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Credit union offers brokers 2.98% with strings

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Mortgage Broker News | 15 Mar 2012, 09:00 AM Agree 0
Ontario’s largest credit union has good and bad news for mortgage brokers: It has now bested BMO’s rock-bottom rate with its own 2.98 per cent deal. The bad news? That lender has set a 10 bps premium for the clients of mortgage brokers.
  • Kelly Rowe | 16 Mar 2012, 05:46 AM Agree 0
    I'm glad I don't have to send my clients to Meridian. In BC, our Credit Union partners value Broker business.
  • Paula Scott | 16 Mar 2012, 06:46 AM Agree 0
    Meridian is making a mistake by punishing brokers in Ontario

    Perhaps brokers should let them know how they feel about such
    Prejudice!! Not good business etiquette
  • Rob Stanfield | 16 Mar 2012, 07:57 AM Agree 0
    Not that rate is the only issue when selling a mortgage as I believe a good mortgage product outweights a good rate, as long as the rate difference is not to substantial. But my question is this, why are broker lenders coming to the table sayin WE ARE HERE FOR THE BROKERS TO BATTLE THE BIG 5, but they aren't? We as brokers are battling the big 5 as all these lenders offering the 2.99% are requiring a substantial buydown with our bps. I would have to say that when the first broker lender battles the big 5 head on with me, and not by me giving away my income, I would have found a new lender that would probably get a large portion of my business.
    When are the broker lenders going to step into the ring and truly help us fight the big 5.
  • YoungBroker | 16 Mar 2012, 11:53 AM Agree 0
    The big 5 are definitely increasing the competition between them and the brokers. I'am a farely new mortgage agent and have only been in the game for about two years. I have been recently contacted by one of the big 5 and asked if I was interested in a position as a mortgage advisor. I told the bank I would be willing to sit down with them and talk about what they can offer me. In your experienced and professional opinion, do you believe working for the bank as a mortgage advisor could be a good move for someone who's quite new in the business? All feedback is welcome.
  • Kelly Rowe | 20 Mar 2012, 07:04 AM Agree 0
    To: Young Broker.
    I started as a lender in the bank and then went out as mortgage specialist for about 7 years prior to becoming a broker 10 years ago. It was a natural progression for me. I feel the training I rec'd as a mtg specialist set the foundation for me to be a good business person and mortgage broker. I think the training you are seeking can be found through a good brokerage just as easily as being a bank rep. The question really would be, do you want to be self employed? At the end of the day, being a Broker gives you many many more options for your clients. Good luck
  • Derek Rowley | 20 Mar 2012, 02:59 PM Agree 0
    I agree 100% with Ronn Stanfield. When the big 5 do what they are doing and will continue to do, all they are doing is, and, as usual, slapping those who feed them. As for our other lending partners, you should be stepping up to the plate and supporting the brokers more than ever. As a matter of fact, I was recently given a renewal notice and statement from a client currently with ResMor (Not now). The letter clearly stated if she referred her friends to resMor, she would recieve a $500 cheque. In other words, vy-pass the broker and cut the broker's paycheque. When this continues to carry on, why wouyld any broker want to continue to work with such lenders.
    Time we became a true band of brohters and enough of just getting lip service.

    Derek Rowley
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