“The big issue with the mobile mortgage specialists is, what is their level of expertise? What is their training?” Steve Bucher, a broker with Mortgage Intelligence
, told MortgageBrokerNews.ca. “Yes, they are convenient, but they can lead to further inconveniences for clients if the specialist isn’t experienced enough.”
CIBC is now airing 30-second television spots that draw attention to its mobile mortgage specialists in a way that many in the broker channel see as new and bigger than past efforts.
The ad features a couple of penguins doing chores around the home, talking about their busy schedules and trying to figure out when to meet with their mortgage advisor.
“You know what would be great?” asks one penguin in the ad. “If the bank came to us.”
The ad ends with the message: “Our mortgage advisors come to you.”
While it may draw an increase in inquiries for the big bank and its mortgage offerings, brokers aren’t feeling any added pressure to compete. Bucher, among others, points to the inconveniences sometimes associated with use of mortgage specialists; namely, clients forced into subsequent meetings at the branch despite at-home visits to clarify mortgage terms with a manager.
Brokers are just as quick to point to their own value-add, although home visits are something fewer and fewer are actively offering as they look to maximize efficiency by channelling clients through their offices
“My practice is that I meet clients wherever they want to meet; whether it’s my office or their own home,” Warren Pickering, a Vancouver-based broker with TMG
The Mortgage Group, told MortgageBrokerNews.ca. “How we distinguish ourselves is by our service … it’s always competitive between the banks and brokers, though.”
One big bank is now spending millions to advertise the convenience factor associated with its mobile mortgage specialists – an effort, say brokers, failing to address their perceived shortcomings.