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mortgage intermediaries comply with the law

Bankimia In we talked about the regulation of financial intermediation enterprises , commonly known as companies debt consolidation.

This new opportunity in the mortgage simulator deepened over the issue of financial intermediaries and their regulation.

A potential effects of a consumer what you most want to go when considering to a financial intermediary can be summarized in several aspects, namely:

1. If they meet the legal , and they comply only formally or in their usual practice. Grade
2. the financial professional independence with respect to financial institutions. Cost
3. to go to the intermediary.
4. mortgage negotiation capacity.
5. Experience, professionalism and training.

properly assess all these factors will allow us to hire a true advisor we get an excellent mortgage loan to purchase a home, subrogate reunite debts or to another entity or a mere charlatan .

How do you know if it complies with current legislation?

The bottom line when hiring a financial intermediary is whether it complies with the regulations governing mortgage brokerage activity, namely Law 2 / 2009 and the recent RD 106/2011 creates the registry state companies and private equity intermediation.

The first and the faster web access National Consumer Institute and find the State Register of companies regulated by the Law 2 / 2009 (it is in period creation, since the rule gives 3 months to apply for professional registration.) Unless

agent is a credit institution (acting on behalf of one financial institution and are discharged at the Bank of Spain ) or a real estate (free to register if handled mortgages for customers in the real estate market) the financial intermediary must include in the State Register (up to create the corresponding records in the autonomous communities). We

free access to the following information:

1. The identification data of companies.
2. activity develop and, where appropriate, if they work exclusively for one or more credit institutions or other companies. Important because we know if only works for a bank or a number.
3. The establishments available to the company and its location.
4. The territory in which they operate.
5. identifying data of the insurance company or bank with which it has contracted liability insurance or bank guarantee and the amount required .
least
6. The brochure under Article 5.5 of the Law 2 / 2009, pricing services, rates of commissions or compensation and expenses attributable to apply a maximum of operations and services provided, maximum rates of the products they sell, including, where appropriate, interest rates for late payment. We may charge fees above the published of registration.

Moreover, the financial intermediary has to give us a copy of the service contract will be signed, with the general conditions of contract .

The rates of fees and expenses payable or compensation given us, including consulting activities, indicate assumptions and, where appropriate, frequency with which they apply. In any case we may pay higher commission or not we accept signing the relevant document, as you say in your guide on the startup requirements intermediation activities of IDA (Association of Professionals and Investment Advisors Finance).

No doubt this guide will be useful to potential customers in a reunification loans and debt or any other type of loan handled by an intermediary. Www.futurfinances.com