Let There Be Light

charlesfrankfinance

Having read this excellent blog from my contemporary; Bradley Moore at Brightstar: http://www.bestadvice.co.uk/much-evidence-ignore/ I came away with a sense of frustration, which has subsequently developed into a need to evangelise. My frustration came from this phrase:

“Only last week, I was talking to a very respected industry figure with responsibility for his firm’s stance of all things lending related. When the subject of second charge lending came up, he told me that their brokers were told not to engage”

There is certainly a schism within the mortgage broking field, a distinct step between those who embrace second charge secured loans as a viable tool to assist their clients in the short to medium term, and those who think that secured loans are a product akin to introducing Sauron to Middle Earth, wreaking financial ruin upon a previously happy client.

In fairness as a secured loan packager it can sometimes feel…

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Who’d Be a Mortgage Broker?

charlesfrankfinance

It’s a serious question, I read an article today that left me bereft as to why anyone would begin to consider this career choice if they knew what a battering they would take on a yearly basis from lenders and regulators on an annual basis.

Here is that article http://www.moneymarketing.co.uk/2006554.article?cmpid=pmalert_133747

The article, from the respected Money Marketing journal states that since 2010 “Lenders have kicked at least 676 mortgage broker firms off their panels over the past four years.”

You could take the view that this is an overdue purge of the industry whereby rogue brokers are being rooted out by lenders. This of course is to be welcomed with open arms, the secured loan industry would of course benefit from this sweep also. However scrape the veneer of the story away and speak to a mortgage broker and some of the reasons  “where major lenders have refused to give…

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