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

The Big Story: Brokers offering unsecured credit

Brokers may have qualms about unsecured credit and the banks that provide it, but how do they feel about offering those credit cards themselves?

Video transcript below:

Jemima Codrington, Mortgage Broker News
Jemima Codrington:  Some say it’s an opportunity to widen revenue streams, others say it’s merely irresponsible.  So exactly how beneficial is it for brokers to offer unsecured credit cards?  Hi, I’m Jemima Codrington and welcome to the Big Story on Mortgage Broker News.
 
With the rate of household debt already at abnormally high rates, some are wondering, are offering unsecured credit cards a good thing?
 
Simon Vendryes, Real Mortgage Associates
Simon Vendryes:  Absolutely I think it is.  For clients who don’t have any credit history., how are they going to get, develop credit if they have no security.  It’s that same conundrum right, you have to have good credit, well how do you get good credit?  So it definitely serves a niche in the market.  
 
Marcus Tzaferis, Morcan Direct
Marcus Tzaferis:  I think that if we apply the same principles as you know a successful mortgage broker to selling credit cards, I think that it’s a definite advantage to their business.  I mean I am not with DLC, our brokerage does not provide unsecured credit right now.  But I think that if we are advising our clients, you know in an unbiased manner, I think we are doing a great service to them and I think that the same people that are out there right now helping their clients get into the right mortgage product can definitely be an advantage to them and help them get into the right credit product.  You know if you are not paying your credit card off every month, you don’t need the travel rewards, you need a low interest rate and I don’t know that you know they are getting that level of unbiased advice directly from the banks when they go in.
 
Mike Marini, Dominion Lending Centres
Mike Marini:  I think it helps the industry as a whole to sell unsecured credit cards from a couple of standpoints.  One it creates retention for brokers, the more products we can offer our clients, the more we get to keep and retain our clients.  Banks do this every single day.  But products like the home trust unsecured Visa are prepaid.  So they help our clients build a credit back up when they have blemished credit and ultimately we keep the client long term.
  • 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 14240)

    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 14071)

    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 14049)

    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 13024)

    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 13526)

    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 15741)

    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.