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Veteran: Some brokers will benefit from Firstline sale

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Mortgage Broker News | 12 Mar 2012, 09:00 AM Agree 0
You may not have thought about it, but the managing partner for one of the country’s largest teams has, pointing to the “strategic advantage” a FirstLine sale would give some mortgage professionals over others.
  • James | 13 Mar 2012, 04:13 AM Agree 0
    The loss of a lender is a big thing for out industry, but I think he places more value on the CIBC name then it deserves. I have a number of clients that have had issues with CIBC and have no desire to deal with them on for a mortgage application. It can be a detriment or an asset depending on the customer.
  • I doubt it. | 13 Mar 2012, 05:19 AM Agree 0
    You're an idiot if you send the majority of your business to a bank-owned brand or a bank in the first place. You're an even bigger idiot if you think you won't be affected at MCC or HLC by the sale of FirstLine, and the "ability" to continue to deliver the CIBC brand. Most brokers and agents worth their salt build relationships with clients that have precious little to do with the brand of the mortgage. If we finally started working, as an industry, to put the customer first more than the banks do (which most of us already do), then we win. I'm not saying the sale won't impact our industry - it will - but the strong and talented will always survive.
  • Len Lane | 14 Mar 2012, 05:49 AM Agree 0
    So if you are a Mortgage Centre associate won't it look more like you now work for CIBC?? And aren't we brokers cause we don't want to work for the bank?
  • Paul Therien | 14 Mar 2012, 06:14 AM Agree 0
    Brokers need to be able to rely on more than the brand of a competitor to drive their business forward. Those consumers that deal with brokers do so because they are looking for an alternative to the banks. Does MCC have the advantage of offering CIBC products, one could argue they do... but one could also argue that they run the risk of becoming to strongly aligned to a bank brand, thus losing their value proposition to some consumers.
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