Brokers give banks more bang for their buck
Two brokers are articulating a very dollars-and-cents argument for why mortgage professionals continue to represent real cost savings for big banks – that despite Scotia’s take-it-leave-it approach to commission cuts.
Broker uses no-cost insurance plan to connect with clients
Outshining a mortgage specialist can be as simple as offering a creative, ‘no-cost insurance plan,’ writes CMP Top 75 broker Dustan Woodhouse. Here’s one of his
Scotia to brokers: commission cut is 'growth opportunity'
Brokers are scratching their heads over comments from a Scotia exec suggesting they view the commission cut as “a growth opportunity."
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.
Brokers prepared to lump it, not leave Scotia
Most brokers will opt to lump it rather than leave Scotia over its 5-basis point chop, argue some industry veterans, even as others call for a boycott.
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.
Switching FirstLine clients given run-around
Brokers are worried that their FirstLine clients may be getting the run-around when they attempt to switch to any lender other than CIBC.
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.
Is ING Direct here to stay?
A Scotia-owned ING Direct may maintain its ties with the broker channel longer than many predicted, with the bank announcing it will work to double its customer base -- apparently without an expanded branch network.
Lenders divvy up FirstLine’s spoils, suggest report
The results are in, and as expected, big lenders, with the conspicuous exception of TD, have successfully divvied up FirstLine’s spoils