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Mortgage Broker News | 28 Jun 2011, 10:30 AM Agree 0
AMBA’s new president is pledging to grow consumer awareness of broker services at the same time strengthen the organization’s ties to industry associations outside Alberta – both ways of overcoming stagnant broker market share.
  • Nick Kyprianou, Equity Financial trust | 29 Jun 2011, 02:55 AM Agree 0
    I think we need to spend more time on educating and traing brokers before we raise the profile. Most brokers just make it about the lowest rate. By doing this they are digging their own grave because the Bank will always beat the brokers at that game because they can make additional revenue by cross selling other products and take over the mortgage brokers client.
  • Paul B. | 29 Jun 2011, 06:25 AM Agree 0
    Nick, you have a valid point. Education is very important and it is one of AMBA's top priorities. AMBA is working very hard to elevate the standards of education not only in Alberta but across the country. We have spent a lot of money and invested a tremendous amount of time on our education programs. We need to increase the barrier to entry and we need accountability.
  • Dan M. | 30 Jun 2011, 04:31 AM Agree 0
    I agree on the education point as well. However, the other initiative that we need to take on is to quit competing with ourselves and focus on competing with the banks. There are two fronts to this; I know of several brokers(ages) who will routinely undercut other brokers with rate buy downs, send out an application to multiple lenders to sandbag etc. This needs to stop. Also, quit sending deals to the big 5 banks and their subsidiaries when there are just as good broker-only lenders. You are feeding one hand, while the other is holding the knife that is trying to slit your throat.
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