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Mortgage Broker News | 11 Jun 2014, 10:26 AM Agree 0
Credit Unions are quickly gaining market share and favour among brokers with their competitive rates but industry players realize proper client disclosure is required.
  • Jake Abramowicz | 11 Jun 2014, 12:03 PM Agree 0
    I can't believe people wouldn't be willing to work with a CU and become a member for a fantastic rate and a different banking experience. That said, from an underwriting perspective these lenders only want triple A business and nothing else. Therefore I have found that the time to underwrite and amount of docs required up-front to be quite difficult to get through; however perhaps this is a good thing and sign of things to come (and good approach to take from people to minimize mistakes)
  • A Broker | 11 Jun 2014, 01:25 PM Agree 0
    I have dealt with Duca twice in the past few years and was a nightmare. 1st time supposedly did not see the documentation on their desk for 3 weeks and then wanted the client to postpone the purchase closing by 3 weeks. The 2nd time was from the manager of the branch who felt it was too much work for the file and I asked too many questions so could not proceed. Was very unprofessional and immature. Absolutely no business acumen. Good luck guys.
  • Ron Butler | 11 Jun 2014, 02:40 PM Agree 0
    @A Broker.......... please note DUCA has completely rebuilt their Broker plan from the ground up. Totally different system, whole new approach. Although it is currently only available to 5 Brokerages (We am NOT one of them) when I speak to one of the brokerages involved they advise the me the system works well although they only send triple A business and nothing else.
  • Jake Abramowicz | 11 Jun 2014, 02:47 PM Agree 0
    I echo the sentiment of "A Broker" in terms of dealing with them and the level of difficulty. Let's hope they fix it because dealing with one single judge, jury and executioner is never an easy thing (as the system is now in place for the non-5 brokers like me as well)
  • Silly Rabbit | 12 Jun 2014, 08:32 AM Agree 0
    DUCA is for AAA deals, good luck getting anything done on exception...
  • Jake Abramowicz | 12 Jun 2014, 08:33 AM Agree 0
    Duh. So is 2.69%. Why would you think a rock-bottom rate would be open to exceptions?
  • Silly Rabbit | 12 Jun 2014, 08:43 AM Agree 0
    Gonna be a lot of disappointed clients getting declined for that 2.69%, which also has major restrictions. Double "Duh" Jake.
  • Ron Butler | 12 Jun 2014, 11:52 AM Agree 0
    I won't comment on the "Duh" element.

    Every lender picks it's marketing plan and targets the clients it wants. That's just business. If a lender designs a program to reward consumers who have high credit scores and easily proven incomes with very low mortgage rates I personally do not see any reason to criticise that lender.
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