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“We talk about brokers having to be licensed – actually, not [the case],” White said. “The aggregators, the head group, are taking the ultimate responsibility to hold the license. Everybody else is registered with the regulator. So the license holder fills out a specific [form] online that actually notes who their brokers are.”
The license holder has an obligation to make sure everything is functioning correctly from a fraud, auditing and education standpoint, with ultimate oversight and accountability for anything that happens under their umbrella, White said.
“In all honesty, it’s works really well,” he said. “We’ve had to go through a few iterations to get there… And there’s more to come, always more to come. But the general framework keeps everybody accountable.”
Foreclosure, power of sale differences also discussed
Unsurprisingly, with rising interest rates and borrowing costs at play across most markets, the issue of what happens when a borrower encounters difficulty making their monthly payments was also discussed.
In Ireland, Rachel McGovern (pictured immediately below), director of financial services at Brokers Ireland, said a mortgage arrears process put in place by the nation’s central bank is a “lengthy” route deemed problematic by some lenders.
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