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Mortgage Broker News | 13 Mar 2014, 09:13 AM Agree 0
Brokers often lament the rate shopper who flees at the eleventh hour and one leading broker may have solved that problem by charging a hefty cancellation fee as part of his new self-directed mortgage shopping site.
  • David Wright | 13 Mar 2014, 01:47 PM Agree 0
    Out of curiosity which brokers offer the salaried approach?
  • Mike Maguire | 18 Mar 2014, 02:54 PM Agree 0
    The problem with these cancellation fees is that they tend to be hidden. No where on the intelliMortage site do I find the fee disclosed. If a brokerage is saying that their service is free I feel it is unethical to charge a fee if the client cancels. For example does it seem right if you go to a car dealership and spend 2 hours with a salesman test driving cars and then charged a fee if you buy elsewhere. Maybe I am old school but I tell my clients you are not committed to my deal until you take the money at the lawyers and if I lose a client it is probably my own fault. Perhaps if the brokerage stops worrying about how much it will make in commission or salary and puts the client first there would be no need for cancellation fees. So maybe instead of dealing online, try stopping in at your neighborhood mortgage brokerage, have a coffee, discuss your mortgage, your life and goals and get the best mortgage for you. Still costs you nothing and you get a free coffee.
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