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The Big Story: Colin Dreyer on lenders
Colin Dreyer tackles the question of shrinking lender options for brokers. But are the brokers behind that trend?
Video transcript below:
Reporter: Brokers seem to be sending more deals to fewer lenders. Could it be due to minimum buyer requirements or a bid to protect status with choice lenders?
Colin Dreyer, President, Verico Financial Group
Colin Dreyer: I think brokers are choosing their lender partners carefully. I think they are submitting to fewer brokers. I think the part of the reason is simply one, if you take into account the number of lenders we have lost over the last few years, there are fewer lenders around. I think the existing lenders do a very good job in serving the broker community and they are asking for a better partnership with individual brokers, they are asking for more loyalty, their compensation programs are geared to that and of course if you work significantly with a smaller group of lenders you will be able to get better service and drive better customers as a consumer which is ultimately the goal, good customer service, good product and good rate acquisition for the consumer. So I think all these are factors that have a bearing on brokers dealing with fewer lenders.
Reporter: Does a shrinking pool of lenders create a shrinking pool of products and in turn create disadvantage for clients?
Colin Dreyer: I don’t think so I think the reason being there is still a healthy stable of lenders that are supplying products to the brokerage community, so in turn it gives consumers the adequate choice that they need in terms of choosing the product and I think it gives the broker adequate responsibility to provide those choices to the consumers. So I think that we are good stead, there is a good stable of lenders out there, that brokers can utilise and give good choice to consumers.
The Big Story: Is it time for monolines to take their message to consumers?
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?
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
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?
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
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?
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
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
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 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.