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Mortgage Broker News | 11 Nov 2014, 10:50 AM Agree 0
Following news that many lenders are fleeing the northern markets, one broker believes the latest bank to do so will benefit.
  • NMH | 11 Nov 2014, 12:50 PM Agree 0
    No doe no go thats the way the lenders work only thing they are loyal to is profit and low risk !
  • Tom | 11 Nov 2014, 01:38 PM Agree 0
    I'm sure they all take client investments, as in, GIC's, RRSP, Mutual Funds, etc. from this area!!!!
  • Susan Zanders | 12 Nov 2014, 12:01 AM Agree 0
    TD has a branch in Whitehorse. Yes, they still do mortgage business at the branch. it is just the broker channel that has been pulled. We cannot place any mortgages for properties located in Whitehorse, Dawson City, or anywhere throughout the Yukon or NWT or Nunavit with TD. If they can pull the broker channel there, then what about the smaller towns around the country? As a mortgage broker specializing in the Yukon and Territories we brought choice to the consumer and got the rates lowered. When we first started lending in the Yukon, the banks where charging clients posted rates. We introduced competition, superior service and choices. Never thought a big bank would pull the channel in the Territories. Two weeks notice in the broker kit. No more mobiles, modular homes, new construction and no mortgages anywhere in the Territories. This is very concerning to open up the idea, it they did it there, where else might they pull next? No loyalty from TD. Not even a phone call in advance to notify us.
  • Bud Jorgenson | 12 Nov 2014, 11:00 AM Agree 0
    With many lenders pulling out TD is probably getting most of the business out there with or without the broker. This means that at the end of the day the client is either going to come to TD through a broker or walk in. If they eliminate the broker they are still keeping the client and when they do TD doesn't have to pay the broker. That sounds like a win win with both wins going to TD.??
  • Jake Abramowicz | 16 Nov 2014, 04:04 PM Agree 0
    Although I'm sympathetic to the problem, the numbers do not justify staying in this market, to which I hold no surprise. It is not the lenders responsibility to make sure everyone in Northern Canada gets a loan - they are a private enterprise. Obviously there is a market opportunity for private loans (since I'm sure most loans are not that big anyways) should one choose to take it.
  • Susan Zanders | 16 Nov 2014, 09:18 PM Agree 0
    Hi Jake,
    Point being that there are alot of smaller communities across Canada than the market in the Yukon and NWT. Should they pull out of those too? Just because the numbers are small?
    And the second point is that they have branches in the Yukon and NWT. They are a major Canadian Bank. I can understand the smaller Monolines pulling out, not the larger bank. They were very happy to take the business for many years and put it on their books.
  • Jake Abramowicz | 17 Nov 2014, 10:05 AM Agree 0
    The big branches should not be pulling out, absolutely. However there's a case to be made for an opportunity here as well - pool resources together and do private 1sts, no?
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