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In my view a fee-for-service would be difficult for someone just starting out in the industry as we would be unable to realistically compete with already established Brokers or Firms. Resources are initially limited for many, not all, new entrants.
Fee for service for residential lending will kill off the mortgage broker industry at the expense of borrowers. Any fool can see that the average borrower will not pay when they can go direct to the lender as they did 25+ years ago. This nonsense that the banks will pass on the cost savings is simply naive thinking and laughable.Commercial lending is a totally different ball game and suits fee for service.
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