Tired Paul
Registered User
- Messages
- 262
With apologies to LDFerguson, but I have never understood why mortgage brokers exist.
A fundamental difference is that a bank official works for the bank. A good mortgage broker works for you.
Our of curiosity, are all brokers required to have a fiduciary responsibility to their clients?
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[/FONT]A [FONT=Calibri,Calibri][FONT=Calibri,Calibri]regulated entity [/FONT][/FONT][FONT=Calibri,Calibri][FONT=Calibri,Calibri]must ensure that in all its dealings with [/FONT][/FONT][FONT=Calibri,Calibri][FONT=Calibri,Calibri]customers [/FONT][/FONT][FONT=Calibri,Calibri][FONT=Calibri,Calibri]and within the context of its authorisation it: [/FONT]
[FONT=Calibri,Calibri]2.1 acts honestly, fairly and professionally in the best interests of its [/FONT][/FONT][FONT=Calibri,Calibri][FONT=Calibri,Calibri]customers [/FONT][/FONT][FONT=Calibri,Calibri][FONT=Calibri,Calibri]and the integrity of the market; [/FONT]
[FONT=Calibri,Calibri]2.2 acts with due skill, care and diligence in the best interests of its [/FONT][/FONT][FONT=Calibri,Calibri][FONT=Calibri,Calibri]customers[/FONT][/FONT][FONT=Calibri,Calibri][FONT=Calibri,Calibri]; [/FONT]
[FONT=Calibri,Calibri]2.3 does not recklessly, negligently or deliberately mislead a [/FONT][/FONT][FONT=Calibri,Calibri][FONT=Calibri,Calibri]customer [/FONT][/FONT][FONT=Calibri,Calibri][FONT=Calibri,Calibri]as to the real or perceived advantages or disadvantages of any product or service; [/FONT]
[FONT=Calibri,Calibri]2.4 has and employs effectively the resources, policies and procedures, systems and control checks, including compliance checks, and staff training that are necessary for compliance with this Code; [/FONT]
[FONT=Calibri,Calibri]2.5 seeks from its [/FONT][/FONT][FONT=Calibri,Calibri][FONT=Calibri,Calibri]customers [/FONT][/FONT][FONT=Calibri,Calibri][FONT=Calibri,Calibri]information relevant to the product or service requested; [/FONT]
[FONT=Calibri,Calibri]2.6 makes full disclosure of all relevant material information, including all [/FONT][/FONT][FONT=Calibri,Calibri][FONT=Calibri,Calibri]charges[/FONT][/FONT][FONT=Calibri,Calibri][FONT=Calibri,Calibri], in a way that seeks to inform the [/FONT][/FONT][FONT=Calibri,Calibri][FONT=Calibri,Calibri]customer[/FONT][/FONT][FONT=Calibri,Calibri][FONT=Calibri,Calibri]; [/FONT]
[FONT=Calibri,Calibri]2.7 seeks to avoid conflicts of interest; [/FONT]
[FONT=Calibri,Calibri]2.8 corrects errors and handles [/FONT][/FONT][FONT=Calibri,Calibri][FONT=Calibri,Calibri]complaints [/FONT][/FONT][FONT=Calibri,Calibri][FONT=Calibri,Calibri]speedily, efficiently and fairly; [/FONT]
[/FONT][FONT=Calibri,Calibri][FONT=Calibri,Calibri]2.9 does not exert undue pressure or undue influence on a [/FONT][/FONT][FONT=Calibri,Calibri][FONT=Calibri,Calibri]customer[/FONT][/FONT][FONT=Calibri,Calibri][FONT=Calibri,Calibri]; [/FONT]
[FONT=Calibri,Calibri]2.10 ensures that any [/FONT][/FONT][FONT=Calibri,Calibri][FONT=Calibri,Calibri]outsourced activity [/FONT][/FONT][FONT=Calibri,Calibri][FONT=Calibri,Calibri]complies with the requirements of this Code; [/FONT]
[FONT=Calibri,Calibri]2.11 without prejudice to the pursuit of its legitimate commercial aims, does not, through its policies, procedures, or working practices, prevent access to basic financial services; and [/FONT]
[FONT=Calibri,Calibri]2.12 complies with the letter and spirit of this Code. [/FONT][/FONT]
Quote:
Originally Posted by LDFerguson
"A fundamental difference is that a bank official works for the bank. A good mortgage broker works for you."
Any mortgage broker, good or bad, works for him or herself.
Some brokers may recognise that the the borrower is their client, but are they not all paid by the lender? And then only if the loan is actually taken out?
Taking on a mortgage is a large financial commitment and any sensible borrower will educate themselves about that as much as possible.
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