Brokers have registered a number of concerns about Kevin O`Leary`s business model. Still, some think he may help brokers, reports Jemima Codrington, from Toronto.
Video transcript below:
Oleary Mortgages: New Competitor or No Threat?
Jemima Codrington, Mortgage Broker News
Jemima Codrington: It was the tweet that started it all. Working with the O’Leary Ventures team at our offices preparing for the launch of O’Leary Mortgages later this month. [Dragon] Kevin O’Leary has since made his plans crystal clear. O’Leary Mortgages boast a simple, clear, direct approach to mortgages, one that bypasses brokers. While some are sceptical of the venture, for others O’Leary Mortages is a welcome development.
Mike Marini, Dominion Lending Centres
Mike Marini: I think Kevin O’Leary entrance into the mortgage brokerage market is actually a help for the industry. Ultimately there is a large piece of the pie and he’s taking a chunk of it, but the larger piece of the pie is controlled by the banks these days and Kevin O’Leary is going to actually increase broker awareness for consumers, which means that consumers are still going to go online shopping for the best rate, but now they’re looking at the mortgage brokers as an option rather than banks.