​CAAMP: Broker market share shrinking

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CAAMP’s annual fall mortgage industry report indicates that broker market share has fallen on a year-over-year basis, a large chunk of which has gone to the big banks.

“For all current mortgages on homes that were purchased during 2014 up to the time of the survey, 61 per cent were obtained from a bank,” the official report states. “Mortgage brokers had a 31 per cent share. Credit unions were the source for six per cent of these mortgages, followed by two per cent from life insurance or trust companies.”

These numbers represent a significant change from the mortgage origination breakdown of just a year ago. In 2013, up until the date of last year’s publication, banks accounted for 42 per cent of mortgage market share, while brokers accounted for 40 per cent.

This year’s report also includes the percentage of mortgages sourced through a credit union (6 per cent) and trust or life insurance companies (2 per cent).

It seems that big bank advertising and brand loyalty prevailed in 2014, as 76 per cent of homebuyers who purchased in 2014 consulted a mortgage professional within a bank. Conversely only 47 per cent of consumers consulted a mortgage broker.

The report also investigated the breakdown of fixed versus variable rates among current mortgage holders.

69 per cent of mortgage holders (3.9 million) currently have a fixed rate, while 24 (1.35 million) per cent have a variable rate; interesting stats considering the record-low rates that have made variable rates an attractive option for homebuyers. 
 
  • Warren Ross on 2014-11-20 12:03:10 PM

    Maybe its time CAAMP stopped pushing the bs AMP designation and start focusing on getting us more market share. CAAMP is failing.

  • Jay Meakin on 2014-11-20 12:16:39 PM

    Thank you Warren! Brokers need a marketing engine that illustrates we are not just about low rates. Clearly, banks can drop their pants anytime they want to beat a broker rate. This is not a competitive advantage anymore.

  • Jeff on 2014-11-20 12:23:48 PM

    A agree with Warren. What is CAAMP really doing for us besides the education aspect of the organization?
    I also continue to see so many brokers favouring major banks over monolines. Why can't they see that this just makes our main competition stronger?

  • Clayton Carby on 2014-11-20 12:26:50 PM

    Mortgage Brokering is a relationship business and you can only expand your business by expanding your expanding your sphere of influence. The Banks have a greater ability to do this because of all the services they offer. We need to offer education as well as best interest.

  • Curtis on 2014-11-20 12:29:57 PM

    I'm all for monolines and don't see the value of CAAMP anymore. As brokers we have so much choice we have to be better ourselves at educating the public. I thought that was what CAAMP was suposed to do. There is a long list of reasons why brokers are a better choise but I see people who are new to Canada get there first mortgage from a bank over and over again because that's all they see.
    They don't know Brokers exist!

  • Victor Simone on 2014-11-20 12:38:52 PM

    Question about the 8% split between credit unions and insurers: How much of that 8% was originated by the broker channel ?

  • Bob on 2014-11-20 12:43:41 PM

    is market share also falling in refinances as well? As this was an area where brokers had a lower success versus banks

  • Frank on 2014-11-20 12:54:39 PM

    Also agree with Warren. What is CAAMP, IMBA, etc. for if they are not helping getting word out to the consumer. AMP is useless, just a money grab I guess. Let's see these organizations work on showing why consumers need brokers.

  • KJL on 2014-11-20 1:02:20 PM

    Cannot agree more ! AMP is on my card and people ask if I am handicapped ? The only handicap is paying their annual fees and getting FA in return. Money gouge .. Well said - that we pay and the banks don't pay -so CAAMP and IMBA - spend our $$ on market share and take a stand to piss of the banks !!!

  • Robert on 2014-11-20 2:29:45 PM

    The Banks are also asking for less documentation than the Mono line lenders. So it comes down to the path of least resistance for the clients.

