Lender Rejects Fee for Service Concept

A fee-for-service model would be an “insult to brokers” and would not add to the credibility of the industry, according to one mortgage and lending industry leader. Loan Market’s Director of Sales, Mark De Martino, made the comments in response to analyst Max Franchitto’s claim that brokers should consider charging a fee, or risk looking like “mere sales reps for their favourite banks.”

But De Martino said the comments were unfounded, and that good service underpins the brokers’ ethos. “It almost reads that we have to create legitimacy in our industry, in our business, by charging a fee for service. I think the industry has a hell of a lot more legitimacy than that,” he said. De Martino said a broker would only look like a sales rep for a bank if he or she were failing to be impartial. “Great brokers will provide great service, no matter whether they’re charging a fee or not.”
Source: http://www.brokernews.com.au/article/fees-do-not-legitimise-brokers-144465.aspx

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