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Jessica Darnbrough
A majority of mortgage brokers believe full transparency of aggregator and brokerage ownership should be disclosed to customers.
According to a new poll conducted by The Adviser, 75.3 per cent of respondents believe brokers should disclose whether their brokerage or aggregator is owned by a bank.
Of the 239 participants, just 24.7 per cent felt full disclosure was unnecessary.
Connective principal Mark Haron said the results were “unsurprising”.
“I absolutely believe brokers should disclose whether or not their aggregator is owned by a bank,” he said.
“While I don’t believe brokers would purposefully push a lender’s product to receive a certain incentive, it is in the borrower’s best interest that they know and understand the whole picture and can make a fully informed decision from there.”
LoanKit’s chief executive Simon Dehne agreed, saying he was a big believer in transparency.
“I believe brokers should tell the customer everything so that they can make a fully informed decision,” he told The Adviser.
“I don’t think borrowers will mind if a broker is owned by a particular bank, as long as they feel they are having all their needs met. That said, I still believe transparency is important as it shows they have nothing to hide.”
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