Mortgage Brokers who are not involved in helping clients out with debt management structuring and solutions are missing out on a potential source of revenue.
According to a recent poll, most brokers decide not to get involved in client debt management, with 60% of the respondents choosing not to provide comprehensive debt position advise.
Just 37.5 per cent said it was their responsibility while 2.5 per cent of respondents said they were unsure.
Obviously brokers have a responsibility to ensure borrowers aren’t entering into something they can’t afford but given that most mortgage brokers are not licensed to provide financial advise, many are concerned about the legal obligations attached to ‘perceived financial advise’.
Doug Mathlin of FrontRunner Consulting Group said he was surprised by the number of brokers not wishing to advise clients on their overall debt.