Role of a Credit Redemption Broker
Credits better understand the role of the broker
Bank brokers who are intermediaries in banking operations and payment services (IOBSP) that are governed by specific regulations. A regulation that requires them to be commissioned by one or more banks in the exercise of their function. In the opposite case, they are in the irregularity or are simply not real brokers!
According to French law, a bank broker’s role is to connect a client and one or more financial institutions to conclude a financial transaction. As part of this intervention, the expert is not required to vouch for the client.
In the redemption of credit, his mission is to accompany the borrower until obtaining the funds. An accompaniment which must allow the customer to obtain the best offer and the answers to all his questions.
To carry out this mission, the intermediary always starts by analyzing the request for loan consolidation . He then consults the banking institutions in which he was mandated to compete in favor of his client. For each offer, he is required to show the advantages and disadvantages of this offer to his client.
When the time to choose an offer has come, the broker can also negotiate for the benefit of his client other elements such as credit insurance. Indeed, the credit intermediary can collaborate with insurance companies. An asset that allows him to obtain a preferential rate. The repurchase transaction can also be an opportunity for the borrower to ask the broker to negotiate . The necessary funds will thus be released at the same time as the settlement of the various debts to be repaid.
Bank partners repurchase loan from the broker
The banking partners with which these financial brokers work may be conventional banks or other forms of financial institutions such as online banks. These creditors give these intermediaries the authority to offer their borrowing offers to borrowers.
The insurance companies partners usually belong to the banking institutions, but can also be autonomous. The status of the banking establishment and the insurer does not matter. The essential for the intermediary is to obtain an offer that meets the expectations of his client.
The logic is that the more the number of its partners is important, the more the intermediary is likely to satisfy its customers through a panel of diverse offers. If one lending institution refuses.