Do Mortgage Brokers Have a Future?

[Commercial]

I have been wondering recently if there is a future for mortgage brokers. There seem to be many factors against their future:

1. Banks cutting costs. Already many banks have reduced or got rid of any comissions payable to mortgage brokers.
2. Smaller number of Banks. With many banks looking to get out of Ireland and none looking to come in the choices for people seeking mortgages has greatly reduced and therefore it is easier for an individual to go to 3 banks as opposed to 11 without any help from a broker.
3. Obviously less mortgages required.

What do people think? I know things will turn around again, but when and if so will brokers be needed?

 

[Lilly2099]

When we first went to buy our house we used a broker but found having to go back and forth making calls etc waiting to hear back from him was way too long a process. We then went directly to the building society and it speeded things up. Also now with the fact you can get life and house insurance online at the click of a button it also decreasesthe need for using a broker.

 

[csirl]

I think they'll go the same way as travel agents & airline tickets. In the future, most people will apply online in person. A select few who are not internet users or have non-standard applications will use a broker. Some "low cost" banks will not deal with brokers etc.

 

[Sumatra]

A psychic on Bray seafront said the product is too complicated, people will do their research online and deal face to face to organise their loan. Time will tell.