Originally posted by taughtbuffet
this is absolutely ridiculous
The banks:
- Require mortgage brokers to act in the best interests of the intending borrower, not the bank providing the loan. Breaching this law would result in a fine
so.....if i work for a mortgage broker and i know my opposition has a better product, i'm breaking the law by not sending my customer away?????
are they gunna apply the same rules to every industry?
if i work for Bunnings with a price match guarantee, and i know that Joe Bloggs hardware has a cheaper product, but i dont price match because the customer didnt bring it to my attention, should i go to jail?
if i work for any retailer, and i dont offer the cheapest prices, does the electric chair await?
stupid, stupid, stupid
The mortgage broker isn't working for just one lender. They can recommend a loan from any number of lenders. The problem has been brokers recommending a loan based on which lender gives them the most lucrative kick-back. What's best for the customer hasn't been a concern for many mortgage brokers.
