A ResMor program is helping brokers strengthen what the lender sees as an increasingly important referral partnership -- that with Realtors.
“Since March, we’ve referred about 100 properties to mortgage brokers requiring them to find a realtor to list those properties,” Bruno Valko, national sales director for the lender, told MortgageBrokerNews.ca. “The premise behind the launch of the program was to help brokers enhance their partnerships with Realtors.”
That has, in fact, worked, with mortgage professionals using the listings as rewards and incentives for Realtors, struggling to grow originations in an increasingly tight real estate market.
The impetus for the program stems from the government’s latest mortgage rule changes effectively reducing the refinancing opportunities for brokers and lenders.
ResMor anticipated the growing importance of new purchases for brokers as a percentage of originations. It makes building and protecting relationships with Realtors all the more important, said Valko.
Under his program, ResMor foreclosures are offered to brokers who in turn are able to pass on those listings to Realtors. The lender does its own picking and choosing, giving the listings to brokers who “who have been strong supporters of ResMor,” said Valko, who is quick to point out that the program in no way suggests the lender has suffered any growth in delinquencies.
Brokers involved with the referral program don’t receive any direct or indirect compensation from ResMor, although it may help them grow referrals from the real estate agents many are increasingly turning to grow new purchase business.
For their part, more and more brokers are looking to their lenders to help them maintain their revenue streams as the economy cools. The ResMor referral system largely, fits that bill, said one industry insider.