Murphy: Ontario could lose 1,830 brokers at re-licensing
Forget eight per cent.
CAAMP President Jim Murphy is suggesting Ontario could lose as much as 15 per cent of its brokers and agents with new re-licensing requirements, effectively erasing gains made since the last major cull.
Who gets the bill for broker ad campaign?
Merix head Boris Bozic has joined the growing number of mortgage professionals endorsing the idea of a national advertising campaign, specifically focused on hawking broker wares to the largely uninformed consumer. That’s even as others look to mono-lines themselves to foot the bill.
Brokers lose 'easy money' with TD commission change
It may be the end of a very lucrative era for brokers using TD. But for one high-volume broker, in particular, it’s the loss of a $400,000 shot in the arm, with the bank finally moving to bring its generous mortgage replacement policy in line with other lenders.
Rate hikes spur rate holds
Brokers are starting to see an uptick in the number of clients looking for rate holds after several lenders pushed select VRMs further into plus-prime territory, a broker channel player among them.
Ad increase bolsters network's book
A national broker network is crediting a 20 per cent jump in its advertising budget for a double-digit spike in business – even as new home sales slip.
REDX sparks broker concerns
A system to flag “fraud and misrepresentation” has been misused by lenders, quick to pin incident reports to brokers, who have little way of getting those records removed, charges a seasoned mortgage professional – preparing to lodge his own complaint.
Lawyer files prepayment class action against CIBC
Twin class action lawsuits were filed in B.C. and Ontario late last week alleging some CIBC mortgage borrowers have been unfairly penalized by “vague” prepayment terms, the lawyer behind the action told MortgageBrokerNews.ca.
Fraud prevention back on broker agenda
A fraud-prevention expert – also a mortgage agent – is asking his peers to double check their file protection measures against a list of six essentials. It’s a way of guarding themselves, their clients and their industry against the kind of recent broker lapse grabbing headlines in Alberta.
Ambitious agents chasing broker licenses
It’s a trend that may ultimately enhance the industry’s credibility, say advocates, but an increasing number of agents are training for broker licenses even before they’ve been two years in the business – a way of building on their own personal credibility as competition with the banks and other mortgage professionals grows.
Brokers worry about lost year
Brokers worried about the challenging environment and double-digit revenue slips, you’re not alone. A leading industry trainer is identifying a very real and growing anxiety among mortgage professionals from one end of the country to the next – afraid the economy will further compromise their bottom lines.