What will also happen is that bank costs will fall due to not paying out high commissions & thus interest rates paid for by borrowers will decline.
Borrowers pay the commissions paid to brokers via higher interest rates & bank fees.
Banks can easily streamline their businesses to automate a lot of non compliant people from getting to the application stage, they just need to invest in education & systems.
What will also happen is that bank costs will fall due to not...
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