8 secrets road reps told MBN
5. Road reps are just as likely – perhaps more so – to defect to a competing bank team than to go to the broker channel. In fact, that movement is increasing, with a couple of banks upping the commission and other terms that they offer high-volume road reps willing to come over to their institutions.
6. Many road reps want nothing to do with the branches. Although they will go to the branch to meet clients, they are not dependent on branch leads. Still, to the extent that they want those referrals from the branch, they will make a concerted effort to cross-sell clients on other bank offerings in order to stay in “good” with the branch.
7. “Road reps are not threatened by mortgage brokers,” said the industry vet. “Often our clients would prefer to get their mortgages through us despite the low rates at the bank. But we are (uneasy) about rate site brokers and the rates that are being offered there.” While banks will continue to match rates offered by other big banks, they won’t follow an Industrial Alliance, for example.
8. Road reps are under the same kind of pressure to buy down rates as mortgage brokers are, the source told MBN.