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How Is Established The Revenue Of Your -consultant Hypothecaire-home Loan Consultant?
By Gregory van Duys
Working with a mortgage broker (Intelligence Hypothécaire) is beneficial for a buyer for a lot of of reasons, and here we will talk about two of them. It is important to know that mortgage brokers receive fees on the size of the mortgage, not the interest rate, and that they are eligible to receive added commission for volume transactions with one bank.
You probably wonder how a mortgage broker (Intelligence Hypothecaire) is paid, since you do not pay him. You are justly curious, because it is critical to know the motivation of each party to a transaction so you can better understand matters such as conflict of interest, etc.
Of course, a broker must receive an income for his efforts, just as your lawyer, accountant or other professional who performs services for you does. However, in the case of a mortgage consultant, his fees are paid by the lender (Intelligence Hypothecaire) he places the loan with. This fee is based on the size of the mortgage, and so the broker has no control over how much his commission will be, in
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most cases. For instance, a $200,000 loan will earn a fee that is twice as much as a $100,000 loan Outside of a couple of special circumstances, the broker cannot change this arrangement. These are the circumstances in which the fee will change depending on certain things: -The length of the term of the home loan- hypotheque -Some variable mortgages -The duration of time the home loan rate is guaranteed for. Interest rate does NOT influence the commission a mortgage (courtier hypothecaire) will earn. So there is no incentive for the mortgage to find a different rate for the customer. This is in contrast to some bonus plans that banks run for their employees. (Read “Will my bank offer a better rate than a broker?” to learn more about this.) Mortgage consultants can, however, improve their fees by working with one bank. Lending institutions frequently offer bonus programs whereby a broker will earn added fees based on the volume of home loans he brings to the bank. It is an important amount, ranging from 20% to 25% over the original fee. Smaller brokers are influenced by this incentive, but it has no effect on larger mortgage consultants. Brokers such as Mortgage Intelligence, that processed over $8 billion in loans in 2005, or Multi-Pret/Mortgage Alliance with over $5 billion in originations easily reach the limit on all volume business, and so are not compelled to work with one bank. What does this new information teach us about negotiating our home loan through a broker? Number one, that brokers make their commissions only through the size of the home loan, so differences in interest rates are not going to affect them and number two, dealing with a large broker will increase the number of banks that your loan will be exposed to, since large brokers have no incentive to work with one bank in order to gain a volume bonus. Gregory writes articles for www.infohypothecaire.com/ - Pret hypothecaire. To have more information about mortgages, please visit one of his websites:
www.infohypothecaire.com
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