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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: Who owns the 'Broker' name?
Misappropriation of 'broker' by road reps is raising industry ire and concerns that mortgage specialists are capitalizing on broker reputations.
The Big Story: FirstLine who?
Brokers are still lamenting the loss of industry innovator FirstLine, but the race is increasingly on strengthen connections to other lending partners, say brokers in this episode of the Big Story
Audio file: Gary Mauris on associations
Audio file: Brokers continue to debate the role of industry associations, but Gary Mauris at Dominion Lending Centres is now weighing in for a feature in the September issue of CMP.
The Big Story: Time to reduce wait times
Reducing turnaround times for applications should be priority No. 1, say some brokers, appealing to monolines as competition moves beyond rate.
The Big Story: Protecting clients from themselves
The new mortgage rules have clients juggling their monthly debt payments to qualify, but there's real danger in getting too creative, say brokers.
The Big Story: Bigger lenders for broker channel
Proposed federal legislation would hand brokers new national lending partners, keener to use them for expansion into virgin territory.
The Big Story: New mortgage rules, new opportunities
Those new, tighter mortgage rules have a number of downsides for brokers, but are there any potential positives? Yes, they do, according to some seasoned players.
Brokers to Lenders: Listen
Brokers are relying on CMP's Brokers on Lenders survey as a primary platform to share their concerns and their compliments.
The Big Story: Upping your entrepreneurship
Entrepreneurship for brokers: Brokers are schooled the ins and outs of putting together an application, but buildiing a business that separates them from the competition is often a self-taught lesson. Here's what they need to know.