketing/bulletin0402/bulletin.htm
Bout bloody time too !
Ta
Rolf
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