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 | 05 Oct 2011, 08:00 AM Agree 0
Brokers worried about the challenging environment and double-digit revenue slips, you’re not alone. A leading industry trainer is identifying a very real and growing anxiety among mortgage professionals from one end of the country to the next – afraid the economy will further compromise their bottom lines.
  • Ron Butler | 06 Oct 2011, 06:29 AM Agree 0
    Bravo to Greg for saying out loud what so many are thinking. It's not like it was 3 years ago or even like last year and 2012 will likely be worse.

    I also agree with Greg on the solution, market better to new people. Recycling databases and romancing the same old realtor is not the answer. The answer are building systems to find new prospects and fresh referral sources.
  • Another Broker | 06 Oct 2011, 06:30 AM Agree 0
    I think it means we are going to get a lot of uneducated and inexperienced brokers out there. Whatever credibility we have as brokers now we can say goodye to.
  • George | 06 Oct 2011, 08:48 AM Agree 0
    I welcome the competition from the banks and the drop in the business. This will squeeze out the marginal mortgage brokers that shouldn't be in this business.
    If any broker is relying on realtors for business they are dead in the water. Wake up and smell the coffee! More and more realtors will by-pass us brokers and deal with banks directly. National Bank pays realors 50bps for referrals. TD Bank is now doing this as well.
    WIth respect to business being down 25% this year, I'm happy to say that we are up 20% over last year (and by the way, last yr was up 80% over 2009). We're doing great because we do not deal with realtors at all. You would be wise to do the same.

  • Angela Wong-Liao, Invis Inc | 06 Oct 2011, 10:22 AM Agree 0
    As a veteran mortgage professional and business professional, every business has its cycle, yes, the mortgage brokerage business is at a turning point because of the over all economic situation around the world, not only Canada. As a matter of fact, Canada actually carrying ourself pretty well in comparing to other countries, ie; Greece, England and USA. Banks and monolines are only trying to survive in this unpredictable and volatile economic times. To survive and thrive, we will have to constantly modify our business strategies to face the challenges. Some of my strategies are to focus on expanding my sphere of influence, my business network via networking events and community involvements, to remain positive and focus on reducing my business budget but not on promotions.
  • Liz | 12 Oct 2011, 03:16 AM Agree 0
    I do believe realtors can be a great source of business but you have to be working with the ones that are not trying to wear multiple hats. Deal with the 10-20% that do 80-90% of the volume. Their hand isn't out. They want their deals closed. Lets also remember, there are plenty of resources out there. Reclycling ones database only, is a dangerous game indeed. C'mon people, cheer up, we only have about 25% marketshare now! We haven't grown in years. There is PLENTY of opportunity out there. Pick up the phone, get to work, sell yourselves. Get the message out there! Stop selling rate only. Someone recently told me that a mortgage Brokers service is one of the best kept secrets in Canada. Lets get the message out there!
Post a reply