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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.
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.
The Big Story: Why brokers do sell creditor insurance: Part II
On today's Big Story and Part II of our look at creditor insurance, we spoke to Kim Luxton of ING Direct, Ian Tenggardjaja of The Mortgage Centre Mortgage Professionals, Kelly Price,of Mortgage Protection Plan and Mauro Di Cosola of Dominion Lending Centres Mortgage Village.
The Big Story: Creditor insurance - Part I
On the average broker’s to-do list, creditor insurance is usually near the bottom. But as brokers look for ways to boost their bottom line, ancillary products like creditor insurance are starting to look more appealing. Still, it’s often a tough sell and that’s coming from the industry itself. Overcoming these challenges is the first step say some brokers. On today's Big Story and Part I of our look at creditor insurance, we spoke to Kelly Price,of Mortgage Protection Plan, Ray McMillan, of Home Mortgage Consultants and Mauro Di Cosola of Dominion Lending Centres Mortgage Village. Price acknowledges that brokers feel selling creditor insurance is someone else’s job and that rings true for McMillan, who says in fact that “somebody else” is also sending them referrals. While apprehension can be a stumbling block for some brokers, it’s not insurmountable, says Di Cosola. Find out on today’s The Big Story, on MortgageBrokerNews.ca TV, your home for industry news, opinion and analysis and
The Big Story: Online lead generation
On today’s Big Story we spoke to Drew Donaldson, an agent with Verico Safebridge Mortgage Solutions, Nick Kyprianou, CEO of Equity Financial Trust and Brad Compton, an agent with Invis. Some feel however, that experienced brokers who know how deal with rate shoppers and offer them more than just a mortgage, but a financial plan, can use these online leads to their advantage.
Albert Collu: Mandatory re-licensing education in Ontario
Albert Collu, president of Argentum Mortgages, discusses Ontario's mandatory re-licensing education course, which will begin Nov. 1 and what it will mean for brokers in the province. To be completed by March 31, 2012, the course will bring Ontario mortgage brokers and agents in line with counterparts in Alberta and British Columbia. They already submit to similar education requirements as a condition for license renewal and billed as a way of improving compliance with provincial laws on mortgage brokering.
The Big Story: Vancouver's increasingly competitive market
If they say there’s a Tim Horton’s on every street corner in Canada, in Vancouver you’re likely to find a mortgage broker right next door. Throw in the highest housing prices in the country, banks that are fighting tooth and nail on interest rates and falling originations and you have a recipe for disaster. Or do you? On today’s Big Story we spoke to Vancouver brokers Peter Kinch of Dominion Lending Centres-The Peter Kinch Mortgage Team and Trish Pigott of VERICO Primex Mortgages as well as Equity Trust Financial CEO Nick Kyprianou. Kinch feels it’s imperative that brokers resist the temptation to take the banks head-on, while Kyprianou says there has been too much fixation on the market’s high-end prices. Pigott, for one, thinks those brokers who offer value over rate will succeed in the face of increasing competition from the banks. Find out on today’s The Big Story, on MortgageBrokerNews.ca TV, your home for industry news, opinion and analysis.