  • RMJ on 2014-11-20 2:37:53 PM

    True Robert. Some banks just ask for 1 document to prove income and much less docs to sign when dealing direct with them. We have A LOT of docs. If a client can sign a renewal with 1 signature and 1 initial, why sign all our docs and prove all kinds of docs for us to switch them to a new lender. TD for example does not even like brokers yet they take our biz. I wonder why our service with them is so bad...a fool would send business to the major banks unless they absolutely have to. The banks work so hard and have the money to keep those clients from coming back to us. Refi? Banks win again if clients have good credit. BUT, our jobs are also to have a CRM and ensure we stay top of mind with clients to win as many back as we can as well provide great service. Too many agents treat our biz as transactional and the clients see that.

  • Kevin R on 2014-11-20 3:26:55 PM

    The Mono Line Investors are calling the shots & nothing our excellent underwriters we have had long relationships can do about it. Ironically, our incestuous Banks are the major investors of our true allies (the Mono lines) & they are doing things in the Branches that our Mono line allies cant do. Losing market share is not rocket science.

  • Curtis on 2014-11-20 3:40:54 PM

    So Kevin R, I am aware of who our monolines use as investors. If I were to take this a bit further, the banks are forcing the monoloines to ask for more documentation on purpose. That makes the monolines less appealing for "A" clients who can walk into a bank and submit fewer docs.

    If that's the case the banks are squeezing out Brokers and buying up monolines only to take more market share for themselves in the long run.

    Is any of this what your implying Kevin R?

  • Kevin R on 2014-11-20 6:10:46 PM

    Curtis I have seen the double standard as a broker, its been getting worse & it is mind blowing it is happening on deals that used to be considered a Prime deal. My underwriters are the same ones I have dealt with for the last 10+ years & they suddenly havent just gone stupid. In fact they are the first ones that will say they cant make an exception because the Investors wont buy the paper. Meantime the Branch does the exception. So I guess you can call it nothing but conspiracy theory all you want but it sure looks like the playing field is getting tilted to the major Banks favor. I see more dark clouds on the horizon that are going to tilt this even more if changes continue the way they seem to go. Right now, I would not make the statement you made in saying monolines are less appealing to clients than the Banks. I am saying there are going to be more deals getting approved by the Banks because Banks will have more flexibility. & you will continue to see more market share go back to the Banks.

  • Ron Butler on 2014-11-20 7:45:49 PM

    As so many have commented here, there is a simple reason that broker market share has dropped. Brokers are forced to obey B-20 rules, banks branches circumvent them.

    We are asked to provide down payment backup details for every single deposit over $1000.00. I see some files with 45 pages of down payment docs as we track back every single deposit. The branches don't care. The tell the client that brokers are crazy to ask for all that info. We are assigning 3.00% of balance to every revolving debt, we are calculating HELOC payments as if they were 4.79% mortgage payments. I don't care what any banker says; the branches are NOT doing that. Maybe they will some day but not today.

    On top of that totally uneven playing field the banks are super aggressive on rate, particularly on the retention side.

    I am happy to battle on rates but I am not happy that debt ratio calculations are different at banks than they are for brokers.

  • Susie Broers on 2014-11-20 9:04:19 PM

    Yes Ron, you are spot on!! Different set of rules and guidelines on where clients go to obtain their mortgage financing. Let's all have the same..and then well see these statistics sway in favor of brokers, as they should!

  • Susie Broers on 2014-11-20 9:04:30 PM

    Yes Ron, you are spot on!! Different set of rules and guidelines on where clients go to obtain their mortgage financing. Let's all have the same..and then well see these statistics sway in favor of brokers, as they should!

  • John Gimblett on 2014-11-21 8:27:45 AM

    Warren Ross, I beg to differ with you. CAAMP is doing it's job...just as it was designed to do. Who controls policy at CAAMP? Unfortunately the purpose of CAAMP is NOT to exclusively promote the broker channel.

  • Kevin R on 2014-11-21 11:27:39 AM

    Well John, you just summed it up in a nutshell. What is the point of joining & paying fees to an Association as a Mortgage Broker that does not totally promote & lobby exclusively for the benefits of Mortgage Brokers. It's the reason many Mortgage Brokers have not felt we have had a proper voice of reason in Ottawa with respect to decisions being made that are decimating the effectiveness & market share we worked so hard to earn for over many years.

