In Singapore, banks do not officially deal with individuals; they only work with registered firms. However, if you start a mortgage consulting firm and are not able to deliver the minimum volume of loans that the bank requires, you may not be able to sustain that banking relationship.
To gain the access to lots of lenders without having to worry about minimum volumes etc, some brokers will enlist the support of an 'aggregator.' The aggregator holds the individual agreements with the lenders, and individual brokers use the aggregators' agreements to submit their loans. The minimum volumes are made up by the loans being submitted by all the individual brokers, using the agreements of the aggregator. The aggregator will usually support by providing services such as software, training support, general business support and back office administration. |