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The sub-prime of Mr James Moore

Where has James Moore been in recent years? I know mortgage compliance may not be perfect (what is) but come on, can’ he come up with anything more interesting and original than tabloid-style phrases such as “let us bag those proc fees”, “laughing all the way to the bank” and”fat procuration fees”?
I can assure him that the typical lender procuration fee barely covers the admin-istration costs and time involved in arranging and processing any mortgage application. As for brokers “willy nilly” switching clients between fixes and “simply pointing their clients towards the fix which pays the best proc fee” clearly demonstrates a complete lack of reality.
How much longer are financial journalists going to earn a living from articles banging on about how much brokers/IFAs earn? I earn every penny from every mortgage I arrange.
If I have to place a mortgage with a sub-prime lender, it is for a very good reason, usually because the client cannot get a mortgage from the likes of the high-street lenders.
So what if the procuration fees from sub-prime lenders are great? The cases involved are usually more complex. Nobody questions an accountant or a solicitor for charging a bigger fee for more complex work. Why should an IFA be made to feel like a criminal for doing the same?
It is easy to criticise the actions of others from an unregulated and unaccountable position such as Mr Moore’ He even has the temerity to refer to voluntary regulation in respect of the mortgage code as proven to fall flat on its face a number of times – sounds a bit like voluntary regulation of the media doesn’ it?
Come on, Mr Moore, stop throwing rocks and write something positive based on an actual client meeting.You can come and observe one of mine. Then you would understand properly the process of mortgage broking from covering all the regulatory requirements, fact-find completion, completing the research, presenting the solution, applications and paperwork to completing a reason-why letter and then chasing the mortgage through to completion.
Oh, I nearly forgot the best bit, Mr Moore. If you are lucky, you get paid on average three months later and, better still,if it all falls through you have done all that work for nothing.
I could, of course, charge an up-front fee but then that is not liked either.
I know perhaps I should really do it all out of the kindness of my heart.

Barry Hamblin
Burgess Financial Services,
Sussex

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