  • Warren Ross on 2014-11-21 11:39:47 AM

    John Gimblett. I appreciate your comments, but I disagree with you wholeheartedly.

    As mortgage brokers, I believe our primary needs from the association that represents our interests, is advocacy, and promotion, and that everything else is secondary.

    In regards to advocacy, our association should fight to make sure our channel of distribution is treated equitably versus the bank channel. Judging from other peoples posts, and from my own experience, we are increasingly losing deals due to unfair underwriting and pricing. On a personal level, I brought up one blaring example of dual standards to CAAMP and never got a reply. For these reasons, in my view, CAAMP is failing.

    In regards to promoting the brokerage channel, the fact that we have gone from 40% to 30% market share in a year, a 25% decrease, is another sign of ineffectiveness. Sure there can be many contributing factors, but in my view CAAMP should be placing more of their resources in this area. Without clients, what do we need an association for? For this reason, I believe CAAMP is failing.

    In regards to the AMP designation, I find it is of low value. I've been in this business for 8 years, and with all the changes that are happening, I need to treat each deal as if it was my first. In this business, keeping up to date trumps getting an accreditation. Who would you rather deal with? A broker who got an AMP designation 5 years ago who is not up to date? or a broker who does not have accreditation and is up to date with the lenders ever changing guidelines?

    The AMP designation is simply being used as a tool to raise money for this association. A case in point is this weeks mortgage brokerage forum that will allow for 8 AMP credits if you pay the $900.00 to go. Seriously, if your not looking for the AMP designation, why would you waste your time and money to go to a glorified raw raw event. Another example of this groups exploitation of brokers is by only marketing brokers with the AMP designation as opposed to all brokers. I am a competent broker, I am fully licensed, and I am paying CAAMP membership dues, so why are they only marketing AMP members? Answer, to keep the gravy train flowing (Thank you Rob Ford for the gravy train quote).
    In closing, we need more advocacy and promotion now, unless you want this industry to go down the tubes.
    Anyone else share these sentiments? I'm interested in opinions.
    Have a great weekend.

  • Warren Ross on 2014-11-21 11:40:00 AM

    John Gimblett. I appreciate your comments, but I disagree with you wholeheartedly.

    As mortgage brokers, I believe our primary needs from the association that represents our interests, is advocacy, and promotion, and that everything else is secondary.

    In regards to advocacy, our association should fight to make sure our channel of distribution is treated equitably versus the bank channel. Judging from other peoples posts, and from my own experience, we are increasingly losing deals due to unfair underwriting and pricing. On a personal level, I brought up one blaring example of dual standards to CAAMP and never got a reply. For these reasons, in my view, CAAMP is failing.

    In regards to promoting the brokerage channel, the fact that we have gone from 40% to 30% market share in a year, a 25% decrease, is another sign of ineffectiveness. Sure there can be many contributing factors, but in my view CAAMP should be placing more of their resources in this area. Without clients, what do we need an association for? For this reason, I believe CAAMP is failing.

    In regards to the AMP designation, I find it is of low value. I've been in this business for 8 years, and with all the changes that are happening, I need to treat each deal as if it was my first. In this business, keeping up to date trumps getting an accreditation. Who would you rather deal with? A broker who got an AMP designation 5 years ago who is not up to date? or a broker who does not have accreditation and is up to date with the lenders ever changing guidelines?

    The AMP designation is simply being used as a tool to raise money for this association. A case in point is this weeks mortgage brokerage forum that will allow for 8 AMP credits if you pay the $900.00 to go. Seriously, if your not looking for the AMP designation, why would you waste your time and money to go to a glorified raw raw event. Another example of this groups exploitation of brokers is by only marketing brokers with the AMP designation as opposed to all brokers. I am a competent broker, I am fully licensed, and I am paying CAAMP membership dues, so why are they only marketing AMP members? Answer, to keep the gravy train flowing (Thank you Rob Ford for the gravy train quote).
    In closing, we need more advocacy and promotion now, unless you want this industry to go down the tubes.
    Anyone else share these sentiments? I'm interested in opinions.
    Have a great weekend.

