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Mortgage Broker News | 14 Mar 2013, 12:00 AM Agree 0
The battle for renewals is a fight that brokers are gonna lose, says a leading mortgage broker.
  • Jake | 14 Mar 2013, 08:46 AM Agree 0
    I completely agree. I rarely, if ever, win the renewal unless I can convert it to a refinance. Fact is fact - people are aggressive (both client and bank) and it's a lose-lose when you put your work into a deal only to get killed by the rate. I lost a $700K refinance the other day, for example. CIBC offered 2.89. I got 2.69. 2 weeks later and a few days before close CIBC came back at 2.39% 3 year closed. Guess what- no amount of "but but but.." will work and anyone who thinks a client is foolish enough to go with a higher rate because of hard work is drinking the kool-aid.
  • big picture thinker | 14 Mar 2013, 08:51 AM Agree 0
    If the lender that you initially recommended holds the mortgage and they have treated the client well, and are offering the best rate, then really, act in the best interest of the client and recommend they stay. Sure you don't get paid, but if you treated them well, stayed in contact and helped improve their financial situation, then ask for your happy client to refer their friends and family to you. Congrats Mr Rowley, for looking at the big picture.
  • Paul Mangion | 14 Mar 2013, 09:42 AM Agree 0
    Banks are getting smarter and many brokers are not! If the majority of brokers don't change from tranactional to relationship marketing then this industry is just racing to the bottom.
  • Derek Rowley | 14 Mar 2013, 12:38 PM Agree 0
    New flash Paul. Doing what is best for the client is relationship marketing. Jake is dead on (more likely California Kool Aid Jake - lol) and thank you Big Picture Thinker

    Continued good selling

    Derek
  • Jason Nugent | 14 Mar 2013, 12:45 PM Agree 0
    Just another reason to use a trailer fee lender whenever possible.
  • Sharon Fauchon | 15 Mar 2013, 11:00 AM Agree 0
    There is nothing I like better then giving a client a low low five year rate and telling them to go to the bank and ask them to match it. Which they usually do, and the reason is I could not get the client a new mortgage elsewhere for various reasons. The client wins! I win! And the referrals that come in from this type of service are great!! You have to look at the big picture not just the one deal sitting in front of you. The brokers that can see that picture are the ones who will continue to succeed in this industry.
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