Forum

Broker news forum is the place for positive industry interaction and welcomes your professional and informed opinion.

Notify me of new replies via email
Mortgage Broker News | 03 Sep 2015, 08:15 AM Agree 0
Brokers are increasingly frustrated by lender “live deal” specials – some calling those offers little more than unproductive poaching
  • These lenders are the problem | 03 Sep 2015, 03:36 PM Agree 0
    This is one thing I hate about monoline lenders. We all understand why lenders do this but that doesn't make it right.

    When a lender bars a broker from doing the right thing for the client, the lender should expect cancellations.

    Eventually consumers will wise up to this practice and start asking brokers if the rate allows for float downs.
  • The lender | 03 Sep 2015, 05:26 PM Agree 0
    You brokershould are the problem! 98% of you are greedy selfish, uneducated lazy bums who believe that you are entitled to everything and everyone owes you everything!

    If you were smart enough you would know the lender who issued a commitment to you 30 days ago already has sold that mortgage commitment to an aggregator or they already spend money hedging that rate!

    Stop complaining and do something positive for this industry!
  • Tim | 10 Sep 2015, 09:53 AM Agree 0
    Most of us are well aware of how the system works, but the customer doesn't really care about the lender's profitability (or their cost of hedging). Simply put, Lenders lock themselves into a rate and expect to pass that risk on to the customer.

    Customers can (and should) switch, and as Brokers we have a fiduciary responsibility to tell them to do so. Unsure how this is greedy or selfish.

    Lenders are effectively punishing customers and brokers for being loyal to them - a rather questionable business model.

    @The Lender: not sure if your comment is meant to be sarcastic, but instead of shooting the messenger, why don't you look at ways improve the broker relationship and retain business?
Post a reply