Bank ad: ‘Our mortgage advisors come to you’

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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.

“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 “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 “How we distinguish ourselves is by our service … it’s always competitive between the banks and brokers, though.”
  • Mobile Mortgage Specialist on 2015-09-15 9:37:48 AM

    Experience? Lol, it's no different with mortgage brokers. im a mobile specialist with lots of experience and my business grows every time a new mortgage broker moves into town. Most times new brokers are also not experienced and don't have the support to find the correct answer quickly (unlike in a bank where you have a large support network). Look at both sides of the coin when presenting an argument. Your comments are grossly bios and clearly deviates from the truth.

  • GaRY on 2015-09-15 10:03:27 AM

    Maybe it's time for the IMBAs or CAAMPs or provincial reps to step up and defend Brokers with their own commercials...they've sure taken enough of our money!

  • Roger on 2015-09-15 10:33:29 AM

    If I ever have any penguin clients I will be sure to send them to CIBC...I prefer humans!

  • Ron Butler on 2015-09-15 11:07:24 AM

    Let's face it, the mortgage specialist is meeting a penguin about a mortgage. Something that likely does not come up much in our practises.

  • Victor Simone on 2015-09-15 11:14:51 AM

    Yeah, but who would give a mortgage to a penguin ? lol

    Nice advertising by CIBC, and it's cute and will help paint their sales force as mobile. Great work by their marketing department.

    Why the CIBC would try this is a little interesting to me, as the strength of the banks is their corner store locations. Have the locations now become a weakness due to overhead ?

  • Marie Illerbrun on 2015-09-15 11:34:30 AM

    Good heavens that ad drives me crazy, Mortgage Specialists from banks have been going to homes since early 1990's. I was with RBC when they rolled that out in 94 with Royal Trust who had been doing it for years. Very old news, CIBC is years behind everyone else.

  • warren ross on 2015-09-15 1:19:10 PM

    Our industry should have a counter commercial about shopping for a mortgage. The commercial could have 20 mobile mortgage people cramming in a couples home at the same time, and then show the alternative of meeting with one mortgage broker in their home to discuss 20 lender options. It would probably be the best use of our caamp dollars. Spread the word.

  • Jacquie R on 2015-09-15 1:20:49 PM

    The CIBC like other bank mobile mortgage reps meet initially with clients but then clients need to go to bank with the paperwork etc.. These reps do not need to be licensed to do mortgages which doesn't always mean they are doing the best for clients. This is not mentioned in the ad! As a former CIBC mortgage advisor I can say that my training was minimal and I took no course or exam to prove I was capable. The banks do have large pockets for advertising however as brokers we have the license, training and expertise behind us. That in itself speaks and we need to get that message out.

  • Ryan W. Smith on 2015-09-15 3:09:22 PM

    I'm with Warren. Having 20 different mobile specialists crowding in someone's living room would make an awesome commercial and quite a statement about the power of a licensed mortgage broker. We're able to offer so many different options for everybody's unique needs; this and our training are what set us apart and give us a competitive advantage. I too like the idea of associations like CAAMP or MBABC continuing to support us through marketing and advertising our advantages to consumers. Do these bank commercials make me worried? Not a chance.

  • Jacquie R on 2015-09-15 3:58:09 PM

    Warren Ross, that is so true. It is funny and would be a catchy ad as well and makes sense.

  • Walid Hammami on 2015-09-15 4:52:50 PM

    Mortgage reps have a good backing from their organizations. Do we have an organization? And don't get me started with CAAMP.

  • Tammy on 2015-09-15 5:35:07 PM

    I know of MANY mortgage brokers with virtually ZERO financial experience who take a lame 4 week course and hang the broker sign. These people are not qualified to make informed/educated recommendations. There are knowledgeable and experienced mortgage professionals on both sides of the fence. Consumers clearly have a choice in who they want to do business with but to label bank mortgage specialists as "under qualified" is HIGHLY mis-informed!!

  • Broker on 2015-09-15 6:34:24 PM

    Driving to a client's home is not only inefficient and a bad use of a broker's time, it's also dangerous. Why would you put yourself in such a position? On lack of efficiencies, what a complete waste of time. You spend 1 hour driving to their home, 30 minutes with small talk, 30 minutes talking shop, and then 1 hour driving back home. 3 hours of your time and a small chance to close the deal. Complete waste of time. Seriously.

