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Mortgage Broker News | 24 Nov 2015, 09:12 AM Agree 0
One broker is questioning whether or not exclusivity agreements are being used to keep a client, despite poor customer service
  • Cameron Mackie | 24 Nov 2015, 10:09 AM Agree 0
    I just had a client come to me with a similar exclusivity agreement from another mortgage agent. However, the agent was not able to get the rate promised because rates went up prior to the max rate hold. This left the client extremely frustrated.

    Tactics like this tarnish our industry and put us at the same level of other industries the have "slimy sales agents"

    If you're going to grow your business, do it with integrity.

    Ask yourself.... do you like contracts. What do you think of business' that make you sign them.
  • Ron Butler | 24 Nov 2015, 03:15 PM Agree 0
    A mortgage is a contract, a car lease is a contract, a credit card is a contract, most people sign employment contracts or commission contracts. Contracts make our world go around.

    Let's be rational, businesses and consumers need contracts, we are a society that functions under the rule of law and that is one of the very best things about this country.

    Those of us who use service agreements need to use them a carrot not a weapon. We should only guard against those who never intended to deal with us at all and always intended to take our low rates to their existing lender and stay with that lender.

    NEVER should a termination agreement be used as a weapon or a trap that is not what this is about.
  • Paul | 24 Nov 2015, 11:30 PM Agree 0
    Oh my god. What a collective group of rank amateurs. Quoting one story vs another story likely completely out of context. News flash folks, CONTRACTS are how business is conducted. You can't even use a smart phone app without accepting the terms and conditions. If you wish to uselessly donate your time and cross your fingers feel free, but don't critique the professionals, and don't confuse yourself with a business.
  • Broker | 25 Nov 2015, 02:59 AM Agree 0
    Let me get this straight. CMP takes one anecdote about a doofus broker treating a client poorly and then suggests that exclusivity agreements are detrimental? Did you bother interviewing anyone who uses them honestly and successfully?

    Nice plug for Bachusky and all but this story is so one sided, Bachusky could have written it himself.

    As for you Cameron, have you not signed dozens of contracts in your lifetime? Should people not do business with companies that make them sign contracts? Or does your standard only apply to contracts from mortgage brokers who compete with you?
  • Mortgage Delivery Guy | 25 Nov 2015, 11:42 AM Agree 0
    I don't see any problem in getting a doc signed which depicts the mutually agreed upon terms and conditions. It provides peace of mind for all parties.
    Don't tell me you never had a client who simply decided to walk away on you while you got a valid mortgage commitment on the table.
    Shouldn't you get paid for your time?
  • Top Mortgage Broker | 25 Nov 2015, 07:04 PM Agree 0
    I always use a contract. It outlines the terms and conditions of my service. What I have promised the client because people's memories tend to forget the details over time which leads to disputes.

    And yes, if I am going to put my team and full resources behind your application, I need and exclusive. I don't want you shopping my rate to every broker who has nothing better to do than take a flyer.

    I always use an exclusive. And my clients always come back. When ever one of us is unsure as to what the terms are, we have a contract to refer to.

    Taking flyers without a contract/exclusive is amateurish. Value your time.
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