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Mortgage Broker News | 20 Mar 2013, 12:00 AM Agree 0
With the transition of ING employees to Scotia, many have found employment elsewhere in the industry, despite a goal for 100 per cent placement within the major lender, says the former head of broker sales with ING, Kim Luxton.
  • James | 20 Mar 2013, 08:28 AM Agree 0
    What? "easier to close a deal with the Scotia brand". I bet all brokers love placing their clients in collateral mortgages with Scotia, wouldn't touch them with a barge pole."You're dumber than you think"
  • MM | 20 Mar 2013, 10:14 AM Agree 0
    That was funny James :)
    But let's call a spade a spade, client (dumb or not) prefer to deal with a large reputable company.
  • Bank of Silly Notions | 20 Mar 2013, 11:41 AM Agree 0
    MM sorry but I have to agree with James on this one. MM it is you that has the issue selling Monolines. If you can't sell the client on what you want to sell them then you are not a salesman. I used to be big with "you're dumber than you think"
    They are not broker friendly at all. Sure they take broker business and pay you for it but if your client keeps coming back to you instead of going to the branch for service/refinance/advise then they do not want that client. Where as a monoline encourages it. A STEP mortgage is not right for a ton of clients. It might seem like you are giving your client a good product but it is a never never repayment plan for most. Sell what is best for the client and 99% of the time collateral mortgages are wrong...
    Good luck MM with your sales pitch.
  • Derek Rowley | 20 Mar 2013, 12:00 PM Agree 0
    To MM

    That is wjy it ius our responsibility to educate te consumers on collateral mortgages. I have to back jhames on the o.ne my friend

    Elementary my dear MM

    Derek
  • Liz | 20 Mar 2013, 12:26 PM Agree 0
    Canadians understand, they trust the banks, they know them, they trust them,” she says. “It is easier to close a deal with the Scotia brand – like it was with the ING brand. Many are finding there are a lot of similarities between Scotia and ING - Really, Luxton? I think you are very out of touch.
  • Mark Norman - St. John's | 10 Apr 2013, 05:22 AM Agree 0
    ING = no 5 figure IRD penalties
    Scotia = large 5 figure IRD penalties

    If you think it's easier to sell the Scotia brand, lets see what your client things 3-4 years into a fixed Scotia mortgage and wants to make a move. You are dead in the water, they will have no choice but to stay with them and take a blended rate that will favour the bank over the client as they are not in a position of leverage anymore unless they pay the penalty to leave, and any way you slice it, Scotia wins, the client pays more, and you as the advisor lose the ability to offer a solution to your client. This is NOT a sound business plan for the long term.

    Mark

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