Broker Sentiment Poll pointing to chief culprit

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The earliest of early poll results are in, and broker sentiment can best be described as disgruntled, but hopeful.

The lingering recession and recent changes to mortgage regulations remain a thorn to brokers, who have used this year’s CMP Broker Sentiment Poll  to express qualms with the current state of the industry. That said, they're adopting a wait-and-see approach as they seek out alternative products and services.  

That poll remains open for hundreds of mortgage professionals looking to add their voices to the annual CMP online survey.

But so far, of the hundreds who have already shared their thoughts, more than half have identified stricter underwriting guidelines and poorer service from lenders as chief concerns for 2013.

Echoing last year’s results, brokers give the federal government a near-failing grade on how they handle the issue of mortgage regulations, with a staggering 87 per cent of brokers saying the recent mortgage rule changes have had a negative effect on their business.

Of interest is the response from brokers who are choosing to keep their clients out of the banks, with nearly 70 per cent of respondents stating that they are placing more than half of their loans with a non-bank.

On an encouraging note, 36 per cent said they will be hiring new staff over the next 12 months; and of those who replied “no”, not one said they would be reducing staff.

Those and other preliminary results are likely to change as CMP’s fifth cross-Canada poll continues to collect responses before the Friday, March 1 close. After all, the magazine may not yet have heard from you. To access the brief survey, click here.
 

  • Kenzie MacDermid on 2013-02-15 6:34:14 AM

    anyone who places their clients with one of the big traditional banks is a fool. These guys will undercut, and steal your business. They could care less about their clients, and you should already know that being a broker and all. If you need to put them their because of line of credit needs, I would question that reasonsing. Wake up people who are still sending deals to the big banks

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