Forum

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

National bank crediting brokers ... and Realtors

Notify me of new replies via email
Mortgage Broker News | 02 Mar 2012, 09:16 AM Agree 0
A warm welcome for brokers, compared to other lenders, helped National Bank grow its residential mortgage book by 13 per cent in the first quarter, according to a top exec -- although the growing use of Realtors didn't hurt.
  • Jeremy | 03 Mar 2012, 05:33 AM Agree 0
    I see a theme here...those who participate in the broker channel meet or exceed analyst expectations. BMO, HSBC and now CIBC, what are you guys thinking?

  • Kevin | 03 Mar 2012, 05:39 AM Agree 0
    Stop sending deals to the big banks. Non deposit taking institutions don't deal with Real Estate agents;
  • broker | 03 Mar 2012, 05:49 AM Agree 0
    I'm surprised National bank is successful in the broker market for many reasons: 1)their mortgages are collateral/demand loans and we all know how bad this is for the client; 2)they are so aggressive on renewing clients that once you send them a client you lose them forever; 3)their service to brokers is the worst in the industry; 4) their underwriting guidelines are ridiculous - good luck getting a deal approved by them; 5)they always mess up the client's mortgages where clients get statements a month later with the wrong rates; 6)the rates they offer brokers are not competitive; 7) they have an agressive group of bank reps who get better rates than brokers; 8)they pay realtors 50bps for just referring a name, which squeezes us brokers out. I don't get why a broker would use them. I really don't!
  • Gord McCallum | 03 Mar 2012, 06:33 AM Agree 0
    I trust that they're not dealing with Realtors in this way in Alberta because it's illegal.
  • Stephane Prevost | 03 Mar 2012, 06:40 AM Agree 0
    Buyer Beware. Do Realtors really have your best interest or do they simply want $. Get this people. The person who is least educated is the one often making the referral and is already paid the most in a transaction and the person who is the most educated is the lawyer who makes the least out of the transaction. Statistics show that average realtor sales are only 6-8 deals a year. How valuable is the advise of a realtor who doesn't produce?
  • Mtgs agent | 04 Mar 2012, 05:28 AM Agree 0
    As a broker, I'd be happy to be paid 50bps for just suppling a name to the branch. It's half of we are paid but hey, younger paid for just a name.
Post a reply