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Benefit from BMO's 2.99

Brokers weren't impressed by BMO's 2.99 per cent on its 5-year no-friller, says Centum's Paul Therien, but the offer has highlighted the need to provide clients both rate and expertise.

 

Video transcript below:

Reporter:  The battle of the rates continues as BMO slashes their rate, the Federal government is issuing a warning that lowering rates too fast, too quickly will land Canada’s housing market in hot water.  But do brokers agree?  We find out in this week’s Big Story on Mortgage Broker News.

With the spring home buying spree around the corner, banks are capitalising on the opportunity to provide low rates to consumers.  BMO is the latest to offer cuts, dropping the price on its no friller 5 year fixed rate offering at 2.99%.  But is offering the lowest rate a sure fire way to win business or[ is it wise to] drive rates to the bottom?
 
I think that Bank [Montreal] are offering this low rate absolutely affords the mortgage broker an opportunity to capitalise on it to draw the customer in.  Mortgage brokers have had lower rates available for several weeks, some as low as 2.79, 2.74, the challenge becomes that the mortgage broker has to start just focusing on rate.  You use the rate to bring the customer in, but just because you have a rate of 2.79 on a product doesn’t necessarily mean that that is the best product for the consumer and mortgage brokers have in my opinion a fiduciary duty to ensure that they are consulting with their clients with respect to their financial goals, ensuring that they have clear financial literacy and then presenting products that support the customer’s financial needs.
  • The Big Story: Amortization again? The Big Story: Amortization again? (views 16106)

    It’s becoming a broken record. Consumer debt levels rise and there are calls for the government to tighten mortgage lending. The latest rumour involves the lowering of the maximum amortization from 30 to 25 years. Many brokers disagree with the idea, suggesting 30-year amortizations are largely used to free up cash each month, money often better spent paying down high-interest debt. In addition to amortization rumours, some lenders have recently cut or altered their products for business for self and new immigrants. Some brokers think this may be short-sighted, while others say the industry will adapt, like it has always done. On today’s Big Story, we spoke to James Robinson of The Mortgage Centre-Mortgage Watch Inc., John Panagakos of Dominion Lending Centres-Home Financial Inc. and David Smith of Oriana Financial. Find out on today’s The Big Story, on MortgageBrokerNews.ca TV, your home for industry news, opinion and analysis.

  • The Big Story: Fighting 2.99 The Big Story: Fighting 2.99 (views 17675)

    It might have seemed like the end of the world: A competitor offering an unmatchable 2.99 per cent on a five-year fixed. Brokers were understandably concerned about the pressure it would place on them to match the historic low. In the end, it actually helped drive business for brokers, as some reported a relatively brisk demand from preapproved and new clients. MortgageBrokerNewsTV recently spoke to mortgage professionals James Robinson of The Mortgage Centre-Mortgage Watch Inc., John Panagakos of Dominion Lending Centres-Home Financial Inc., and David Smith at Oriana Financial to get their analysis Find out on MortgageBrokerNewsTV, your home for the industry’s best news, opinion and analysis

  • Brokers positive about year ahead Brokers positive about year ahead (views 19527)

    2012 is sure to be another year of challenges for mortgage brokers as they face a flat real estate market, international economic uncertainty and increased pressue from banks and the accompanying low rates. MortgageBrokerNewsTV recently spoke to some brokers at the Mortgage Alliance 2012 Kick-Off Rally in Toronto, including Dan Balfour, Lisette Amalfi, Scott Ede, and Walter and Karen Monteiro to find out how they're going to meet these industry challenges head-on. Find out on MortgageBrokerNewsTV, your home for the industry’s best news, opinion and analysis.

  • Broker Panel: Part III Broker Panel: Part III (views 14131)

    The trend towards efficiency in the industry is one that everyone has an opinion on. It’s just one of the issues in the broker/lender relationship, which drives the industry. In Part III of MortgageBrokerNewsTV’s broker panel, our group of experienced and successful brokers from across the country share their thoughts on this topic, as well as other, such as volume pooling and the broker/underwriter relationship, which has seen much debate in the industry over the past year. In the coming weeks the panel will touch on other mortgage industry hot-button issues. Find out on MortgageBrokerNewsTV, your home for the industry’s best news, opinion and analysis.

  • Industry leaders chart challenges of 2012 Industry leaders chart challenges of 2012 (views 16129)

    The past year has been a challenging one for brokers and the mortgage industry and it’s not going to let up in 2012. MortgageBrokerNewsTV recently spoke with some industry leaders to discuss what those challenges facing brokers and lenders are and how they might meet these challenges in the coming year. For brokers, increasing market share in the face of bank competition, a cooling housing market and trying to stay the course amidst economic uncertainty is just some of what awaits. For lenders, issues such as access to capital and potential regulatory changes around non-income qualified lending will be high on the list moving forward. On today’s Big Story, we spoke to Ron Swift of Pacific Mortgage Group, Andrew Moor of Equitable Trust and Martin Reid of Home Trust. Find out on today’s The Big Story, on MortgageBrokerNews.ca TV, your home for industry news, opinion and analysis.

  • Broker Panel: Part II Broker Panel: Part II (views 14925)

    The past 12 months has seen a new level reached in the competition between brokers and the Big Banks. Increasing pressure in the form of low rates has forced some brokers to compete for clients soley on rate, while others say customer service is what separates the broker industry from banks. In Part II of MortgageBrokerNewsTV’s broker panel, our group of experienced and successful brokers from across the country share their thoughts on this topic, which has seen much debate in the industry over the past year. In the coming weeks the panel will touch on other mortgage industry hot-button issues. Find out on MortgageBrokerNewsTV, your home for the industry’s best news, opinion and analysis.

  • The Big Story: The self-employed market The Big Story: The self-employed market (views 18282)

    An expanding market for brokers still has obstacles to overcome. They see the business-for-self market as a key growth area for an industry looking to grow originations in a slowing market. The statistics back them up with more than 22 per cent of Canadians now self-employed. These borrowers face challenges, say brokers, as lenders mitigate their risk, but policies applied across the board don’t take into account individual differences say brokers. On today’s Big Story, we spoke Sabeena Bubber of VERICO Integre Mortgage Partners, Blair Anderson of Anderson Associates and Reed Harris of VERICO Manifest Mortgage Corp. Find out on today’s The Big Story, on MortgageBrokerNews.ca TV, your home for industry news, opinion and analysis.

  • Broker Panel: Part I Broker Panel: Part I (views 15874)

    Do new agents and brokers receive adequate education and training? Are the provincial licensing requirements enough? MortgageBrokerNewsTV gathered a group of experienced and successful brokers from across the country for our inaugural panel discussion to get their thoughts on this topic, which has seen much debate in the industry over the past few months. In the coming weeks the panel will touch on other mortgage industry hot-button issues. Find out on MortgageBrokerNewsTV, your home for the industry’s best news, opinion and analysis.

  • The Big Story: Can you police broker recruiting practices? The Big Story: Can you police broker recruiting practices? (views 18202)

    It might best be described as herding cats – trying to control the practice of mortgage brokerages recruiting agents from competitors. Some in the industry insist it’s just the nature of the business, but increasingly there are calls for some kind of code of conduct that brokerages could agree on when it comes to recruitment practices. On today’s Big Story, we spoke to Ron De Silva of Real Mortgage Associates, Jessi Johnson of VERICO Jessi Johnson Mortgage Team and Gino Tieri of MCAP. Find out on today’s The Big Story, on MortgageBrokerNews.ca TV, your home for industry news, opinion and analysis.