Traditional banks are currently rejecting 21% of loan applications made by brokers, four times more than at the end of last year, indicates the director general of the French Association of Intermediaries in Bancassurance (AFIB) Géraud Cambournac.
“We are coming to a deadlock situation which is becoming unbearable”, he is alarmed, “with banks which purely and simply refuse (all) the files, such as the Société Générale group”.
Without an intermediary, no more commission to be paid by the bank or to be included in the calculation of the overall effective rate of the loan (APR), capped by law.
The bank with the red and black logo confirms to AFP that it "has decided to temporarily stop the use of prescribers (brokers, local real estate agencies, etc.)" but underlines that it continues to grant them directly to its customers. .
This type of refusal of file "is a pity, but the bank (credit) offer is still sufficiently important", tempers Cécile Roquelaure, of the brokerage network Empruntis.
Relations between bankers and their business introducers have always been fraught with tension, but it was the rapid rise in interest rates that rekindled the spark.
These went from an average of 1,12% in December to a range of 1,25% to 1,30% in April, according to the Banque de France.
Air for the margins
Added to this nominal rate are all the costs associated with obtaining credit, including the commission charged by brokers and the cost of borrower insurance.
The total must not exceed the usury rate, intended to protect individuals from abusive borrowing conditions and which is set quarterly by the Banque de France.
For example, the wear rate is currently 2,40% for a loan over 20 years, a level now considered too low by many market players, who no longer find enough air for their margins.
Other constraints also come into play, such as the capping of monthly drafts according to income and the limitation of the duration of indebtedness in certain cases.
It is "currently more difficult to obtain a loan", summarizes a note from the comparator Assurland.com, even if for the moment the volumes are not falling.
The Banque de France has not observed any slowdown in the granting of new housing loans: the outstanding amount was even up by 6,3% over one year in April.
let the storm pass
Kissy Peron, broker and leader of a community around the popularization of credit on social networks, does not see the flow of customers drying up for the moment.
People "will continue to buy" real estate, she explains to AFP, and brokers "know how to diversify into products that are at least as profitable: consolidation of loans, consumer credit, even training on real estate investment.
Given its method of calculation, it will be necessary to wait until October 1st for the rate of wear and tear to rise significantly, unless there is a political decision by then.
"Some will be able to weather the storm, for others it will be more difficult," worries Mr. Cambournac.
In the longer term, the president of the CAFPI brokerage network Olivier Lendrevie dismisses the lasting threat of a rise in rates for his profession. This new market environment "will make borrowers more sensitive to the importance of shopping around, comparing the rates of different banks," he said.
The latter will nevertheless remain in a position of strength: the end of low rates means more margin for them, while the remuneration of brokers, in fees to the client and the bank, depends on the volume of loans.