An excellent piece. I think that PT's are the next battleground. Lenders are eager to start seeing some payback for the recent D2C IT spend and as this letter points out, it will often be consumers who pay the price. One can just imagine the CMC's rubbing their hands. Saving a procuration fee (lender) and a little time (consumer) may end up as a very expensive mistake for everyone. Sadly, the regulator seems to be pursuing promoting competition over consumer protection.