stevie_350z Posted September 25, 2007 Share Posted September 25, 2007 http://news.bbc.co.uk/1/hi/programmes/f ... 010415.stm But how else are brokers supposed to afford Lambos? Quote Link to comment Share on other sites More sharing options...
Andy Posted September 25, 2007 Share Posted September 25, 2007 Quote Link to comment Share on other sites More sharing options...
Rob_Quads Posted September 25, 2007 Share Posted September 25, 2007 You see this is where IMO banks should be kicked up the arse. Is it that hard to check someones income - in most circumstances no. So if they give out money without checking and people don't have the money to pay back then I think its the bank that should have to sort it out and work with the borrower on how to get a small amount to start with. Quote Link to comment Share on other sites More sharing options...
Chesterfield Posted September 25, 2007 Share Posted September 25, 2007 Very dangerous game to be playing I would have thought, on both the brokers/advisors part and the banks part. Unless of course the mortgage/loan brokers industry works in very much the same way as the energy brokerage industry did many years ago. The commissions used to be paid upon acceptance/receipt of an agreement, and not upon the date of the contact going live, or upon payment of supply invoices by the consumer etc. This resulted in several less than honest agents sending in agreements to suppliers with overly inflated consumption figures (which would only be discovered maybe 12 months later), and doing a runner with commissions before the over inflated figures were discovered, and without any specific terms for clawbacks of commission, then there was rarely any comeback on the agents anyway. After that very interesting period back in the late 90's, the energy suppliers quite rightly changed the way commission payments are made (well most of them did) which resulted in the positive chage that there were non, or very few of these "smash and grab" advisors operating. I would have thought that the banking industry would have measures in place to pay brokerage fees on an ongoing basis, or t the very least a percentage up front and a percentage over the early period of the loan. Therefor ensuring the commissions are only paid on viable agreements. Reading between the lines of that article, it would suggest that commissions are being paid upfront with little or no comeback if the client cannot keep up repayments. If that is the case, then it is likely to breed a culture of here today gone tomorrow advisors, which could damage the perception of advisors by the consumers. Which would be difficult for those looking for a long term future in that sector. Quote Link to comment Share on other sites More sharing options...
H5 Posted September 25, 2007 Share Posted September 25, 2007 You see this is where IMO banks should be kicked up the arse. Is it that hard to check someones income - in most circumstances no. So if they give out money without checking and people don't have the money to pay back then I think its the bank that should have to sort it out and work with the borrower on how to get a small amount to start with. It would help if our dumb ass government didn't bail out bad management by using our taxes to act as a safety blanket to them. With no fear of taking the company under, I fail to see what incentive they have to do the right thing. Quote Link to comment Share on other sites More sharing options...
stevie_350z Posted September 25, 2007 Author Share Posted September 25, 2007 yeah I noticed that Northern Bank are paying a 53m dividend and a nice 1.3m bonus to the top brass, whilst UK Gov (ie. me and thee) bank rolls it. Arse. Quote Link to comment Share on other sites More sharing options...
H5 Posted September 25, 2007 Share Posted September 25, 2007 Why does it take these people to have to intervene??? http://news.bbc.co.uk/1/hi/business/7012768.stm Quote Link to comment Share on other sites More sharing options...
AndyC Posted September 26, 2007 Share Posted September 26, 2007 I'm commenting without reading the bbc link tbh I'm pretty sure I've heard it all before. I'm a mortgage broker and if more of these clowns are taken out of the industry I'm in favour - it gives us all a bad name. There is a big market for self certification loans, where you don't have to prove your income, and it is certainly right for a lot of people - it can be difficult for the self employed for example to either be able to prove their income or prove it to a level that the lender needs. Bear in mind that if you're self employed you're income isn't always fairly reflected by your accounts. As far as commissions go they are payable on completion of the mortgage, ie once the lender has completed all their checks and has released the money. There is a hell of a lot of background checks that are done now - it doesn't just stop at credit scoring. The finance industry has very sophisticated systems in place to ensure that they are not being taken for a ride. That said it does obviously happen. With tighter regulation which is happening all the time within my industry it is becoming harder to be a broker - and I think that is a good thing. Quote Link to comment Share on other sites More sharing options...
Sarnie Posted September 26, 2007 Share Posted September 26, 2007 That'll be why i don't do self cert mortgages Quote Link to comment Share on other sites More sharing options...
Stew Posted September 26, 2007 Share Posted September 26, 2007 Sarnie just makes Payslips up for £500 a time. Hence the lambo! Honestly only kidding! I believe Sarnie to be a very honest and hardworking guy! No, honestly! Quote Link to comment Share on other sites More sharing options...
stevie_350z Posted September 26, 2007 Author Share Posted September 26, 2007 So in the good days (past few years) you guys bank your profits ready for the lean years (next few years?) and not waste it on brightly coloured fast women or cars? LMAO Just joking, Sarnie, love you and your motor - when you at the next Z meet cos I want to get up close and personal with your baby... Quote Link to comment Share on other sites More sharing options...
Sarnie Posted September 26, 2007 Share Posted September 26, 2007 So in the good days (past few years) you guys bank your profits ready for the lean years (next few years?) and not waste it on brightly coloured fast women or cars? LMAO Just joking, Sarnie, love you and your motor - when you at the next Z meet cos I want to get up close and personal with your baby... I'm not allowed on zed meets according to the hierachy Quote Link to comment Share on other sites More sharing options...
stevie_350z Posted September 26, 2007 Author Share Posted September 26, 2007 Rubbish. Lots of reasons why you should come: 1) You never do what you are told 2) No-one on here has the right to tell you what to do (apart from me ) 3) It's a free country, drive where you like 4) You're a good lad 5) You drive a Lambo and promise me a drive Quote Link to comment Share on other sites More sharing options...
Sarnie Posted September 26, 2007 Share Posted September 26, 2007 Rubbish. Lots of reasons why you should come: 1) You never do what you are told 2) No-one on here has the right to tell you what to do (apart from me ) 3) It's a free country, drive where you like 4) You're a good lad 5) You drive a Lambo and promise me a drive 1) True 2) Maybe 3) True 4) True and false. Quote Link to comment Share on other sites More sharing options...
sl114 Posted September 26, 2007 Share Posted September 26, 2007 So in the good days (past few years) you guys bank your profits ready for the lean years (next few years?) and not waste it on brightly coloured fast women or cars? LMAO Just joking, Sarnie, love you and your motor - when you at the next Z meet cos I want to get up close and personal with your baby... I'm not allowed on zed meets according to the hierachy Fight the system dude, im going to turn up on the bus! Quote Link to comment Share on other sites More sharing options...
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