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Question for mortgage brokers

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  • 03-06-2021 3:04pm
    #1
    connected1
    Registered Users Posts: 127 ✭✭


    If you're a broker who arranged someone's mortgage, do you get notified if they change their payment up or down, if they go into arrears, or if they pay off their mortgage?
    Thanks!


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    #2
    Henry Ford III
    Moderators, Business & Finance Moderators Posts: 17,692 Mod ✭✭✭✭Henry Ford III


    Why do you ask OP?


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    #3
    connected1
    Registered Users Posts: 127 ✭✭connected1


    Henry Ford III wrote: »
    Why do you ask OP?

    Because I am wondering if our broker will know if any of this happens


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    #4
    Static M.e.
    Registered Users Posts: 3,088 ✭✭✭Static M.e.


    I can't see why they would be notified. The broker acts as an intermediary between the Banks and you, to find you the best Mortgage for your needs. Once the Mortgage is signed and in place, the relationship is only between the Bank and you. The Broker has done their work and has no relationship any more between you.

    Caveat - I have never used a broker so I am 100%.


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    #5
    Mitzy
    Registered Users Posts: 239 ✭✭Mitzy


    Hi OP,

    I used to be a mortgage broker. The lender would not share such information with the broker as your relationship is with them for the actual mortgage.
    Plus since GDPR was introduced I can't imagine they would be allowed to share this information.

    If you redeemed the mortgage within a certain timeframe any commission paid to the broker might be clawed back but again I can't image under GDPR the bank could disclose the reason for this.


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    #6
    connected1
    Registered Users Posts: 127 ✭✭connected1


    Thanks for the replies!


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    #7
    Boardnashea
    Registered Users Posts: 842 ✭✭✭Boardnashea


    If the brokers commission was paid on just the issue of the mortgage then there would be no need to pass on any further information. If the broker was receiving commission on an ongoing basis relating to the mortgage (I have no idea if this happens) then changes in mortgage payments or clearing early may result in changes in commission.


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    #8
    Trish56
    Registered Users Posts: 1,256 ✭✭✭Trish56


    I'm a mortgage broker and the answer is No. Once your Mortgage issues the Broker is no longer involved unless you switch or redeem the mortgage in the first three years then the Lender will apply a clawback on the commission as it is earned over three years.

    You should however read the terms and conditions of your loan offer to ensure there is no contact with the Broker should you go into arrears.


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