By Finfacts Team
Apr 24, 2008 - 11:48: AM
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Irish mortgage brokers are expected to begin charging for their services as home loan lenders slash commissions or opt to cease using the intermediaries. Business transacted by brokers will inevitable fall and a contraction of the sector will follow.
The Professional Insurance Brokers Association said on Thursday that it is inevitable that an extra burden on prospective new home-owners, who do not deal directly with lenders, would be introduced.
Last year, mortgage lender EBS said that it has traditionally operated exclusively through its network of branches and franchised agents. But it said that the market for home loans in Ireland had been transformed "by a new breed of independent mortgage brokers who now account for 40 percent of the market. To respond to this marketplace change, EBS needed a channel to reach these brokers."
Big bank brands in the market will be in a strong position with the contraction of the broker market.
Today's announcement from the Professional Insurance Brokers Association (PIBA), follows the decision by several Irish banks and other lenders to cut back the commission they pay.
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