(From Mortgage Strategy)
Sourcing systems can guide brokers through the mortgage maze if they input information carefully and understand the systems' limitations, says Roy New
Before Financial Services Authority regulation, under the Mortgage Code Compliance Board sole brokers had to work from small panels of lenders. This had to be documented and given to clients along with the broker's terms of business.
Brokers had to have a sound knowledge of the products and criteria of the lenders on their panels by constantly updating their information, meeting representatives of all the lenders, reading lenders' product literature and criteria and keeping up with industry documentation and publications.
It isn't much different today as the industry requires continuing professional development which benefits brokers, companies and clients.
But today the sheer volume of products available to choose from is staggering, given the increasing number of lenders, alliances, networks, packagers and designated special schemes in the market. There are more than 40,000 schemes available.
A sole broker is just that - one person on their own. The buck stops with them. Of course this is the sole broker's choice but the …