Lenders, panel and loan offer
A mortgage intermediary's panel of lenders: what its size really changes for your application
A panel is not a contact list but a scope of authority. What the law requires you to be told, and the question that reveals the actual panel.
The panel of lenders for a mortgage intermediary or another credit intermediary is not a contact list but a scope of authority: what they are entitled to approach, whom, and under what mandate. Its size is only useful if the institutions are actually approachable for the application and if the intermediary can approach them themselves; under a mandate from another intermediary, the accessible panel is that of the principal.
By Sandy MASCART, mandataire d'intermédiaire en opérations de banque et en services de paiement ORIAS 26000541 sous le mandat de CDV PATRIMOINE & ASSURANCE (ORIAS 14005573)
Key points
- A panel is not a contact list: the law requires stating the scope of the intermediary's authority, not publishing a list of brands.
- Four categories of intermediaries exist, distinguished by the origin of the mandate, and they do not describe the same capacity to approach a lender.
- Under a mandate from another intermediary, the accessible panel is that of the principal: one must trace the chain to know what is being discussed.
- A wide panel is only useful if the institutions are approachable for the application and if the intermediary can approach them themselves.
- The wider the panel, the wider the range of possible remuneration, which does not erase the structural conflict of interest.
“More than forty banks” is not a promise of choice. What matters in a panel is what your intermediary is authorised to access, with whom, and under what mandate. The full file: lenders, panel and loan offer.
What is a panel, legally?
The term does not exist in any text. The law recognises the scope of powers: exclusive with one lender, with several, or mandated by the client. This must appear on all advertising and documentation.
L'obligation est autonome : elle ne dépend ni de la demande du client, ni du support, ni du stade de la relation.
- En vigueur depuis le
- Source
- Article L. 322-3 du code de la consommation — Légifrance
A number displayed alone answers to the side.
The displayed number: three reasons to be wary
- Each counts in its own way: in a mutualist network, the same name counts once or thirty times (the typology of lenders).
- Theoretical is not accessible: ask how many are accessible for your file, from this office, this quarter.
- A wide panel is only useful if the intermediary accesses it directly.
Who can approach a lender, and under what mandate?
Four categories of intermediaries, depending on the origin of the mandate: the client, an exclusive establishment, multiple establishments, or another intermediary. The category dictates what your counterpart can do alone.
- 1° courtiers en opérations de banque et en services de paiement (mandat du client, à l’exclusion de tout mandat d’établissement de crédit)
- 2° mandataires exclusifs
- 3° mandataires non exclusifs
- 4° mandataires d’intermédiaires (MIOBSP)
Le mot « courtier » est réservé par le texte à la première catégorie : celle qui agit en vertu d'un mandat du client, à l'exclusion de tout mandat d'établissement.
- En vigueur depuis le
- Source
- Article R. 519-4 du code monétaire et financier — Légifrance
Mandated by another intermediary, your counterpart accesses the panel of the mandator: trace the chain. The detail: courtier, mandataire, agent : les différences.
mandataire d’intermédiaire en opérations de banque et en services de paiement
C'est le libellé du texte lui-même qui doit paraître, pas un raccourci commercial : la catégorie annoncée est une allégation sur les qualités et les droits du professionnel.
- En vigueur depuis le
- Source
- Article R. 519-4 du code monétaire et financier — Légifrance
What the law requires you to be told: two mentions to demand
- nom ou dénomination sociale
- adresse professionnelle ou adresse du siège social
- numéro d’immatriculation d’intermédiaire (ORIAS)
- catégorie d’intermédiaire à laquelle il appartient
Elles s'imposent quel que soit le support : site, plaquette, courriel, devis, mandat. Le numéro d'immatriculation et la catégorie ne sont pas facultatifs.
- En vigueur depuis le
- Source
- Article R. 519-24 du code monétaire et financier — Légifrance
Elle vise l'intermédiaire qui exerce POUR LE COMPTE d'un ou plusieurs établissements de crédit ou sociétés de financement, c'est-à-dire l'hypothèse du mandat d'établissement. Elle est distincte de l'obligation d'indiquer son mandant à l'entrée en relation, laquelle porte en outre sur son numéro d'immatriculation.
- En vigueur depuis le
- Source
- Article L. 322-2 du code de la consommation — Légifrance
Identification on one side, links with the lenders on the other: ce qu'on doit vous dire.
Is a wide panel an advantage?
Only if the institutions are accessible for your application, without third parties, and without any interest in favouring one.
Rapid, uncoordinated submissions collide and weaken an agreement. A few targeted submissions, tailored for each bank, are better. Several intermediaries? Consult two mortgage intermediaries.
Three absences that no panel can fill
- Lenders without intermediaries: go directly (intermediary or bank direct).
- Your own bank: approach it yourself, without duplication.
- The current situation: an institution may be closed this quarter (same application, two responses).
Remuneration: what the width of the panel amplifies
The commission varies from one bank to another and is not published anywhere (intermediary fees). Ask in writing: “If I choose B rather than A, does your remuneration change?”
Six questions that reveal the actual panel
| What you ask | What you seek to establish | Where the answer should be found |
|---|---|---|
| What is your registration category? | Client mandate, institution mandate or intermediary mandate | Legal notices on the website, mandate, register of intermediaries |
| Do you work exclusively with one or several lenders? | The scope of the powers, as required by law | All advertising and all documents provided |
| Who is your principal, and what is its registration number? | The length of the chain of mandates | Document provided at the start of the relationship |
| How many institutions are accessible for my application, in my department? | The actual panel, as opposed to the displayed panel | Written response, to be requested as such |
| Does your remuneration differ from one institution to another? | The existence of a structural conflict of interest | Mandate, fee schedule |
| How many submissions do you plan, and which ones? | The transition from theoretical capacity to action plan | Mandate, or confirmation email |
Require the answers in writing, and verify the intermediary in the register.
The mandate: where the panel becomes a commitment
- The number and nature of the institutions approached.
- What happens if none respond favourably.
- The duration and term of the mandate.
If it diverges from the discussion, the mandate prevails: the mortgage intermediary mandate explained.
One question to ask: “On whose behalf do you act, and which institutions are you authorised to approach yourself?” Create your file or ask it on the first call.
Sources
Read next
- Banks in Lyon: 54 mortgage lenders
- Types of banks for a mortgage: who lends, and who really decides on your application National, mutual, regional, online or specialist: what decides an application is not the brand but the level at which it is examined. How to read this.
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