I can’t believe Grenville Turner’s comments about the intermediary market holding lenders hostage (Mortgage Strategy Online).
As a former packager who solely used Countrywide I feel betrayed. I am sure this is a ploy by Countrywide to align itself more closely with the lender market and gain more business, which shows how shallow Turner is.
He’s so misinformed it’s shocking. Consumers will always opt for independent advice over tied advice as it is in their best interests and why we have such a vibrant lending community today.
Lenders milked the industry in the good times just like brokers, and they did it with their eyes open. The only reason direct business is building is dual pricing.
Lenders should be careful about how far they push the broker sector because one day specialist lending will return and the battle will recommence. Lenders being held to ransom by brokers? You’re having a laugh.