Broker news TV

Broker news TV brings you closer to the industry's most influential leaders and thinkers. Click on the videos below to watch the interviews:

Showing 91 - 99 of 104

Live from the third CMP Mortgage Summit

Live from the third-annual CMP Mortgage Summit in Toronto -- an event focused on upping the game of hundreds of Canadian brokers.

Video transcript below:

Reporter:  Hi, I’m Justin Da Rosa.  We are live at the Mortgage Summit in Toronto.  This is the Big Story.  

The Mortgage Summit brings together hundreds of brokers from across the country to discuss a wide array of topics.  Some of those topics centre on the news that have made the day in the past month.  We speak to some brokers about the issue of banks barring brokers from getting funding for clients who already have a profile within the branch.

Ranjit Dhillon, Principal Broker, Centum Mortgage Smart Inc.
Ranjit Dhillon:
 I have noticed the clients who have been rejected by the banks or they have opened up the file with the banks, specially one of the prime lenders we are dealing with and I had this experience with TD Bank.  I would say the client should have an option to go to a broker and choose the product and as a broker we should have the right, to send the same deal to the same bank and they should look into it.  The biggest reason is that now we are working fairly for the client and we need to make sure that he gets the right product.  If the same bank has it and we have packaged it well, they should look into the deal.

Reporter:  The CMHC recently cut two of its programs which has led many to wonder if this is one step toward eventually privatising the crown corporation.  We spoke to a broker to see if this is a possibility and if it is, if it would have a negative or positive impact on the industry.

Shawn Allen, Principal Broker, Matrix Mortgage Global
Shawn Allen:
 I think the less government we have in our business the better.  You know anytime there is a change in the industry, the gov CMHC is the first ones doing it, they are reducing amortisations and everyone is following suit.  They are increasing rates and everyone is following suit.  I think we need to get the government out of the industry and let the free market reign.  And that way, we will have more competition and potentially fees and rates will come down.  I think it’s very good.

Reporter:  Jim Murphy recently wrote an article for the Globe and Mail describing the benefits of working with mortgage brokers and specifically those mortgage brokers who have the amp designation.  Well some believe that he is doing a service to all mortgage brokers by drawing attention to the industry.  Others believe it causes a division between those mortgage brokers who are amp designated and those who are not.  Gord what are your thoughts?

Gord McCallum, President, First Foundation
Gord McCallum:
 Oh I actually think that’s Jim’s job.  He heads the CAAMP, it is the Canadian Association of Accredited Mortgage Professionals.  Their job is to promote the designation of the, promote professionalism in the industry.  So if they feel like the amp designation is the best way to do that then I don’t see any issue with Jim promoting it and encouraging consumers to seek out an AMP and then also encouraging brokers to become an AMP.

Reporter:  So there you have it, brokers giving their opinion on three news stories that made headlines this month, live at the Mortgage Summit in Toronto.  I’m Justin Da Rosa, thanks for watching.
 
  • The Big Story: Is it time for monolines to take their message to consumers? The Big Story: Is it time for monolines to take their message to consumers? (views 14421)

    A broker names a non-bank lender and the client asks “what if they go out of business?” While brokers say a direct appeal by mono-lines to consumers would only strengthen industry credibility and counter negative perceptions about its lenders, the monolines say the idea has merit, but only if everyone in the channel gets on board with the plan.

  • The Big Story: Is graduated licensing the answer? The Big Story: Is graduated licensing the answer? (views 14239)

    Is there such a thing as too much education? When it comes to the training of new agents and brokers some think that the 2 year apprenticeship before being licensed effectively raise the bar on qualifying standards. Not everyone is in agreement though. Isn’t the system in place good enough? Why are brokers asking for this change and isn’t there already accountability?

  • The Big Story: Vancouver brokers have their say The Big Story: Vancouver brokers have their say (views 14067)

    CMP recently held a one-day workshop for brokers at the Vancouver Convention Centre as part of the Canadian Real Estate Investor Forum. Nearly 100 brokers attended four sessions, covering topics such as helping clients with their debt, private lending, the alt-a/sub-prime market and social media.

  • The Big Story: Should clients' legal and appraisal fees be covered? The Big Story: Should clients' legal and appraisal fees be covered? (views 14045)

    What have you done for me lately? Increasingly, that’s the attitude of refi clients who expect lenders and by extension brokers to cover legal and appraisal fees. Are these expectations out of line? More and more bank branches don’t think so. Most brokers, however, think that incentives should be offered sparingly, on n a case-by-case basis.

  • The Big Story: The role of lender BDMs The Big Story: The role of lender BDMs (views 13023)

    Some lenders want to switch up the roles of those Business Development Managers and take them away from the role as go-between and dispute mediator and focus them on attracting new brokers. Brokers, though have their reservations. They say BDMs may be better left in that traditional relationship-building role.

  • The Big Story: Fewer brokers a good thing? The Big Story: Fewer brokers a good thing? (views 13524)

    Is having fewer mortgage brokers a good thing or a bad thing? With mandatory re-licensing education requirements now in effect in Ontario, fewer brokers is a distinct possibility. Some in the industry are predicting a loss of up to 15 per cent. Most of that will come from newer and part-time brokers. On today’s Big Story, we spoke to Linh Ly of Unity Financial Mortgage Services, Danny Kellman of VERICO The Mortgage Leader, and Sharon Ferguson and Sandra Cockburn of The Mortgage Centre-Durham. Find out on today’s The Big Story, on MortgageBrokerNews.ca TV, your home for industry news, opinion and analysis.

  • Roy Deeks: Broker retirement plan Roy Deeks: Broker retirement plan (views 14729)

    With economic uncertainty and increased competition from the banks squeezing mortgage brokers, what options are available, especially for brokers looking to get out of the business sooner rather than later? For Roy Deeks, principal broker of Unity Financial Mortgage Services-The Mortgage Centre, the answer is syndicated mortgage investments.

  • The Big Story: Renewal fees The Big Story: Renewal fees (views 15739)

    Recent discussion around the issue of renewal fees has seen a proposal for an across-the-board 15 bps, an idea that is gaining traction on both sides. Lenders would dole it out whether the brokers take commissions straight up or opt for trailer fees. Either way, this mandatory renewal fee is proposed as a good way of eliminating a lot of the moving around that occurs at renewal. On today’s Big Story, we spoke to Ariel Santos of Unity Financial Mortgage Services, Drew Donaldson of Verico Safebridge Mortgage Solutions and John Bargis of Mortgage Edge. Find out on today’s The Big Story, on MortgageBrokerNews.ca TV, your home for industry news, opinion and analysis.

  • The Big Story: Lender incentives for Realtors The Big Story: Lender incentives for Realtors (views 17305)

    The latest weapon in the war between the Big Banks and mortgage brokers is Realtor incentives and the newest trick was one bank’s offer to Realtors of 50 bps for every referral that ended in a closed deal.