Mortgage broker commission income plunges

According to the latest Mortgage Intermediary Distribution report from Datamonitor, the number of respondents earning less than a year ago rose to 70% in 2010, up from 60% the previous year. Industry experts say for brokers just to live on procuration fees alone is now "almost impossible". Providers have been shunning the intermediary channel mainly due to the higher costs of increased regulation, the Datamonitor research suggests.  Lenders have had no incentive to maintain procuration fees at pre-banking crisis levels, its says, and suggests fees are likely to remain stagnant for ...