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Mortgage Broker News | 21 Jun 2011, 03:59 PM Agree 0
Brokers have lost another lender, with Macquarie Financial announcing it will outsource servicing of its $8 billion mortgage portfolio to Paradigm Quest, while Canadiana Financial assumes responsibility for Macquarie's originations.
  • Dave | 22 Jun 2011, 06:37 AM Agree 0
    So that's 2 gone in one day... Mac & Concentra.
  • Shawn Dehkhodaei | 22 Jun 2011, 06:47 AM Agree 0
    Well,

    As far as I'm concerned, they were gone a long time ago .... for a while they were so picky as to who they work with ..... that they had already cut off half the brokers from accessing them .... talk about shooting yourself in the foot. Obviously, if you don't accept deals from half of the origination market, you're not gonna make money ....
  • Mortgage Edge | 22 Jun 2011, 06:48 AM Agree 0
    Grant MacKenzie, from the start of his career at Macquarie Financial has had a cold attitude towards brokers and this has resulted in the down fall of the company.
  • Another one bites the dust, and another ones gone. | 22 Jun 2011, 08:27 AM Agree 0
    With such thin margins on MBS products & new capital requirements on regulated lenders should be the beginning of the end for many lenders in the broker channel. Also makes you think about the reality of doing trailer fees business. Great in concept but low on lender reliability. Also makes you want to laugh in the face of the next BDO who wants all of your total production. Those who last spread the business around
  • Anonymous | 22 Jun 2011, 09:55 AM Agree 0
    Two more companies our of the broker market. I wouldn't be foolish enough to send my business to Canadiana. Same guys that started Abode and left the business. They push the "No Frills" product which is good for them but not your clients. I give them a year max unless the market changes drastically.
  • Dani | 22 Jun 2011, 01:03 PM Agree 0
    I agree with Shawn.
  • Change Needed | 23 Jun 2011, 03:38 AM Agree 0
    I think it is time for brokers to wake up and really understand what is going on. Traditionally brokers make more money when the property values increase. This has been very good for them over the last decade with huge increases in house prices meaning they could maintain their income by doing less transactions. Also over the same period finders fees went up almost 75% on average. This was not the brokers fault but has lead to the tightening in the spreads. If the competition is the banks and the road reps, it may be important to note that they work for about 30% of the fees the broker receives. The banks are now as efficient technology wise. The consumer is rate driven and service is expected.
    You can either have loved MacQuarie or not but they did a lot of volume in the broker market (8.5 billion under admin) and said it is too expensive and pointed directly at compensation. It maybe time that the brokers look at what happened in Australia and work to get compensation inline with the competition. Are these 2 lenders leaving are the end or the beginning. With the new rules for capital the originators cannot just rely on servicing revenue and will need to be profitable on origination.
  • Chad | 23 Jun 2011, 04:01 AM Agree 0
    The problem is product suite. The lenders need to offer via the broker channel more products so comp can be divided and not just focused on the mortgage. No road rep stays very long when they earn only 30bps. You also forget in addition to that 30bps is the pension, benefits, marketing, branch support, etc etc. IF a bank wants to pay all those things for me I am happy to take 30bps.
  • Karim Lalji | 24 Jun 2011, 03:43 AM Agree 0
    The major problem in our industry is that ceo s and presidents of these companies think they are there for life. We need more people like Boris Bozic around who understand what the broker needs. He has an open door policy to everyone and that makes you want to deal with him more. As for Grant Mackenzie, he needs to come out of hiding and find out what brokers really want. Hopefully Canadiana Mortgage will not end up like Macquarie.
  • Kyle Green | 24 Jun 2011, 04:04 AM Agree 0
    Sent a lot of business to Macquarie as I was top 100 with them, but now this news hits after supporting them heavily based on their growth and supposed dedication to growing in the broker channel. Too bad, most of my deals were on trailer.
  • Another Broker | 24 Jun 2011, 08:37 AM Agree 0
    The start of the end. Unless you haven't noticed most banks would love to get rid of the broker channel. A good example is TD where the discount rate they offer to walk in clients is lower than the best broker rate and I have lost broker deals to a TD branch who says they spoke to the client first and suddenly it's their deal. My TD rep is also close to useless when it comes to helping out in any client situation. Boris Bozic was mentioned to have an open door policy but again we had to take our deals elsewhere basically due to the lack of ability and immaturity of our rep. Also basically being able to buy professional designations from CAAMP, I believe, has taken away all professionalism from the business. Now you have agents who have vey little idea what they are doing holding themselves out as professionals assisting clients with hundreds of thousands of dollars per mortgage. What a farce. I'm sure the lenders are onto what has happened to this business and see every day the garbage coming from these agents. The lenders should get out of the broker business before we end up like the U.S.
  • Mortgage Edge - John Bargis | 24 Jun 2011, 08:58 AM Agree 0
    It has just come to my attention that someone other than a Mortgage Edge representative, has taken the liberty to attach nothing short of an ignorant comment about Grant Mackenzie on behalf of our firm. I am appalled by the comment, and am deeply disappointed that someone would even take the time to deliver a message that could not be further from the truth.....As the official representative of Mortgage Edge, our position is the following: We have nothing but the greatest of respect for Grant MacKenzie, and all that he has accomplished. I personally know Grant, and am sure that he will continue to add enormous value to Canadiana and the industry as a whole......John Bargis
  • Mortgage Edge - Official Comment - John Bargis | 24 Jun 2011, 10:13 AM Agree 0
    I would like to personally address the inaccurate and unofficial statement made above about Grant MacKenzie on 21 Jun 2011 04:48 PM, on behalf of Mortgage Edge....The official position of our firm is that we hold Grant Mackenzie in high regard for all that he has accomplished in his career with Macquarie or otherwise, and we strongly believe that he will greatly contribute to the Canadiana team, with his wealth of knowledge and leadership skills......As for the individual who took the time to express their ignorant comment earlier without our consent, I suggest you find something more constructive to engage in.
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