Forum

Broker news forum is the place for positive industry interaction and welcomes your professional and informed opinion.

Notify me of new replies via email
Mortgage Broker News | 03 Jan 2014, 12:00 AM Agree 0
One leading broker is staring into his crystal ball and forecasting another year of competitive advantage for the bank branch in one or two key areas.
  • Drew | 03 Jan 2014, 07:55 AM Agree 0
    Concur, a good branch Relationship goes a long way.
  • Vince Gaetano | 03 Jan 2014, 08:09 AM Agree 0
    Ron, I agree with you. Self-employed clients coming up for renewal in 2014 will be stonewalled when requesting refinancing. The qualifying criteria changes will result in self-employed clients to "stay where they are" and take the renewal rate after realizing they may not qualify under the new rules. Branches, provided they are bright and think outside the box, will be able to offer unsecured lending facilities such as loans and unsecured debt to high beacon score clients where qualifying criteria is not scrutinized as much. This flexibility will provide an advantage to the branch network. At the same time, it will keep the mortgage broker community sharper. Best of luck in 2014 to all.
  • Kent Farnsworth | 03 Jan 2014, 08:18 AM Agree 0
    Yes it can be incredibly frustrating competing with the banks when they can do some things us as brokers just can't do. One thing in particular is giving them a LOC to pay off higher monthly debt that is also coincidentally enough left over to cover their down payment...
  • alphonse.negro@bmo.com | 06 Jan 2014, 06:05 PM Agree 0
    Wow brokers and mortgage specialists are realizing that the tables have turned on them.
    Mortgage origination business is very costly for lenders and margins are not what they were. Bank branches are doing an exceptional job of developing realtions with existing new clients, maintaining and reinforcing that relationship so that the client does leave through the back door at the end of the term..
    Mtg brokers are scrambling to reinvent themselves and now talk insurances, investments,etc and perhaps some mortgage brokers may re invent themselves as financial planners. There are still great opportunities for mortgage brokers and mortgage specialists but the key is what is the added value that comes with the mortgage client being referred.. Banks have a different type of appetite for mortgages and for risk..
    There is an old saying that says take care of your banker and he will take care of you. STOP SELLING THE NOTION OF RATES. 2014 is not about rates but about relationships... Those that are quick to understand this will be very successful going forward. Wishing everyone across the industry great success.

    These are my personal observations!
  • alphonse.negro@bmo.com | 06 Jan 2014, 06:07 PM Agree 0
    does leave through the back door

    meant to say: doesn`t leave through the back ( that is how bad it was and is )
  • Ron Butler | 07 Jan 2014, 07:20 AM Agree 0
    Seems a bit odd, Alphonse is apparently with BMO the first bank to nationally advertise highly discounted "no frills" 5 - year rates and yet he says: not about rates.

    Makes you say.............. hhhhmmmmm.
Post a reply