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Kim Luxton: Planning for the future
With slowing business, now is a great opportunity for brokers to focus on the bigger picture, says Kim Luxton, Director, Broker Sales for ING Direct. She says it's time for brokers to focus on client needs, not just today, but for the future and to help them achieve their long-term financial goals, which could result in better residuals and more referrals for the broker.
Video transcript below:
Now is the time for brokers to focus on the bigger picture
Kim Luxton, Director, Broker Sales, ING Direct
Kim Luxton: I think there’s great opportunity in this market nowadays for brokers to focus on the larger picture. There is no doubt in the last number of years, the mortgage industry has been so busy and brokers have been overwhelmed with deals which is a good problem to have. Not so much the case these days, business has slowed down a little bit, however there’s still lots of great volume out there. I think it, this particular market gives brokers time now to focus on the larger picture and to focus on the clients’ needs not just for today, but to delve into what their future goals are, so that the broker can then align themselves with that particular client and position themselves as someone who is going to work with that client to help them achieve their financial goals over the longer term. In focusing on this type of a follow up with their clients and getting more engaged in where their clients overall financial goals are, this will in turn result in residual business, better referrals and a longer term client that is extremely happy with the services that have been provided from that broker.
The Big Story: Collateral charges
Collateral charges: They're not going away, and brokers will have to adapt, say industry professionals, but are the banks going to make it easier to deal with those onerous mortgages?
The Big Story: Attracting new agents
Brokers have been hiring new agents from time immemorial, but new pressures around commission splits and training are adding to the challenge. At the CMP Mortgage Summit, The Big Story spoke to industry veterans Gord Dahlen, of Dominion Lending Centres, and Ron De Silva, from RMAI Financial Group for their take on the issue.
VIDEO: The 2012 Canadian Mortgage Awards
More than 500 of the industry's best were on hand in Toronto to honour their peers at the sixth annual Canadian Mortgage Awards at The Carlu. A Roarin' 20s theme was the backdrop as mortgage industry leaders were recognized for their achievements.
The Big Story: At The Mortgage Summit
More than 500 of the industry's best attended the two-day Mortgage Summit in Toronto, which was focused on giving brokers the tools, the insights and the knowledge they need in this dynamic market. That was the collective message of more than 40 speakers on two stages. Find out on today’s The Big Story, on MortgageBrokerNews.ca TV, your home for industry news, opinion and analysis.
Building a better broker-underwriter relationship
Clear communication between brokers and lender underwriters is the key to ensuring a strong mutually beneficial relationship says Equity Financial Trust CEO and Mortgage Summit panelist Nick Kyprianou.
The increasing amount of B business available is one way for brokers to improve their bottom line, says Home Trust executive and Mortgage Summit panelist Agostino Tuzi.
Being more competitive
The mortgage origination market is only going to become more competitive, says Top 50 Broker and Mortgage Summit panelist Calum Ross, and brokers who don't invest in themselves in order to differentiate their business might not be around for long.
Getting SYNCED at The Summit
One of the benefits for brokers of attending conferences is the opportunity to meet with others in the industry. With this in mind, Chris Davis, events and conference manager for KMI Publishing, talks about SYNCED a new meeting software being used at The Mortgage Summit to help brokers get the most out their time at Canada’s only independent business event for the Canadian mortgage brokering industry.
The future of private lending
According to New Haven Mortgage president and CEO and Mortgage Summit panelist David Vyner, the outlook for private lending may depend on proposed refinancing rules and their potential effect on home prices.