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Mortgage Broker News | 18 Mar 2013, 12:00 AM Agree 0
An ING survey suggests 59 per cent of Canadians find negotiating for the best rate the most stressful part of obtaining a mortgage – ironically, results that provide support for the mortgage brokers ING has now left behind.
  • Ron Butler | 18 Mar 2013, 10:07 AM Agree 0
    Some surveys are a bit pointless: "do you find the winters in Winnepeg cold?" or "do you believe traffic congestion in Toronto is excessive?" or "are there too many rainy days in Vancouver?" Do we need a survey for everything?

    Really, most people would find a very large financial transaction they only undertake every 3 to 5 years a bit stressful. I am surprised that 40% of people seemed to think it was NOT that stressful.

    I know we all like to talk about better financial education but if an event occurs very infrequently what is the chance we will have any "education" at our fingertips? Even if we went through the education once how do we hold on to it for 5 years?. My son showed me how to program the PVR once but it better not ever break down.

    Finally, I don't believe our industry is well served by belittling the people working in bank branches. Some of them are quite poorly informed about mortgage options and features and some of them are just brilliant: much the same as mortgage brokers. The TD bank was recently awarded the number one ranking for branding in this country; just the brand of the TD Bank was valued at over 10 Billion dollars. Brokers would be smarter as a group to acknowledge the branch people are not a bunch of slack jawed yokels, they are often sophisticated opponents and we are better off to treat them that way.
  • Omer Quenneville | 18 Mar 2013, 10:39 AM Agree 0
    That’s interesting and at the same time a pointless survey. If a client sat in front of a good mortgage broker they would soon realize that interest rate is nothing more than a distraction from what really matters. Terms and condition. Such as avoiding ING’s, TD's and Scotia’s collateral mortgage. Or having to look into a Chrystal ball and predict the future before locking into a deadly 5 year term. I hear of clients selling themselves down the river for one or two tenths of one of a percent age point only to pay through the nose later.
  • Neil | 18 Mar 2013, 10:42 AM Agree 0
    Ron, why always the negative sentiment... I am sure I am not the only one that thinks you spend all day posting on these sites like what you say is the gospel and your opinion is always right.

    I don't think Jason was far off in his assumption about branches being a "jack of all trades" if they were as sophisticated as mortgage brokers in their knowledge and service offerings then mortgage brokers would be obsolete. And by continuing to keep in touch annually through mortgage reviews and continuing to educate clients it does create loyalty.
  • Ron Butler | 18 Mar 2013, 02:35 PM Agree 0
    Well Neil, I just try to represent facts and some mortgage brokers hate facts. The big 6 Canadian banks are hugely successful by so many measures and for so many reasons and while mortgage brokers do a great job with first time buyers; once banks get their hands on the clients brokers generally have a hard time getting them back. That is not an opinion, that is statistically a fact.

    I completely agree with you that there are many strong systems brokers can employ that will create loyalty from their clients, you have suggested several of those systems. I stand by my position that we don't help ourselves by underestimating banker's abilities, we need to better understand our adversary to win business from them.

    As far as opinions go, I do have a lot of them and I can assure you from experience I am right far more often than I am wrong.
  • Omer Quenneville | 18 Mar 2013, 05:37 PM Agree 0
    We have choices where we place our clients and I find what is usually in my clients best interest is usually in my best interest. You place a client with a mortgage company that does a collateral charge you deserve to lose your client to that bank. When explained to the client usually they agree.
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