One network’s plans to use a rate site to drive business to its call centres – with an eye to passing it along to its members – may be short-sighted, said one leading mortgage professional.
“If deals will be done completely through the service centre, that could mean business taken away from brokers,” said Ron Butler, of VERICO Butler Mortgage. “The brokerage profits but the brokers lose out.”
Butler was reacting to a recent announcement by mortgage and insurance rate site Kanetix pointing to its new partnership with Invis/ Mortgage Intelligence. The deal will allow Kanetix to take an online credit check and get a pre-approved rate for a rateshopper based on their eligibility. It then falls to a representative at the Invis/MI call centre to get back to them, either processing straightforward applications or referring more complex deals to mortgage professionals at the broker network.
Invis said it expects to close only 5 per cent to 10 per cent of online queries through the call centres alone. The rest should, said CEO Bob Ord, get channelled through to brokers.
“We will be focusing strictly on triple A clients with high credit score ratings,” he said. “Ninety per cent of the applicants will not meet this criterion so they will be passed on to our brokers.”
Still, online originations that stay with the call centre may well be larger than the figures Invis execs think will occur, said Butler, who also uses a rate site to generate leads.
“I get about 20 leads a day from RateSupermarket and as much as 65 per cent of them are no-fuss Triple-A leads,” he said.