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.
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!”
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.”
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,
“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!