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Mortgage Broker News | 21 Oct 2014, 11:13 AM Agree 0
Brokers often call for more regulatory oversight to help weed out unethical professionals and one recent update from FSCO has been met with positive reactions. But some brokers believe more can be done in other areas of focus.
  • Versico | 21 Oct 2014, 05:49 PM Agree 0
    The regulations on up front fees should be change to reflect the current economic reality.
  • Ron Butler | 21 Oct 2014, 06:42 PM Agree 0
    Props to Ken Lankin, he is dead right. There was a day when private lending and "B" mortgage lending were largely the province of serious pros like Ken and another 100 or so other honest, careful practitioners who wanted good results for both the lender and the borrower. Those times have changed and not for the better.
  • DeJong | 23 Oct 2014, 12:13 PM Agree 0
    “There are brokers who charge up-front application fees and (customers) become disillusioned toward the broker industry (as a result)”

    Are people even aware of some of the up-front fees charged by some of these syndicated mortgage companies? I'll use one example on one project I saw recently:

    Commissions: 10.35%
    Advertising budget: 4.65%
    Company fee: 15%

    That comes off the top. And we're here discussing the 1-2% fees typically charged by individual brokers? There's a much bigger potential black eye for the mortgage broker market sitting right under our nose.
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