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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: 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?
The Big Story: Who's to blame for buydowns
Buydowns are sending the wrong message to lenders, say some brokers, but are the banks to blame or the mortgage professionals.
The Big Story: What brokers are doing about commission cuts
First National then Scotia. Mortgage brokers are worried other lenders will introduce commission cuts on five-year deals. But as Jemima Codrington reports, they're not prepared to lie down and take it.
The Big Story: Why you need to get before the media?
It's not about being a media whore, but helping shape the message for consumers, says a leading broker advocating more mortgage professionals get before a hungry business media.
Why lenders are changing the rules
Verico's Colin Dreyer is offering his own analysis on why the lending landscape for brokers is changing and what if anything mortgage professionals have to worry about.
The Big Story: Doable diversification
Diversification may be on the lips of every broker in Canada, but actually accomplishing it takes more than talk, reports Jemima Codrington. It takes action.
The Big Story: Pushing past preapprovals
Brokers are sitting on a mountain of preapprovals, but is there is a way to push past them and get clients off the fence? Jemima Codrington reports.
The Big Story: Association overhaul
More and more brokers are asking what their associations are doing to earn their dues. The answer, reports Jemima Codrington, depends on whom you ask.
The Big Story: The art of cross-selling
More and more brokers are looking to cross-selling to even out the income bumps in the road, but there are key considerations, reports Jemima Codrington.