Mortgage Brokerage in Singapore
The mortgage brokerage industry is still new compared to the situation in the U.S.A. and the U.K. Not all of the banks in Singapore are tied up with the mortgage brokerage firms. The mortgage brokers are mostly regulated by the Singapore Law of Agency.
A study undertaken by Chan & Partners Consulting Group (CPCG) shows that the mortgage brokering industry is still largely a new concept to the Singapore financial consumers. However this will set to change as more consumers realize that taking up a housing loan with the mortgage broker does not increase the consumer's cost at all, and can in fact aid them in making a more informed decision.
A separate research by CPCG shows that the fee structure in the mortgage brokerage industry in Singapore is not regulated. This resulted in different kinds of fee structure for different mortgage brokerage companies. The research stated that while mortgage brokers in other parts of the world are largely commission based, some mortgage brokers in Singapore do charge the customers a retainer's fee which can range from SGD$500 to SGD$1000.
Read more about this topic: Mortgage Broker
Famous quotes containing the word mortgage:
“Loosened from the minor’s tether;
Free to mortgage or to sell,
Wild as wind, and light as feather
Bid the slaves of thrift farewell.”
—Samuel Johnson (1709–1784)