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Mortgage Broker News | 08 Nov 2010, 04:20 PM Agree 0
CMP recently polled national broker networks across Canada to uncover what they offer their brokers – everything from compensation to training to ancillary services. Here are the results
  • Centum Franchise Owner | 12 Nov 2010, 07:54 AM Agree 0
    I am a Centum franchise owner. I haven't received a single real lead in the 4 years that I have been with them. They have promised me leads over and over again, but nothing comes of it. Centum CRM Autopilot is just a glorified newsletter. Everyone has that. Equity Builder was launched as the latest and greatest CRM, yet less than 8% of the Centum agents actually use it. Centum Primo is the Centum white label of sorts. They are the most difficult lender to use that most Centum offices don't even use them. Centum Protection Insurance costs the client about 25% more than MPP, so its a tough sell. I could go on and on. Lots of promises with Centum, but little results. I'll be glad when my 5 year term is up so I can leave.
  • Bob | 16 Nov 2010, 08:39 AM Agree 0
    I am a recent graduate of COMAC and have started looking at brokerages for employment. The first company I looked at had a very aggressive applicant campaign. In short, I felt dirty leaving their "interview". I was hired on the spot as was everyone else who showed up at the "interview". I was told that you need to do whatever it takes to close a deal even if it meant "bending the rules". Example being a conditional real estate deal, conditional on financing, that it would be okay to tell clients that they had been accepted with lenders and okay to sign off on condition fullfillment even though this would be "stretching it a bit". Also that you need to sign your client to an exclusive contract that will hook them to you no matter how hard or little you work for them. How this company, or at least this franchise, operates is beyond me. I feel like I need to take another shower just thinking about it.
  • Sudershan Kaur | 20 Nov 2010, 12:52 PM Agree 0
    I like my co.Dominion Lending Centres.My production became double than my previous co. They give us training and support us in closing the deals.
    My Broker Sarah is very co-operative and nice young lady.
  • AB Mortgage Broker | 24 Nov 2010, 06:09 AM Agree 0
    The industry is doing a poor job governing themselves. Bob, I completely understand what you mean! The shady agents hide behind big brokerage names and even though they have been fined in the past, for some reason they are allowed back in the industry. Some brokerages have been cut off from some lenders and placed on RedX, yet the other lender continue to deal with them. Furthermore, why do brokerages allow part-timers? Why do they allow those who hold a real estate license, appraiser designation, lawyers, etc...to partake in the mortgage brokerage industry? I'll tell you why, it's all about numbers not quality or caliber of the agent...very sad!

    Forums like this are needed so other industry members can make an educated decision based on others experiences.

    Keep the comments coming...
  • Leontine Blonder | 18 Nov 2011, 04:42 PM Agree 0
    Many thanks for providing this review. It is really essential for me.
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