Mortgage brokers say they understand why a TD home buying guide advises seeking out a mortgage specialist for expert advice, with no mention of its broker-partners.
“Nothing the banks do shock me because they don’t seem overly interested in dealing with us,” Jason Breau of Mortgage Intelligence told MortgageBrokerNews.ca. “
In a new guide for Canadian homebuyers called “Mortgage essentials for the rookie homebuyer,” TD appears to outlines the expert advice mortgage specialists can offer buyers as they try to decide between variable and fixed rates. What it doesn`t do is plug its broker partners.
Still, one broker believes it’s naïve to expect TD to promote its broker partners in what is essentially promotional material.
“They don’t actively promote the broker channel when you have bricks and mortar, a significant branch system and sales force,” Denny Segal of Origin Home Financial told MortgageBrokerNews.ca. “I was with TD Canada Trust in their sales force for ten years and it doesn’t surprise me.”
The guide states: “A low interest rate isn't the only factor to consider when choosing a mortgage. A mortgage specialist can help you navigate options like flexible payment features, and discuss monthly payment amounts in the context of your overall cash flow and future home-buying plans.”
But is TD doing anyone a disservice by plugging specialists and by extension its products? Not necessarily, says Segal. TD has its own in-house products that aren’t available to its broker partners.
“They have mortgage sales force, their internal sales force and the mortgage brokerage channel,” Segal said. “There are certain things they don’t make available to brokers.”
At the end of the day, the guide is meant as a marketing tool; not an altruistic educational pamphlet.
“When it comes to promotion, they’re looking to promote the branch system, which is understandable,” Segal said.