  • Patrick on 2015-09-20 2:22:12 PM

    So one big bank is spending money to advertise convenience of mobile mortgage advisors but failing to address their shortcomings?? Lol stick to being a broker because journalism and logic are clearly not for you. Of course, why wouldn't a company address its shortcomings in its advertising? Like of course the best way to attract business is to tell everyone why you suck.

  • Valerie Whissell on 2015-09-20 4:15:49 PM

    I am a mortgage broker in Quebec for 13 years. I face this situation every day for years: I could go on forever and ever… Bank reps are paid 25-65 PBS (depending on the product and the rate they give) and they pay 50 PBS to all Realtors. Strong relationship is building there…. Bank staff, Bank reps and Realtors warn client every day against ‘’shady mortgage brokers’’ who deal with ‘’foreign’’ banks… !!. I am in constant dishonest competition with Banks, Bank reps, realtors. Sad…situation. I strongly believe that Bank deal with brokers only because they HAVE too presently…. I think mortgage clients are presently saving thousands of dollars every day on their mortgage BECAUSE brokers and non-bank lenders exists. Without us; a few banks…together… with monopole, 5 year rates would be at ? 4.5% ? Totally lock for 5 years? Who knows? It is our responsibility to be proud of what we know, what we do and the value of the savings we offer. It is our responsibility to educate and protect our industry by protecting the public when we advise them.

  • MI Broker on 2015-09-21 8:07:48 AM

    I love Warren's idea. Just more proof of how creative brokers are, and how they have the ability to think outside of the box. I also think that it would do our industry a great service to promote what we have to offer much diligently through the media. Many times I am still asked what exactly a broker does, and what is the benefit of using a broker. So it is obvious the general public is still not well versed on what we can offer. We shouldn't be a best kept secret!

  • Sean Binkley on 2015-09-22 9:05:35 AM

    Who cares...

    Really, this is something for us to bash each other as bankers or brokers. You guys sounds like the recent election mud-slinging. There are consumers (our potential clients) that read this stuff (ever hear of google?) I get turn-downs from bank reps and send the odd deal to them that fits their guidelines (6 plex full discount RBC).

    Animals and babies sell. Banks and brokers (and any other business for that matter) have a way of spinning something into it being a seemingly new and proprietary idea (free switches ring a bell?). Most of my clients don't want me to see their messy kitchen after dinner and want an excuse to leave early. Pre-screening, online apps, and phone conversations before the planning meeting saves a lot of time for everyone. My accountant, lawyer, and doctor do not come to my home, so as a professional, I have a professional office to meet people in (at their convenience). For those broker and agents (and mobile bank specialists) that don't have an office, then there's two alternatives (Tim's or the client's home).

    I fail to see how bashing the bank with this ad helps our industry as a whole. I get business from the mobile mortgage specialists and I send the odd one back in return for the rare deal that will fit their guidelines. There's an abundance of business for everyone. Working together for the client is the best option, not slamming each other.

    Peace out...

  • Mortgage specialist on 2015-10-23 10:00:14 PM

    I find it interesting how many articles are out there with mortgage brokers bashing mortgage specialists at the bank. Clearly you've lost a lot of business as banks don't deal with brokers any longer...with the exception of Scotia. How about telling clients the truth about the the number of lenders you work with? Brokers only deal with lenders that PAY them. They will never recommend a big 5 banks as none deal with them. Clients need to shop around on their own, forget brokers.... Unless you have horrible credit, no job or no down payment.

  • TOM THOMPSON on 2016-02-16 9:18:56 PM


  • Robert Stanfield on 2016-02-18 6:17:06 PM

    I find a majority of the comments made on this website to be a negative reflection of our industry, we are not doing ourselves any favours making the comments some brokers/agents make on this site. I wish the chat/comment section would be closed and the site stuck to reporting news in the industry.

  • Phil on 2016-02-19 9:53:18 AM

    Banks will always be there, but have a discussion about IRD and see where that goes. Stats show people breaking mortgages at 38 months- whether it is to move or divorce or refinance the debt the branch loaded them up with.
    Once you show a client how the banks calculate interest penalties it is a simple discussion.
    Golden Handcuffs - most people think the banks make too much money to begin with so not hard to get them to move to a monoline.

  • Broker on 2016-02-19 9:55:43 AM

    Google this - very interesting....

    Class-action lawsuit targets CIBC mortgage penalties

    ‘Vague’ wording and ‘inappropriate’ calculations alleged in mortgage contracts

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