Tough market to grow independent players, says broker
With a slowing housing market and lenders slashing compensation, the channel will likely see more brokers opting to go independent rather than work under large broker networks as a way of cutting expenses, according to one mortgage professional.
Breaking news: Scotia cuts compensation
Brokers feared this day would come, with Scotia introducing a 5 bps cut to compensation on all its five-year fixed and variable product effective Oct. 18 and following on the heels of First National’s move.
New agent to new agent: It's not all about the money
It’s a trap seasoned brokers are trying to steer young agents away from, and now one of those newcomers is offering the same warning, pointing to the need for training and support and not just high commission splits.
Brokers ho-hum about TD rental changes
TD's move to raise the LTV ceiling on its rental program goes only so far, say brokers, pointing to rental income calculations that will continue to limit client access.
FirstLine closure bolsters MCC's appeal
CIBC’s shutdown of FirstLine appears to have done little to stem the flow of brokers looking to join the the Mortgage Centre, said the network’s president, pointing to an unbroken chain of inquiries.
BoC eases broker concerns
Brokers may be more scared by new consumer debt numbers than the Bank of Canada, with Mark Carney suggesting the slowing real estate market cancels any immediate need for a rate hike.
A broker-only 2.98
The road reps won't like it. Heck, many brokers may not like it, either! But Mortgage Alliance has now handed its members a 20/20 five-year mortgage at 2.98 per cent; specifically tied to its very successful RightMortgage.
Lender cutting out road reps?
It may be a sign of where the big banks are moving, with BMO temporarily resurrecting its infamous 2.99 per cent offer but only for online applications – a move threatening to cut out road reps.
BFS deals swamp brokers
The silver lining to tighter mortgage rules appears to be a spike in Alt A and BFS clients rejected by the banks.
CREA confirms broker market observations
New, tighter mortgage rules appeared to push home sales off the proverbial cliff September, the overall number falling 15 per cent from a year ago, according to a new report from CREA.