It may be a challenging time for brokers, but it's also a good one, say players pointing to lenders dropping rates and networks sweetening the deal for their members.
Within the brokerages themselves, companies are offering agents value-added perques to entice clients to sign on, and organizing regular training and educational seminars.
At the network level, Verico, for example, is emphasizing shared knowledge and training with their “Hear From the Pros” series, which brings together brokers to learn from the best and brightest.
“Our priority is to support our members in the growth of their businesses,” Sean Widdess, National Sales Manager, Verico, told MortgageBrokerNews.ca. “We’ve more than doubled our training seminars from the same time last year. So far in 2013 we’ve engaged a number of notable coaches to support the Verico network in their everyday business.”
But the lenders are just as anxious as the networks to better appeal to brokers.
Darin Bauer of Mortgage Intelligence has noticed how lenders are wooing brokers with better rates and added bonuses.
“You see lenders offering prime minus 40 now, better variable rates,” Bauer says. “When business gets slow, then the lenders begin offering bonuses, better commissions like an added 10 bps on the 5 year terms.
“And this is going to last a while, maybe even another 50 or 60 bps, down to 2.6 per cent,” he adds. “Unless something major happens in the economy, rates are going to stay low.”