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‘One rule for lenders, another for brokers’ – Star Letter 19/05/2017

  • 19/05/2017
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‘One rule for lenders, another for brokers’ – Star Letter 19/05/2017
Each week, Mortgage Solutions and its sister title Specialist Lending Solutions look back at the week's most thoughtful, thought provoking and controversial comments to single out the Star Letter.

This week our Star Letter goes to Paul Smulovitch for his comment under the article: Direct non-advised product transfers undoing MMR – Sinclair

He said: “This is exactly the problem brokers face. One rule seems to be followed by lenders and another set of rules heavily policed and enforced by appointed representative firms.

“If a client comes to a broker, we still need a suite of compliance paperwork, but they can go direct and provide nothing. It’s the same for paperwork requirements for purchases and remortgages. The banks directly require very little in comparison to what a broker is required to request and keep on file.

“There should be consistency across the industry.”

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