  • Ron Butler on 2014-11-21 11:56:16 AM

    I am not defending CAAMP, there are ton of things to fix over there but here's one true thing: the 6 big banks in this country directly and indirectly spend 100 times what we could ever spend to influence the government. If we think we can win that battle through a direct assault we are really kidding ourselves.

  • Nick Bachusky- MortgageInOttawa.com on 2014-11-21 12:51:57 PM

    Very true Ron.
    A possibility of what you brokers have to start doing is be involved in your community a little more. Get to know your MPs.Blog about their opinions on these matters. I know mine very well as I volunteer on over 25 events a year, they know my and our situation, but that is just one of them. Smaller towns should be a little easier. Gather up 5-10 of the brokers in your city and sit down with your MP. Meet the candidates that are running against your MP during an election. If we can continue doing this, they will see we are an absolutely integral part of the financial landscape of our country.

  • Jay Meakin on 2014-11-21 1:18:27 PM

    Plenty of important and on target comments. I believe that in order to get the most of the CAAMP organization, we need to make it known that brokers are dissatisfied with one of CAAMP's objectives. "Promote consumer awareness of the benefits of dealing with the mortgage broker channel" I'm sure everyone got the Call for Committee Members email from CAAMP. Well, Has anyone looked at the list of committees? Not one committee to promote the broker channel to the general public. All of the committees save for one are self-serving CAAMP initiatives ! The lone committee that may have some benefit for Brokers is for a Government lobby, which in one commenters opinion a waste of time and money since CAAMP could not come close to spending what we'd need to make a significant dent. If we are going to get any commitment from CAAMP to promote the broker channel other than to the broker channel, we need to stand up and speak loudly with a proposal/petition. So I set one up! Please sign it so CAAMP president can have this prior to the CAAMP Expo. https://www.change.org/p/caamp-create-a-marketing-plan-to-achieve-the-objective-promote-consumer-awareness-of-the-benefits-of-dealing-with-the-mortgage-broker-channel?recruiter=185270006&utm_source=share_petition&utm_medium=email&utm_campaign=share_email_responsive

  • Jay Meakin on 2014-11-21 1:23:55 PM

    Reading my own comment, I'd like to clarify: Not dissatisfied with the CAAMP objective: "Promote consumer awareness of the benefits of dealing with the mortgage broker channel" Just dissatisfied with the results of this objective. again sign petition at: https://www.change.org/p/caamp-create-a-marketing-plan-to-achieve-the-objective-promote-consumer-awareness-of-the-benefits-of-dealing-with-the-mortgage-broker-channel?recruiter=185270006&utm_source=share_petition&utm_medium=email&utm_campaign=share_email_responsive

  • Ron Butler on 2014-11-21 1:34:35 PM

    Nick in Ottawa, you nailed it: grassroots politics is our only hope and it absolutely worked for the insurance agents.

  • Warren Ross on 2014-11-21 2:51:47 PM

    @Ron Butler - I agree we have limited resources compared to the banks. That being said, there are things we can do as brokers and through our association to improve our conditions. First of all, there are about 10k brokers, doing about 5 million per, that's 50 billion in originations per year (Rough estimate). Certainly as a group we can emphasize dealing with broker friendly lenders.
    I propose the creation of an online bulletin board where each of us could post stories of banks treating us unfairly. We will allow bank bdm's to comment on each file. It's time to bring all these cases public instead of each of us slowly being screwed one at a time in silence.
    I also propose regular online polls where brokers can rank their most friendly to unfriendly lenders. Let's give the lenders some incentive to take us seriously.
    I propose dropping the AMP designation. If you ask the public, 99% of the population wouldnt even know what it is. Why spend the money? I have never ever lost a client because I wasn't an AMP. If anyone can show me one example that they lost or gained a deal because they are an AMP, I'll eat my words.
    Let's cancel the expensive mortgage forum, and other frivolous events. Cancel the print magazine, and just leave the online version.

