TD and Invis-MI back together again

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Invis-MI has mended fences with TD -- the lender having reopened its doors to the network's Alberta brokers and agents in January, MortgageBrokerNews.ca has learned.

“Understandably, brokers and agents want as many choices as possible, so Invis-MI professionals in Alberta have been very happy to get things back to normal, starting in January,”  said Stan Falkowski.

The reconciliation of sorts came less than three months after a MortgageBrokerNews.ca article outlining the rift, which saw the lender effectively bar Alberta brokers and agents operating under the Invis-MI banner.

The censure was in response to an invitation sent to the bank’s mortgage specialists in October requesting they attend an Alberta open house promoting mortgage brokering as a career and hosted by Invis-MI.  Also at the event were mono-line representatives.

Both banks and broker networks upped their recruitment efforts last year in an attempt to maintain originations numbers in a slowing real estate market.

RBC, alone, added 1,000 new branch employees in the 14 months ending last October – a large percentage of them mortgage specialists. That number is also five times as many new workers as the banking titan took on the previous year.

Established brokers have always been targeted by bank head-hunters, industry veterans told MortgageBrokerNews.ca, but those efforts have been moved up a notch as the Big Five look to maximize sales ahead of their respective year-ends.

Still,in the past, most of the big brokerages have avoided going after the sales force of either TD or Scotia, the head of a competing national broker network told MortgageBrokerNews.ca.
 

  • Ottawa Broker on 2012-02-07 4:27:04 AM

    Why can't brokerages solicit the bank mortgage specialists? The banks are always soliciting brokers, I get 2 requests a month for a meeting to discuss becoming a bank rep. Once again, one of the big 5 banks gets upset when things aren't done the way they want. It is like the little boy that takes his ball and goes home when everyone doesn't play by his rules. It doesn't matter to me if the big 5 leave our industry entirely, in the last 2 years I have not had to use any of the big 5 banks for a mortgage. (annual funding in excess of $29 million) The monolines are doing a great job of filling the gaps and giving us the products we need.

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