Jonathan.OB
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AIB cutting broker commissions to 0.5%, beginning from April 25th... All donations are welcomed & I will be on Grafton St most evenings, starting tonight.
More Commission Cuts
- Thread starter Jonathan.OB
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I
irishlinks
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Ah well - 1500 euro average commission for a mortgage is still quite good. Do a three or four of them in a week and take the rest of the month off!! I'm surprised they paid such high rates in the first place.
To be fair.........
Most of the Brokers I've dealt with had the patience of Job and earned their keep in chasing up loan cheques and missing paperwork. Take them out of the picture and your average purchaser/mortgagor is going to have to do a lot of paper chasing to be sure of getting (a) a letter of loan offer in the first instance (b) confirmation about what needs doing and what is outstanding and , finally, (c) getting the blasted loan cheque with a view to actually trying to close a deal.
I shudder at the thought of taking on that layer of the work load.
mf
Most of the Brokers I've dealt with had the patience of Job and earned their keep in chasing up loan cheques and missing paperwork. Take them out of the picture and your average purchaser/mortgagor is going to have to do a lot of paper chasing to be sure of getting (a) a letter of loan offer in the first instance (b) confirmation about what needs doing and what is outstanding and , finally, (c) getting the blasted loan cheque with a view to actually trying to close a deal.
I shudder at the thought of taking on that layer of the work load.
mf
LDFerguson
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LDFerguson
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- 4,778
I agree with mf1 above. I have frequently liased very successfully with clients' solicitors with a view to easing the process for the client in general. It's no fun when a lender's call centre merrily tells a client or their solicitor that "Documents X, Y & Z are outstanding" when the client / solicitor / broker hand-delivered all three a couple of days ago.
If there's a broker in the middle, the client or solicitor rings the broker. The broker then gets back on to the lender's call centre, sits in a hold queue for ten minutes, then gets passed around various muppets until eventually locating someone who can confirm that the aforementioned documents are in fact in their office. A mortgage broker or conveyancing solicitor will be familiar with this and similar tales - they occur on a daily basis.
I'm not for a moment complaining about the lot of the mortgage broker. Just pointing out that a good mortgage broker will do a fair amount more than just taking an application from a client and posting it on to the lender. If people deal directly with lenders, they will take on more work themselves or may attempt to pass it on to their solicitor. Fun for all concerned.
(For those not already aware, I am a broker, although not exclusively a mortgage broker.)
If there's a broker in the middle, the client or solicitor rings the broker. The broker then gets back on to the lender's call centre, sits in a hold queue for ten minutes, then gets passed around various muppets until eventually locating someone who can confirm that the aforementioned documents are in fact in their office. A mortgage broker or conveyancing solicitor will be familiar with this and similar tales - they occur on a daily basis.
I'm not for a moment complaining about the lot of the mortgage broker. Just pointing out that a good mortgage broker will do a fair amount more than just taking an application from a client and posting it on to the lender. If people deal directly with lenders, they will take on more work themselves or may attempt to pass it on to their solicitor. Fun for all concerned.
(For those not already aware, I am a broker, although not exclusively a mortgage broker.)
Yes, Yes brokers are the salt of the earth etc etc 
However, the OP's post implied that he would be facing tougher times as a result of the cut in rates and was bemoaning his lot in life!
I find it hard to have much sympathy for the broker industry as a whole as they have enjoyed phenomenal success over the last ten years and if they haven't been prudent enough to plan for a downturn in the market well that's just tough!
However, the OP's post implied that he would be facing tougher times as a result of the cut in rates and was bemoaning his lot in life!
I find it hard to have much sympathy for the broker industry as a whole as they have enjoyed phenomenal success over the last ten years and if they haven't been prudent enough to plan for a downturn in the market well that's just tough!