    @Nick Bachusky - I appreciate your ideas, but I think it would be more effective to speak to the government collectively. In particular, in areas of competition, I believe we need to speak to the office of superintendant of financial intuitions, maybe some other competition committee, and the mortgage insurers. In regards to the mortgage insurers, we need to inform them that banks are overlooking documents and accepting insured mortgages that shouldn't be approved. I had a deal that was refused by several lenders due to insurer guidelines, yet RBC approved them when client went directly. We need to make sure that they are subject to the same standards.

    @Jay Meakin - I appreciate your initiative for the petition. That being said, it is a little vague in the sense that it requires more detail. What I plan on doing is sharing the responses of this article to my broker, and encourage them to speak to other larger brokers about communicating to caamp a desire for a new more concetrated direction, to stop the bleeding of our industry, and to get our market share back up where it should be.
    If anyone wants to contact me directly, look me up, i'm with mortgage intelligence.

  • Warren Ross on 2014-11-21 2:52:07 PM

    @Ron Butler - I agree we have limited resources compared to the banks. That being said, there are things we can do as brokers and through our association to improve our conditions. First of all, there are about 10k brokers, doing about 5 million per, that's 50 billion in originations per year (Rough estimate). Certainly as a group we can emphasize dealing with broker friendly lenders.
    I propose the creation of an online bulletin board where each of us could post stories of banks treating us unfairly. We will allow bank bdm's to comment on each file. It's time to bring all these cases public instead of each of us slowly being screwed one at a time in silence.
    I also propose regular online polls where brokers can rank their most friendly to unfriendly lenders. Let's give the lenders some incentive to take us seriously.
    I propose dropping the AMP designation. If you ask the public, 99% of the population wouldnt even know what it is. Why spend the money? I have never ever lost a client because I wasn't an AMP. If anyone can show me one example that they lost or gained a deal because they are an AMP, I'll eat my words.
    Let's cancel the expensive mortgage forum, and other frivolous events. Cancel the print magazine, and just leave the online version.

    @Nick Bachusky - I appreciate your ideas, but I think it would be more effective to speak to the government collectively. In particular, in areas of competition, I believe we need to speak to the office of superintendant of financial intuitions, maybe some other competition committee, and the mortgage insurers. In regards to the mortgage insurers, we need to inform them that banks are overlooking documents and accepting insured mortgages that shouldn't be approved. I had a deal that was refused by several lenders due to insurer guidelines, yet RBC approved them when client went directly. We need to make sure that they are subject to the same standards.

    @Jay Meakin - I appreciate your initiative for the petition. That being said, it is a little vague in the sense that it requires more detail. What I plan on doing is sharing the responses of this article to my broker, and encourage them to speak to other larger brokers about communicating to caamp a desire for a new more concetrated direction, to stop the bleeding of our industry, and to get our market share back up where it should be.
    If anyone wants to contact me directly, look me up, i'm with mortgage intelligence.

  • James on 2014-11-21 4:17:46 PM

    Once again a commentary about market share turns into a CAAMP complaint session. Typical blame game! Actually brokers expend so much energy complaining about banks and CAAMP, it is any wonder that this industry even got to be 1/3 of the size it is!

    Do the banks have an advantage? Sure they do - simply put... it's their money they are lending out! As for the "skipping of the rules" - did it ever occur to people that a branch has an advantage if the client currently does business with that bank? They already have access to the information - whereas a broker lender does NOT have that same access nor do they have the client relationship history.

    You also forget… brokers are THIRD party, self-employed, 100% commission sub contracted whole sellers of multiple products. The lenders do not know the customer, nor do they have the opportunity to. There was a lender once that insisted on meeting or interviewing each and every customer before the mortgage funded… brokers pitched such a big fit about it that the lender eventually exited the broker community altogether. Anytime a lender tries to know the customer more, or even mildly attempts to get more involved with the clients brokers throw temper tantrums. Geez, brokers just want it all don’t they?

