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Mortgage Broker News | 26 Oct 2009, 12:00 AM Agree 0
While variable-rate mortgages continue to beat out fixed-rates when it comes to cost savings, the gap between the two is likely to become closer due to the economic environment, a new bank report says.
  • Lachman Balani | 28 Oct 2009, 10:19 AM Agree 0
    For most seasoned brokers anmd advisors this is a platitude.
  • MPSingh | 29 Oct 2009, 11:50 AM Agree 0
    I am wondering that why broker world still refers to reports and comments from BMO and RBC, when they're not co-opering with brokers in any way? Hello Brokers - What do think - is it right?
  • MP | 03 Nov 2009, 08:30 AM Agree 0
    I agree with MPSingh. BMO and RBC aren't really broker friendly. There are a lot of "broker friendly" lenders including banks where you can get your information such as TD, Scotia and Firstline just to name a few. Thanks.
  • John Heath | 04 Nov 2009, 01:40 AM Agree 0
    While BMO and RBC are not broker friendly, this does not make their information any less relevant to the above issue. To think that they don't count because you cannot place business with them and receive compensation is quite short sighted. And yes, I am a broker, not a bank worker or rep.
  • Naraine C | 19 Nov 2009, 04:54 PM Agree 0
    John Heath: It seems that you have no clue as to what is going on in the Market Place. Have you ever lost deals to the Banks? I have, and it is not a good experience.

    More importantly, have you lost deals that should have not been approved by the bank, to the bank? Well, I have, and, once again, not a good experience.

    The banks have and allow their people a lot of 'flexability' which allows them to approve deals that mortgage brokers and agents are unable to qualify their clients for.

    We get the guidlines from the banks and it is our responsibility to abide by them, while the banks do not stick with their own guidelines. So all our efforts in developing a relationship with the client goes down the drain because the bank suddenly approves them a deal. Thus, undercutting all our efforts. They approach our clients when they go in for proof of down payment, etc.

    This is unethical, and certainly not fair. The banks must be forced to play fair. Who monitors the banks? Why doesn't CAAMP and FSCO look at the banks as well, in regards to their compliance with the laws and regulations we have to comply with? After all we need to feed our families and eat too. Banks and major corporations can afford to play fair, so why don't they?
  • John Heath | 23 Nov 2009, 10:10 AM Agree 0
    Naraine, I understand your argument, and understand that I know exactly what goes on by banks, branch staff and specialists. I'm sorry you're losing so many deals to the bank, perhaps you should re-evaluate your approach with clients.
    However, this has nothing to do with my comment above. My comment was directed at a few posters above that don't believe that reports or information from RBC or BMO are relevant because they do not co-operate with brokers, which is ridiculous assumption.
  • Dave P | 24 Nov 2009, 05:24 AM Agree 0
    All this talk about choosing a fixed or variable rate but I nhear no taking about what National Bank offers. You can split the mortgage between a fixed rate and a variable rate. I am a broker as well and I am not aware of any other bank that does this.
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