Two brokers share their take on how monoline lenders are performing ahead of the seventh annual Brokers on Lenders issue. Have your say today by filling out the survey
“As brokers the service, pricing and underwriting (used to be) a lot better for brokers but the (bank) branches are stepping up,” Clinton Wilkins of Centum Home Lenders Ltd. told MortgageBrokerNews.ca. “Now brokers lack the differentiation needed to convince clients to go with them instead of the banks.”
Wilkins – and several brokers, according to our early poll results from our Brokers on Lenders survey – complains about longer service times, tougher underwriting and a lack of a competitive advantage on pricing and believes it’s up to the lenders to up their game.
Not every broker believes the monolines need to make any improvements, however.
“The lenders I typically deal with are generally efficient and I don’t have any complaints,” Craig Spicer of Verico
Premier Mortgage Centre told MortgageBrokerNews.ca. “I really don’t see anything at this point that needs to be addressed.”
But is Spicer in the minority? Don’t miss your chance to rate your lenders and provide them the necessary feedback needed to improve their offerings.
Overall, the survey is viewed as barometer of broker satisfaction with their most important partners. The CMP research is also the most straightforward and influential message mortgage brokers will send to their lenders, say industry professionals.
That’s all the more so with increasing competition from the banks and a number of credit unions across the country. The survey and comments aim to offer valuable advice on how lenders can better position the industry.