BondCredit.co.za Lashes Out At Major Banks Over Bond Origination Commission Cuts
Mendham, NJ 09/09 - BondCredit.co.za, a leading bond originator in South Africa, lashes out at banks over cutting bond origination commissions. These bond commissions are fees paid by the banks to bond originators for helping them locate customers and for handling the paperwork necessary to get people’s loans through. Normally a percentage of the total loan, this fee is not added to the amount borrowed by the customers.
Bond originators are companies that work on a daily basis with banks, taking the responsibility of finding home loans for customers and filling out all appropriate paperwork. They also stay in touch with banks during the application process and keep customers apprised of the status of their loans. This keeps the customers from having to take time out of their own busy schedules to deal with these details.
Traditionally, bond origination services have been provided free of charge to customers unless they go through all the steps of securing a bond, then back out of the deal. When that happens, an administrative fee is assessed to the customer. Otherwise, all fees for bond origination have been paid as a percentage of the total loan by the banks making the loans. Out of this, bond originators have to pay a commission to estate agents who bring the clients to them.
For more information, visit http://www.BondCredit.co.za or contact:
Justin Harrison Marketing
+1 (973) 552-4571
Mendham, New Jersey, USA
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