    As for CAAMP… IT IS AN ASSOCIATION, plain and simple. You want them to advertise on the same scale as the banks? Guess what? It will NEVER happen.. here is why: TD spend roughly 150 million dollars PER YEAR on marketing (TV, Radio, Internet, Sponsorships, etc). That is ONE bank, ONE. Let's do some math...

    TD spends the equivalent of $1041.00 per MONTH (or $12500.00 per year) per licensed independent mortgage broker. Throw in the spend of the other big 5 banks, and well... it is more like $5000 per month ($60,000 per year)... PER LICENSED BROKER that is a member of CAAMP.

    So who is going to cough up $1000 a month, never mind $5000!?!? Anyone? You want CAAMP to be able to even come close to being able to compete with the over 200 year old marketing machine that is the big banks? Who’s paying for it?

    Also, why would a DLC broker, Verico broker, Centum, etc. give that kind of money to CAAMP to grow all brokers? Sorry, I would rather spend that money building my own brand instead of also building the business of broker who do not even participate in CAAMP.

    Stop and think before you start publicly ranting. Any sane person looks at any situation from both sides before publicly commenting in a forum like this.

    As for what brokers can do? You have the ability to build a strong referral business that is based on providing sound fiscal advise on home ownership. Are you ever going to do as much as the bank? No you are not. That is simply reality, so stop looking at the pie in the sky and finding reasons why you can NOT succeed and build your business for what it is. A niche service that some consumers will like, others will not.

  • M. Robertson on 2014-11-21 4:21:58 PM

    A little on the sarcastic side James, but over all well said. I particularly like the part: "Are you ever going to do as much as the bank? No you are not. That is simply reality, so stop looking at the pie in the sky and finding reasons why you can NOT succeed and build your business for what it is. A niche service that some consumers will like, others will not."

    Well done sir. You hit the nail squarely on the head.

  • Keith on 2014-11-21 4:26:23 PM

    With the exception of the comment from James broker look like a pretty negative bunch. I have to agree with James, it is folly to think that brokers will ever overtake the banks in this country. We should be focused on being the niche service that we are. We can't be all things to all people, and we are kidding ourselves if we think we can be.

  • Kevin R on 2014-11-21 5:40:00 PM

    @ James: Bang on with your comments about CAAMP. I have never been a member of CAAMP & never will be. I have always been a member of our Provincial Association who has worked directly with our Provincial Regulators who license all Brokers in our Province. You ultimately conduct business the way they tell you to or you are not working in this Industry. There is no denying the Associations value to the Broker community here.

    Yes, Banks will always do more business than the Mortgage Broker channel, even in our peak years. This article was about the significant loss of market share in a short period of time through the Mortgage Broker channel. To me that is worthy of questioning why & is this going to continue. So are you some kind of bully blasting brokers for expressing their opinions on this forum? Whether they are right or wrong really shouldnt matter. Just like you are expressing a very valid point that Brokers expectations of what CAAMP should do is unrealistic. I just think you are missing the point of the actual article in itself. The loss of market share might not mean anything to you but there is a bigger picture here. Ive been brokering for over 22 years & know how hard of a battle we had to change the image of a Mortgage Broker during the 90's. We achieved that market share with our Lender partners who were true Broker Advocates. My business & referral sources are well established. I do know when the dynamics of the playing field have & are changing. & am just saying on this public forum, that could be a good reason for the loss & continued loss of the efficiency & competitiveness of the Mortgage Broker community in Canada. Ultimately, resulting in the current & continued loss of market share.
    It's just an opinion, take it however you want.

  • Warren Ross on 2014-11-22 10:46:52 AM

    @ Kevin R. - Thank you for your supporting comments. @ James without a last name that likes to insult.

