Broker introduces mortgage auctions
A new mortgage broker, Unbiased Mortgage Brokers, has incorporated an "auction-like mortgage contest" into its offering, which also includes a partial rebate of upfront commissions.Unlimited said in a media release that its online platform selects the best match from among 2600 products. Borrowers can then work with a broker to refine their choices.The company's founder Miki Lee said Unlimited would only keep 65 basis points of upfront commission and rebate the balance.She said the combination of a wide selection of loans and flat commission made the Unlimited "truly independent".The auction is an additional service, allowing a lender to bid for a borrower's business by offering a better deal.Unlimited is a subsidiary of fintech Flongle.