Poll results: Skill discrepancy between brokers and banks

Poll results: Skill discrepancy between brokers and banks

Poll results: Skill discrepancy between brokers and banks We asked readers if bank specialists were as skilled as brokers, and the results are in.

An impressive 80 per cent of MortgageBrokerNews.ca readers believe brokers have deeper knowledge of the industry than their bank specialist counterparts – that despite job functions so closely linked.

A very slim minority – 20 per cent – believe they are equally skilled and knowledgeable.

The discussion was sparked by one bank road rep who shared a list of secrets with MBN about working for the “other side.”

According to the rep, a high funding specialist with CIBC, banks rarely lose deals to brokers because of any discrepancy is service.

“That’s almost always on rate and not because of any service deficit,” the GTA mortgage specialist said, “and it’s been a relatively consistent (figure) over the last five years. So brokers aren’t gaining or losing momentum in today’s mortgage war.”

That same rep believes brokers’ number one value proposition is rate – and not the service and expertise brokers count as their greatest point of differeniation.

“I would say that broker rates tend to be about 10% lower than ours,” the rep said. “Which isn’t to say that we won’t match those rates in many cases.”

Still, rates aren’t where brokers expect to win the day, or, indeed, the client, suggests the poll. Respondents are reasserting the importance what they believe is the broker channel’s superior knowledge of product and process.
13 Comments
  • Ron Butler 2015-04-09 11:35:52 AM
    I am shocked, an audience of mainly mortgage brokers thinks its likely mortgage brokers are more skillful and knowledgeable than bank specialists.
    Post a reply
  • Sean Smith 2015-04-09 11:44:00 AM
    To piggy back on Ron's point. Im even more shocked that its only 80%!
    Post a reply
  • KJL 2015-04-09 11:48:10 AM
    Actually surprised is as high as 20 !! Still have a problem with the phrase "Mortgage Specialist" - how can anyone be a specialist in any field if you are pushing just one product ?????? Never mind they are all branch fed !! No matter what they say - they are branch fed !!
    Post a reply