Brokers sure could use a little good news today, and MCAP -- with an extra 10 basis points in hand -- aims to provide it.
“For years, We've been committed to the success of the broker community with unique products and programs,” says MCAP VP of Sales Gino Tieri, “and a part of that strategy includes creating an ‘Optimal Broker Experience’. Offering an additional 10bps to our loyal brokers is our way of saying thank you and reinforcing that message."
Under a special offer, that extra 10bps in commission is available on all 5-, 7- and 10-year fixed mortgages, but also the 5-year VIP M-Power variable and those Quick Close specials that are high-ratio and fully insured.
Brokers are also able to earn MPoints over and above this special promotion, which can go toward business development and “creating an Optimal Customer Experience for their clientele,” says Tieri.
MPoints, MCAP’s business development program, offers brokers the ability to buy down rates and pay for deal-related or marketing expenses to grow their business with MCAP.
The offer appears to buck a trend many brokers expect to carry over in 2014, namely falling compensation as channel lenders look at a shrinking field of competitors and decide to claw back commissions in order to mitigate tight spreads.
Still, brokers and all lenders are expecting the real challenge to come from outside their ranks as buyers find it harder to qualify under new mortgage rules and the natural ebb in the Canadian housing market take ahold.