Lender steps up to promote brokers

Lender steps up to promote brokers

Lender steps up to promote brokers

A mono-line lender is taking it upon itself to raise the public profile of mortgage professionals with a country-wide advertising campaign touting the benefits of independent broker advice over those of bank reps.

“The goal of our campaign is to educate the public that the mortgage broker gives the best independent advice for Canadian homeowners,” said Darren Thompson, SVP of sales and marketing for MonCana. “In a survey earlier this year, brokers told us that one of their most critical needs is our help in promoting public awareness about the benefits of their services.”

The campaign, which began Monday, involves the deployment of advertisements highlighting the services offered by brokers on digital screens in the elevators of office buildings in major Canadian centres as well as the Calgary international airport. The campaign, which will run for two weeks, is expected to catch the eyes of some 2.7 million viewers, according to Thompson.

Even as the new mortgage rules and stricter lending guidelines shut more and more borrowers out of the big banks, competing with the powerful marketing muscle of those retail giants remains a challenge for many brokers, especially those who operate smaller outfits.

“Our surveyed showed that marketing and advertising expenses are a major worry for most brokers,” said Thompson. “Greater public awareness through this campaign will hopefully drive more business towards brokers.”

Coinciding with MonCana’s campaign, the lender also dropped the rates on most of its mortgage products and is also offering 45- and 120-day rate holds on all high-ratio fixed-term mortgages. For example, its 1-year quick close is 2.89 per cent and its 1-year 120-day rate hold is 2.94 per cent. The lender’s 5-Year quick close 45-day is 2.99 per cent  and 5-year 120-day rate hold is 3.09 per cent.

Thompson is also called on brokers to help promote MonCana’s campaign.

“The more chances the public has to see this campaign the more it helps grow your profession,” he said. “So please share the link on Facebook or YouTube and let’s get the public to understand the absolute, needed value a mortgage broker brings.”news/red-megaphone.jpg" style="width: 350px; height: 250px;" />

9 Comments
  • Len Lane 2012-11-22 5:34:17 AM
    Glad to see MonCana throwing their voice behind us to many times the lenders seem to have other agenda's.James, Jerry and Darren are truly broker focused.
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  • Blair Anderson 2012-11-22 6:25:02 AM
    This is a step in the right direction. Kudos to MonCana. However, much more is needed to tip the scales. The time has come for mortgage brokers to get organized on a national level, and I don’t think CAAMP will ever be the best option; too many interest groups. Like our provincial associations, we need one at the national level, with exclusive representation for the broker channel. Perhaps we don’t need to look any further than the model used by the Canadian Chamber of Commerce. They represent a network of over 420 chambers of commerce and boards of trade, representing 192,000 businesses of all sizes in all sectors of the economy and in all regions. I would like to propose the Canadian Mortgage Brokers Association. There needs to be equal representation between regions, and small and large brokerages. Once we have established a unified front, only then we can tackle the problems like imposed minimum volume requirements, an advertising fund, exclusivity contracts, etc... No one will fight harder for brokers than brokers. We just need to get organized. What say you?
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  • Don C 2012-11-22 6:44:27 AM
    So let's see... everyone getting excited over O'Leary being punted from a conference which no consumer has any idea about is applauded. Yet, there is no applause for a consumer driven initiative?
    Good on you Moncana... every little bit helps.
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