New broker doesn't last long as independent

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For new mortgage brokers, joining a large broker network may be the way to go – as the connections and guidance can help rookies sharpen their skills in an increasingly competitive industry.

“It means a lot because we are now with a nation-wide company and we’re very proud of that; we just started a couple months ago and we joined the mortgage wellness group out of Barrie and they’re with Verico, of course,” Marianne Lalonde, owner of Option1 Mortgages told MortgageBrokerNews.ca. “We joined them because they are already set up with lots of lenders.”

Although Lalonde is fairly new to the mortgage industry, she brings with her a wealth of experience in similar fields.

“I’ve been in the financial industry for over 30 years (and) I am still active with the life and financial products but now I am specializing on the mortgage side,” she said. “It was always an area I was very interested in and I thought I would be very good at it. I’ve dealt with mortgage brokers and agents over the years and I haven’t been very happy with them.”

Coupled with her professional experience, Lalonde believes having dealt with the other side of mortgage purchasing – as a customer – has given her the skills necessary to provide value and guidance to clients.

“With my expertise on the other end, I think I can help clients along the way,” she said. “Customer service is a huge reason why I decided to become a mortgage agent. There is definitely room for me and I feel very comfortable with that.”

With so many brokerages amalgamating and the pool of lenders shrinking, will the independent mortgage broker eventually become a thing of the past?

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