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Mortgage Broker News | 11 Oct 2011, 09:00 AM Agree 0
As brokers grapple with a slowing market, many are finding relationships with BDMs are also in flux. As Vernon Clement Jones finds out, that may be by design
  • Risk | 13 Oct 2011, 07:15 AM Agree 0
    Would you give a BDM approval authority? Need a line between the two for potential conflict of interest scenarios.
  • BDM | 15 Oct 2011, 01:30 AM Agree 0
    I couldn't even read the entire article as I was fairly annoyed. I don't think people realize the actual value a BDM plays. Most have absolutely no idea how much work is involved. It isn't lunches out and golfing folks. Underwrites are not sales people. This business is based on relationship number 1. If sales were that easy, everyone would do it.
  • John Dearin | 17 Oct 2011, 02:08 AM Agree 0
    I think in our small brokerage, there is a direct correlation between the amount of business done with a lender to the QUALITY of the BDM. We like our lunches but we also throw a couple of parties a year for our BDMs and underwriters (the few that are allowed out) and the lenders in general, as payback. If you are in town, you are invited.
    It is the QUALITY of the BDM and the underwriter that directs our business. Can I live without them?….sure…do I want to….No, not the QUALITY ones
  • Let's See | 18 Oct 2011, 04:11 AM Agree 0
    Hmmmmm,Nick,left his predecessor company and openned up a nice little operation that launched products to compete against his predecessor company. Did he go out and introduce these products to a whole new set of broker relationships? No, he went after relationships he already had as an insider...would you need a bdo for that job? And He said "hey I dont need bdo"s I will go to all my accounts and sign them up to send me business and then we will see. If I can live with those in-house accounts and continue to grow my business that way then we will we will all be happy. So Nick is now adding BDO's in 2012....I guess he's tapped out on who he knows. Thanks Nick as your example is exactly the case for BDO's and why BDO's are required. Rock on baby.
  • Nick Kyprianou | 21 Oct 2011, 01:57 AM Agree 0
    I think many people missed my point. I believe most BDM's have a role that can't be measured. I would have a BDM however the role should be to bring on new brokers not keep visiting existing brokers who send business. I believe when a broker is sending ongoing business is because he has a good relationship with the underwriter. I strongly believe the underwriter is the backbone of any mortgage lending business. If you don't have good underwriters you won't have a business. BDM's have a place as I mentioned earlier. If you can't measure it you can't manage it or know the value of it. If BDM's focus on new brokers you can measure their what they achieved.
  • BDM | 25 Oct 2011, 12:36 AM Agree 0
    I have worked as a BDM for several years and the role involves not only maintaining and growing exsting accounts but always seeking more. This is what I believe you are missing. Agreed lending is very important in the relationship, but they are not sales people.
  • Dan Beresford | 28 Oct 2011, 12:02 AM Agree 0
    I'm an ex-BDM. I was trained as an underwriter. The real problem in all of this is one of communication and education. At one lender I was able to grow our sales because I helped the brokers and agents I worked with grow their business with marketing tips, educating them on who an ideal client for a product was and helping them understand where that client could be found. I used to do over 90% of my business by email and telephone. Unfortunately the lenders I worked for didn't understand the speed and efficiency of telephones and email; they wanted me driving all over the place interrupting busy brokers and agents with visits.
    Lenders could increase their business by having better product material, helping their clients understand who the product was suited for and by using the technology available to open the lines of communication.
    BDM's with the power of the pen? A great idea but there would be a breakdown on the educating and communication side which would result in a decrease in business.

    I am no longer directly in the mortgage business but I have brokers and agents as clients.
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