This year’s Broker Sentiment Poll gives industry players the chance to address this very question, and many like it, in a completely anonymous and uninhibited format.
And when it comes to rate sites, opinion is strictly divided between those who have hopped on board and embraced the referral opportunities and those who firmly believe they are just another obstacle between the client and a funded deal.
You have to look no further than the pages of MortgageBrokerNews.ca, which has provided a soundboard for this very issue.
“Let’s keep in mind that participation in rate site transactions not only forces the broker to significantly reduce their margins with bought down rates - it also comes with a hefty price tag to be a part of regardless of whether or not one ends up with the deal,” said one particularly pessimistic MBN commenter. “This isn't so bad when rate sites represent a smidgen of the business in the grand scheme of the mortgage industry.
“Now multiply that times the number of brokers in our industry, and include the lenders in the mix; this can't be a good thing."
Though not everybody shares this doomsday view; with many brokers effectively incorporating rate sites into their lead generation initiatives.
But enough about rate sites; afterall, The Broker Sentiment Poll includes every aspect of mortgage brokering; including regulations, competition, marketing, staff, business breakdown and much more.
Click here to participate and share your … well … sentiments about the ever-changing industry.
Last year’s Broker Sentimental Poll revealed brokers still relied on traditional word-of-mouth as their primary referral source but with the growing popularity and influence of rate sites, has popular opinion changed a mere year later?