“I’m comfortable with it and I don’t think there is going to be a conflict of interest; if I’m a broker and … I’ve got the lowest rates and I’m not getting any leads if they’re diverting … why would I stay with the site?” Poirier said. “And if I only get the (lesser) leads, like the preapprovals or small mortgages, am I going to continue to pay fees every month when it’s not profitable?
“If they did that how long would they stay in business as a rate comparison site? They would just be hurting themselves.”
However, some brokers have questioned whether consumers will be swayed to choose the aggregator’s mortgage products over their own if the branding of the brokerage aligns with that of the rate site.
“I think it’s a conflict of interest and I’m not happy about it,” Ray Silvestri of Mortgage Architects
told MortgageBrokerNews.ca. Silvestri said he isn’t sure if he will continue to use the rate site’s services.
For his part, Sanghera believes brokers will feel betrayed by the site that they believed acted as complementary partner in the past – drawing parallels to how his referral partners might feel if he were to usurp their business.
“As a mortgage broker who receives referrals from realtors how likely would I be to receive continued referrals if I were to become a realtor?”