To know the new mortgage regulation that comes into effect as of June 16 of this year, I recommend our summary, point by point, made before and after the final approval of Law 5/2019. So you can check when the new regulations apply, the relationship of insurance and mortgages, the mortgage knowledge required of the advisors, the new period of anticipated maturity, the figure of the real estate credit intermediary and its designated representatives, the regulatory framework of mortgage brokers, the application of the regulations to real estate agents, the registration of credit intermediaries, the prior information to be submitted before starting a mortgage intermediation service and the figure of a non-credit lender.
In this article we will see a summary of the obligations that the new regulations, together with the supplementary Law 2/2009, set for the mortgage broker of the future (next, from the entry into force of Law 5/2019 on June 16 from 2019).
Mortgage Broker Training
Order ECE / 482/2019 of April 26 of the Ministry of Economy and Business specifies the training obligations of mortgage brokers and personnel of banks and non-credit lenders. All personnel who report or market real estate loans must prove that they have knowledge and skills on mortgage taxation, risks, legislation, process of acquisition of real estate, valuation of the associated costs, on appraisals, of the notarial and registration process, economic variables related to the real estate market, ethical standards of the sector, evaluation of solvency, among other matters. This knowledge and skills will be accredited by taking modules of a minimum of 50 hours. If the advisory service is provided, the training modules will last at least 65 hours. A continuous annual training of at least 10 hours per year is set.
The university education in Economics, ADE or Law allows to accredit part of the contents. The professional experience of a minimum of 5 years can be compared to 20% of the required training time.
The Bank of Spain will be in charge of choosing the entities or companies that can provide the mortgage training.
The mortgage broker must provide the prospective client with sufficient prior notice to the provision of the intermediation service, on paper or durable support, information on his identity, registration, if he is a linked intermediary or not, if he will also provide an advisory service, the fees charged by the client and, if applicable, the fees assigned by the lenders.
We must go to article 21 of the supplementary Law 2/2009, which in relation to the intermediation contract states that it must be signed on paper or durable support and must contain the identifying information of the mortgage broker and the service it will provide, the client’s right to withdraw for free and without claiming any cause for 14 days, means of complaint, applicable legislation, among other information.
In mortgage broker you can charge customer fees if you are independent, which according to Law 2/2009 implies submitting 3 binding offers, an obligation that does not mention Law 5/2019, which considers that the independent credit intermediary (not linked) is that which takes into account a sufficiently large number of loan agreements available in the market and recommends one or several loan contracts available in the market appropriate to the needs, financial situation and personal circumstances of the borrower
Mortgage intermediaries who want to provide an advisory service, independent or not independent as established by Royal Decree 309/2019, must sign an advisory contract, independent of the intermediation contract.
If you want to offer an independent mortgage counseling service, it is required that in addition to taking into account a sufficiently large number of mortgage loans, the mortgage broker presents at least 3 binding offers to the potential borrower. The problem of the 3 binding offers arises again: how an advisor can collect binding offers from three banks that are not obliged to deliver them until they study the operation and assess the property?