Broker clarifies Toronto Star comment

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A mortgage professional advising homebuyers to choose brokers doing 100 or more deals a year is now clarifying that comment published in the country`s largest newspaper.

“Certainly there are very good brokers that do less than 100 deals a year,” said Paul Poirier, of Dominion Lending Centres – Eagle Group in Concord, Ont. “My comments were never meant to disparage those brokers.”

Last Thursday, Poirier was one of two brokers profiled in a Toronto Star article explaining the benefits of using a broker over going directly to the branch. The article has been largely viewed as a win for the industry, as it tries to up its profile among consumers.

Still, some brokers have taken issue with what they understood Poirier, a high-volume broker, to have said about finding a quality mortgage professional.

The report describes Poirier as suggesting consumers look for brokers who do a minimum of two deals a week, ostensibly as a way of weeding out the true professionals from part-timers.

“’Ask how many mortgages he or she does in a year. The more they do, the better chance you have of getting a lower rate,' he says. This is because banks offer deals to brokers who bring in a lot of business. And what’s the magic number? Poirier says 100 or more per year — or at least two a week.”

Poirier is concerned some broker may have been offended.

“I think some people misinterpreted my comments,” the DLC broker told MortgageBrokerNews.ca. “The explanation behind what I said should have been expanded.

Poirier stands by the magic number, but added it is by no means arbitrary.

“Of course there are many brokers who don’t get to do this much business. Maybe some operate in locations that do not get that volume of business,” he said. “I am not saying that they are all less capable brokers, but those who do this full-time are in a better position to serve their clients than part-time brokers.”

Brokers that typically transact a large volume of deals are more likely to provide their clients with some advantages, Poirier said.

“For example, if you do more deals you are not only more familiar with the process but are also likely to be updated on the products, programs and promotions that lenders offer,” he said. “Under tiered bonus programs offered by many lenders such as ING and Street Capital, the more business a broker brings to them, the lower rate they qualify for.

“Sometimes lenders provide brokers with bonuses which the agents can then use to buy down rates for their clients.”
 

  • Contradiction on 2012-09-07 12:57:43 AM

    FROM MR POIRIERS WEB SITE under Career Opportunities: If you are Looking for a sales position and /or a career in the Mortgage industry , we would be pleased to entertain your application.We are seeking highly motivated individuals to join our franchise network as mortgage representatives in a sales capacity.Training is available but it would be preferable if the individual has some experience in the financial services industry. In addition, you should be confident, independent and possess sufficient knowledge to generate sales leads thereby leading to substantial sales income.Commissions splits up to 90% are available to qualified individuals. Note: I assume these agents will not initially be doing 2 deals a week to start!

  • Brenda on 2012-09-07 7:16:08 AM

    Paul, shame on you! Even your so called explanation in this article is offensive and self serving. Being in the so called elite "100 deal/year" club should guarantee you more space in the same major newspaper for a follow up story to explain to the public what your true intent was. It might read... " I am a greedy Mortgage Agent/broker who will stop at nothing to get a deal, even if I have to degrade the hard work and commitment of others. tsk tsk!!

  • Liz on 2012-09-08 1:44:29 AM

    I agree with all the above comments. What I don't agree with is to continue to focus on rate! This comment - “’Ask how many mortgages he or she does in a year. The more they do, the better chance you have of getting a lower rate,” he says. This is because banks offer deals to brokers who bring in a lot of business. And what’s the magic number? Poirier says 100 or more per year — or at least two a week.” this continues to drive a certain behaviour. Rate is certainly a part of the transaction but this isn't the number one issue. This drives the consumer optics that this is all Brokers are good for which is absolutely not the case!

  • Tom on 2012-09-08 5:22:56 AM

    On a humorous note maybe borrowers should stay clear of large brokers like Mr Poirier who say 'Poirier says 100 or more per year — or at least two a week.' because at least two a week equals 104 per year not 100!

  • pete on 2012-09-08 6:33:26 AM

    the other extreme of this assertion - "consumers should find brokers that do very few deals per year???" - On the question at hand - there is merit to more deals resulting in experience. The same applies with Realtors. A part time soccer dad (dont dare use mom here) simply isnt as experienced or informed as a full time realtor. Cull the heard i say....and dont let these part timers push you around Paul. Your right.... stand by your conviction.

  • pete on 2012-09-08 6:37:54 AM

    "Good judgement comes from experience - and alot of that comes from bad judgement" -

    Swap out mortgage for heart transplant - who do you want. The full time doctor that does alot - or the part time quack thats done a few... honestly! stand firm Paul...

  • mtg man on 2012-09-08 11:34:47 AM

    I agree with Paul. I want a fulltime professional on my side. He's right whether you want to admit it or not. Big brokers get better deals from banks. Sometimes the truth hurts.

  • Concerned Broker on 2012-09-09 2:37:57 AM

    Paul was obviously not the voice we as an industry needed to speak for us on this subject. He lacked the knowledge and intellect and once again put too much focus on "rate" and number of deals as the benchmark. Part time Agents has not worked for our firm, that does not mean it could not work for others, I just think his measurement and rationale is off side!

  • Ron on 2012-09-11 6:26:37 AM

    Wow, I am always amazed by how negative the comments are on this site. It's like some are just waiting to attack each other in this industry. If every broker spent their time supporting each other and sharing with the public the value of a mortgage broker, rather than waiting to slam each other, this industry would be far better off. I agree that this is a full-time profession and think Paul is allowed to his own opinion. At least he took time to remind the public we are here and the value we can offer. "Coming together is a beginning. Keeping together is progress. Working together is success." Henry Ford

  • Paul Therien, CENTUM on 2012-09-12 3:58:07 AM

    Well said Ron.

  • Glenn D on 2012-09-12 8:05:45 AM

    Paul Poirier comments I believe were inflammatory , what else could you have meant? come on Paul, most people reading your comments I suspect
    wasnt dropped on their heads as a child.

    While it is a free country and you can state your opinions your comments were meant to make your self look good but really you look like self promoting egoistical gagoots.

    I think you should be ashamed of yourself.

  • Wade Turner on 2012-09-06 8:19:03 AM

    I found Poirier to sound pretentious. It may be due to individuals like him that give consumers reasons to distrust any broker especially when a repretentative from a so called major brokerage and industry leader would be allowed to make such comment and still be welcome as an industry member.

  • Derek Rowley, RMA on 2012-09-06 11:20:42 AM

    There is an old and true saying, "make sure your brain is in gear before your mouth goes into action"

    Derek Rowley

  • Mary S. on 2012-09-06 11:21:41 PM

    It's unfortunate that this "clarification" is not being published by the Toronto Star. Fellow industry professionals may feel appeased. Sadly, the general public will never get a chance to see it. Let's stop painting all part time agents with the same brush...I am a part-timer and new to the financial services industry. I have a single income household with me as the sole bread winner. My choice to become self employed as a mortgage agent has made it necessary for me to continue working at a full time job while pursuing and growing my mortgage business evenings and weekends. It's the practical thing to do because it will take some time before my mortgage business is robust enough to support me financially. I'd like to ask Paul Poirier how many deals he did during his first year? Or his second year? I don't feel that working on this part time puts my clients at a disadvantage. I am conscientious and dedicated to my new career as a mortgage agent. I take the time to study lender products and programs and stay informed about the industry. I meet regularly with more experienced agents to discuss the business and have found that despite my junior (part-time) status, I am able to keep pace with them in terms of planning and executing a difficult deal. So, again, I ask that all members of this industry be supportive of one another - regardless of their part or full time status.

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