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Mortgage Broker News | 28 Sep 2011, 11:00 AM Agree 0
The head of CMP’s “Mortgage Brokerage of the Year” is urging BDMs to embrace an expanded role as educators, a way of increasing their utility to mortgage professionals, looking to grow their own usefulness to clients.
  • John Dearin | 29 Sep 2011, 04:49 AM Agree 0
    We depend heavily on our BDM's not just to resolve disputes but to run deals by to see if they fit, prior to our submission. If a lender is going to remove that function from our BDM, then we would have to look strongly at moving our business to a lender that has a BDM that can advise us. If others follow suit, the lender will then definately need the BDM to run around after new business.

    John Dearin
  • Angela Wong-Liao, Invis Inc | 29 Sep 2011, 06:41 AM Agree 0
    In my opinion, the role of the BDM is acting as a mediator between agents and underwriters, the BDM should have some discretion in regards to pricing and to promote and educate the agents about the different mortgage products from the lenders that they are working for. The BDM should not have approval limits or any approval authority because of a potential conflict of interest, however, an experienced BDM should be able to help the agents to package the deals within the perimeter of the lender's guidelines if requires. I find one of the challenge is that good BDM changing lenders constantly and as a result of these constant changes, we, the mortgage agents/brokers have difficulties in establishing a very strong business relationship with these good and experienced BDM.
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