Brokers blame buydowns for Scotia chop
Buying down rates not only cheapens the value of a broker’s work, but could be directly responsible for any slash to broker compensation, according to one mortgage broker.
Breaking news: Scotia cuts compensation
Brokers feared this day would come, with Scotia introducing a 5 bps cut to compensation on all its five-year fixed and variable product effective Oct. 18 and following on the heels of First National’s move.
The Big Story: Association overhaul
More and more brokers are asking what their associations are doing to earn their dues. The answer, reports Jemima Codrington, depends on whom you ask.
Brokers: Keep Emili
Any move away from automated valuation – and toward appraisers – could hurt clients, say brokers, anticipating fallout from a media report suggesting CMHC’s system inflates home prices.
Brokers win unsecured credit card program
Brokers are gaining an extra revenue stream with an unsecured credit card program Dominion Lending Centres is ready to drop next month, according to the mortgage broker network.
Broker gets 3 years for fraud
The Fredericton Provincial Court has now sentenced a New Brunswick mortgage broker to three years in prison for mortgage fraud.
Part-timer defends the controversial practice
A seasoned broker – now a part-timer – is defending that choice, challenging mortgage professionals who argue the industry has no place for him and a growing number of others.
Brokers wary of TD consolidation
TD has moved to consolidate BDM services for its prime and alternative lending divisions – something brokers are worried could cost them future business.
Who gets the bill for broker ad campaign?
Merix head Boris Bozic has joined the growing number of mortgage professionals endorsing the idea of a national advertising campaign, specifically focused on hawking broker wares to the largely uninformed consumer. That’s even as others look to mono-lines themselves to foot the bill.
Fraud prevention back on broker agenda
A fraud-prevention expert – also a mortgage agent – is asking his peers to double check their file protection measures against a list of six essentials. It’s a way of guarding themselves, their clients and their industry against the kind of recent broker lapse grabbing headlines in Alberta.