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This year saw the merger of two credit unions
; one credit union offering retroactive mortgage pricing
; and a competitive advantage that allowed credit unions to offer products other lenders could not
So how have brokers reacted? You’ll have to wait until the Brokers on Lenders survey results are released.
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.
Last year’s sixth annual Brokers on Lenders survey was strong, with nearly 400 mortgage professionals taking the time to answer questions and provide candid feedback on lenders in 11 categories: approval/ loan turnaround times, underwriter support, BDM support, broker support, transparency of commission structure, IT and electronic/technology, interest rates, product range, overall service level to brokers, satisfaction index on overall credit policy, and overall lender performance. This year’s survey will once again include a supplementary optional section, specifically tracking the types of deals brokers are arranging and, more importantly, who those deals are going to and why.
How will the results differ this year?
It has been a big year for credit unions, with many upping their mortgage services – much to the delight of brokers across the country. But how will they fair in CMP’s annual Brokers on Lenders survey, which allows mortgage professionals to give unfettered feedback on each lender they work with.