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The Big Story: Broker welcomes O'Leary

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.
  • The Big Story: Housing market snapshot The Big Story: Housing market snapshot (views 14113)

    It’s been an ongoing debate for a while now. Housing bubble – no housing bubble. The latest numbers support the idea that the Canadian housing market will have a soft landing in 2012. In January, CREA reported that sales activity was down for the first time since August of 2011, while prices increased by a modest two per cent year-over-year. Forecasts for economic and job growth going forward vary widely for different parts of the country, meaning some markets may soften while others pick up. For experienced brokers, continuing to work with Realtor partners may be one key to surviving any drop-off in the market. As well, people will continue to buy, refinance and renew. So regardless of what the market may or may not do, brokers need to continue to show clients why brokers are an integral part of the home-buying purchase. On today’s Big Story, we spoke to mortgage broker Paula Roberts and mortgage agent Dena Kakaletris of The Roberts Group-Dominion Lending Centres. Find out on today’s