    You are so far off what I am trying to say, I questioned even spending the time responding.

    Our industry just lost 25% in market share in one year. This is a serious issue.

    The 25% decline in market share has nothing to do with the strength of existing bank relationships with clients, nor does it have to do with differences in advertising budgets, as both those things have been constant forever. Therefore it needs to be something else.

    In my view, based on both personal experience, comments from people posting, and from discussions with colleagues, a significant source of loss of business can be attributed to unequal underwriting standards and unfair pricing tactics versus the in branch channel. Am I the only one who lost just a few more deals due to these issues than in the past? I think not.

    Like you, and like every other mortgage broker, I have always ignored the things going on around me, and focused on my particular niche. However, at this point, to continue to truck on while not addressing competitive issues would be pointless.

    Up until now, we've all allowed our association (CAAMP) to do whatever they want as our market share was growing. Today, given our 25% decline in market share, I think we need to hold them accountable, and we need a much greater focus on increasing our market share. As I stated earlier, it doesn't have to mean more advertising, it means coming up with ways to convince the banks to treat brokers business with more respect.

    In regards to your questioning about big brokers working together, it is ironic how a new coalition of independent brokers announced yesterday afternoon how they will start working together to improve the industry. I think it in everyone's interest that we do so. (See Coalition of Independent Mortgage Brokers of Canada (CIMBC)).

    In closing if you feel you can grow your business consistently regardless of increasing competitive inequalities then all power to you. Personally I'm not interested in being a pawn to demonstrate fake competition.

    Let's keep the conversation going. I'm interested in more feedback.

  • Hensey Khan @Hensey Financial.ca on 2014-11-23 5:11:01 PM

    Warren i agree with you. The underwriting standards for brokers and bank representatives are absolutely different. A client with 85K income can get a mortgage of $1.1M from just walking in to a bank and they will allow a secondary financing behind it as well. Can you imagine this happening with a mortgage broker, NO.

    Organizations like CAAMP and IMBA, should come forward and explain to their constituency , what they are doing to change this.

    Hensey @HenseyFinancial

  • Mike Rice on 2014-11-24 12:16:01 PM

    as a Lender i was releived when CAAMP said i couldn't be an AMP anymore. I've been signed up since the beginning and found no value in the designations. As a Lender taking on Broker mortgages one of our requirements is to be a member of CAAMP or the other provincial asociation. From that point of view i think these associations play an important regulatory/diciniplary role

    On another note it puzzles me the comments about f\i's circumventing the B-20 guidelines. If an f\i doesn't follow the rules OSFI will come down hard on the institution. Having said that there is always room for exceptions with rationale but the exceptions would have to come from head office to ensure regulation

  • Steve on 2014-11-24 2:41:15 PM

    This year I lost business to banks offering penalty free early renewal... that hurt a lot of renewals.
    I lost business to income I could not qualify, but the local branch had nooo problem at all.
    I cant think of any deals I lost due to rate.
    I gained market share on B deals the banks could not do.
    Steve

  • Faye Drope on 2014-11-24 4:32:38 PM

    Three years ago I spit on Bank of Silly Notions and I have been happy ever since. Prior to that I would give them 10 million a year in business to stay on their leaders board. Since leaving I have become a better broker. I rarely send business to the big banks now and rarely get asked to do so. No need to slam them they do a great job on their own. Big banks do have more avenues to take then we do. They quickly get you more debt so that you are tied to them and cannot get away. I recently did a mortgage for a lady who had been approved at her bank and all she had to show them was the offer to purchase! She was disgruntled when I asked for an employment letter and 90 day paper trail of down. I know why the bank gets away with it, but as a broker it does feel as though were being picked on. I congratulate CIMBC and their optimism because as long as we are so terribly unorganized as a whole group the playing field will never change. An organization that only has mortgage brokers that represent mortgage brokers is badly needed. Someone posted here earlier that there needs to be a forum for brokers to post comments about bad lender decisions. That would be a start but at least it would be a start. United we stand...divided we fall.

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