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Mortgage Broker News | 19 Mar 2013, 12:00 AM Agree 0
Brokers are describing RBC’s newly launched Rate Match campaign in less than glowing terms, pointing out the exclusion of monolines as evidence of a broker’s skill at finding the best deal.
  • KL | 19 Mar 2013, 09:37 AM Agree 0
    This is all old news boys and girls. RBC has been known to do this on a regular basis since 2001. Now they are being joined by Meridian Credit Union. Both lenders are sending people to the leading brokerage in the community only to get best deal. Once done, back to the branch the client goes and then the employee sends all to corporate who sign off at OUR rate . We have done all the work, and they get the credit. We are smarter, sharper, quicker and smoother than any of the employees mentioned at the above companies. You all need to be aware ( as I am sure most of you are)that they can not compete. Hell, we can buy it down, receive no finders fee and still make more $ in VB than their road warriors would make. Not our practice, but I can think of a few who do this daily, the banks will not compete at that level. Good luck to all ..
  • Mario | 19 Mar 2013, 09:40 AM Agree 0
    I think it's amazing that the monoline lenders are providing the Broker channel lower rates than the banks. It gives the Brokers an opportunity to compete with the banks and earn a living.
    What I find upsetting is that there are Brokerages that advertise even a lower rate by buying it down. If we, as a channel already have the lowest rates, why do we have to buy it down even further?
    I find the tactic of buying down the rate an effective strategy when we have to compete with banks to retain clients. I do however, find it counterproductive when Brokerages buy it down when we already have the lowest rates in the market. I believe that this diminishes the value and expertise of the Mortgage Broker Profession .
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