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Mortgage Broker News | 20 Jun 2013, 12:00 AM Agree 0
The channel needs to actively reach out to colleges and universities to find better brokers – but also to convince those bright minds of the industry’s career potential – according to the head of one of the biggest monolines.
  • @kiltedbroker | 20 Jun 2013, 07:50 AM Agree 0
    Great article!

    Now, I may be a little biased because I am a Street Capital Cheerleader, but I think Paul Grewal is one classy fella. Paul is dedicated to making the mortgage broker channel the best it can be. He is certainly someone worth supporting in our industry!
  • Pat Mulhern | 20 Jun 2013, 09:29 AM Agree 0
    I like the idea of higher educated individuals in the industry but I think we need to see this on the lenders side more than the broker side. The level of qualified underwriters in the industry is terribly lacking. Not sure if this is a training issue or the capacity of the individual.
  • Ron De Silva - RMA | 20 Jun 2013, 01:56 PM Agree 0
    Great commentary Paul. In addition to Paul's comments I would add that attracting better brighter individuals to the industry also requires a variation to the current upfront loaded compensation model that most lenders have. A model that ensures renewal compensation (as Street's loyalty program) and/or a "portfolio performance" compensation ensures that a broker/ entrepreneur is able to build a sustainable and salable portfolio. After all a major part of building a business is being able to exit with a reward. :)
  • sardool bhogal | 20 Jun 2013, 08:48 PM Agree 0
    To attract talent, you need to pay what it is worth. As for compensation, brokers are in same line as slave drivers of by gone era. Pittance percentage, no up front or minimum pay and monthly fees to the agents to join brokerage. You are expecting talent??? Feel lucky to have what talent you have. No wonder 70% of new agents burn out and quit business.
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