Fees Paid To Brokers By Mortgage Lenders Are Far Too High

Procuration fees paid by some sub-prime lenders are too high.

Fact.

There can be no justification for some of the fees paid by lenders. Proc fees of 2.75%-plus are simply deplorable when it is clients who will ultimately pay the price through an extra loading on the interest rate they pay, be it at the front end or - as is more common with some lenders - at the back end after an initial deep discount.

Traditionally, high proc fees were justified by the relative complexity and extent of the work undertaken by the intermediary on behalf of customers with specialist financial needs; for those customers with more heavily impaired credit backgrounds, there was more work so the fee was higher.

But advances in technology mean obtaining the required information is now relatively straightforward so how on earth can lenders still justify paying fees of 2.75% or more?

Consumer protection is paramount. Those lenders that continue to hide behind the excuse that the fees they pay impact only on their own profit and loss accounts are fooling nobody. In the end it's the client that pays.

It's a sorry state of affairs when a lender's only method of attracting business is to pay a high fee.

The sooner the Financial Services Authority wakes up and takes a look at some of the players in this often murky sector, the better.

It's time for a change and we need it right NOW.

Mark Anthony Harrison has worked in financial services for over 16 years, mostly in banking but more recently with his own company http://www.capitalmortgagesolutions.co.uk.

---

Bridging Finance Basics

Bridging finance is a short-term loan that is used as... Read More

What On Earth are Home Equity Loans?

Home equity loans are one of the most common types... Read More

Selecting the Right Mortgage for You

A mortgage is a loan you take out to buy... Read More

Home Equity Loans Company ? 7 Key Questions to Help You Choose One

Choosing the right home equity loan can be tricky; you... Read More

Adverse Credit Mortgage Loan - Persistence is the Key to Getting Approved

People with bad credit that are looking to get a... Read More

Home Equity Loans - Are They Right For You?

The bills are out of control and you need a... Read More

Remortgage Debt Consolidation - The New Recourse For Credit Crunch

Shakespeare once said about human nature 'with nothing shall be... Read More

Home Loan Applications Made Easy

You have finally found the home of your dreams. You... Read More

Zero Down Mortgage Loans - Is 100% Financing a Good Idea and Can You Get Approved?

Are you wondering if you can get approved for a... Read More

Mortgage Soup

Looking for home mortgage loans can get confusing with the... Read More

Seller Financing

Although any loan used for buying real estate is strictly... Read More

Home Loans: To Substantiate Financial Possibilities On Your Land

Availability of Home loans is in full bloom. They are... Read More

Home Loan Confusion Continues

Unfortunately, most Americans still do not understand how home loans... Read More

Choosing a Mortgage Lender

Just as there are many types of mortgages and mortgage... Read More

Refinance Your Second Mortgage

A 2nd mortgage is a secured loan on your property,... Read More

Online Mortgages in 5 Easy Steps!

We're all entitled to the opportunities and benefits of home... Read More

Are You A Victim Of A Predatory Mortgage Foreclosure?

Help is available to borrowers who have claims against their... Read More

Mortgage after Bankruptcy - Bankruptcy Discharged Yesterday? Purchase a Home Today!

So you have been through a bankruptcy and surely have... Read More

Tips for First Time Home Buyers

When looking at tips for first time home buyers, you've... Read More

Bankers Dont Want You to Know That You Pay for Your No Cost Home Loan Forever

With mortgage rates continuing on a downward trend, the competition... Read More

When is the Right Time to Refinance Your Mortgage?

You've heard that interest rates are down and you think... Read More

Why Choose a Home Equity Loan?

There are many reasons for choosing a home equity loan.... Read More

Avoiding Foreclosure Scams

If your mortgage company is threatening foreclosure, there are things... Read More

Home Equity Line of Credit ? Great for Remodeling Projects

Many homeowners are lucky enough to find a house that... Read More

Home Loans -- The Hot New Product? The 30-year, Fixed-rate Mortgage

In recent years, the mortgage industry has introduced dozens of... Read More

Cash Out Refinance Mortgage Loans ? Home Equity, 2nd Mortgage or Cash Out Refinance Loan

There are some definite benefits to doing a cash out... Read More

Secured Homeowners Loans ? In Case You Thought a Home is Worth Few Dollars

Money is like music, if managed well, produces a good... Read More

Mortgage Calculator ? How to Calculate Your Monthly Mortgage Payment

Just starting to shop for a new home? Do you... Read More

High Risk Mortgage Lenders - Using a Sub Prime Lender Online

Sub prime lenders handle high risk mortgage loans that traditional... Read More

Home Mortgage Loans - Fixed Rate, Adjustable or Balloon, Which One Is Right For You?

When you're shopping for a new home-especially for the first... Read More

Reverse Mortgages ? a Reversal of the Mortgage Process

Mortgages have assumed a number of characters from the time... Read More

Ending Your Private Mortgage Insurance Early

Private mortgage insurance, or PMI, is the safety net of... Read More

Refinancing Your Home Mortgage Loan

You're considering refinancing your home mortgage loan to save money.... Read More