It's not like they are trying anything that hasn't been tried before. All they are doing is charging upfront costs, which depending on the size of the loan may or may not land you a profit after the upfront rebate, and they still get to keep the trail commission, so I doubt they are going poor.
Going through their website, it seems they are hung up on best financial rate deal, and nothing to do with loan structuring. This could cost more than than any rebate one would accumulate.
Also interesting to note that they only partially refund any upfront fee if the lender declines a loan application. To me that suggests they aren't too versed in credit policies or don't ask enough questions.
The thread topic heading is a bit hyperbole in my opinion. Is this proposal a game changer? Nope. Will brokers be needed in 2013? Yes. Will this impact my business and clientele? Not one iota.
Cheers
Tom
I would use a mortgage broker to get the best deal. How long has this compnay been around anyway? Usually when it is too good to be true, it is not that good. I would pass on that company.
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