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 28 - 36 of 91

The Big Story: Collateral charges

Collateral charges: They're not going away, and brokers will have to adapt, say industry professionals, but are the banks going to make it easier to deal with those onerous mortgages?

The Big Story spoke with Gord McCallum, owner of First Foundation Residential Mortgages, and David O'Gorman, president of MortgageLand Inc.

Video transcript below:

Jamie Farshchi, Mortgage Broker News
Jamie Farshchi:
 Collateral charges, they may be a better conversation ender than a conversation starter.  Hi, I’m Jamie Farshchi and this is the Big Story on Mortgage Broker News.

From a broker’s perspective collateral charges win a variety of reactions, all of them strong, many of them negative.  But brokers may be throwing out the baby with the bath water, if they don’t consider the client.
 
Gord Maccullum, First Foundation Residential Mortgages
Gord Maccullum:  Oh, they can be very useful for a lot of clients.  You know there are plenty of examples, people who need a line of credit for assets to capital, need a [date] if their home is appreciating in value, that kind of thing.  Business owners will often use it to access capital to grow their business.  And so there are some very important uses of a collateral charge.  [Re-advanceable] mortgages are a good example of that.  For the right client, that’s the important distinction that sometimes gets missed.
 
Jamie Farshchi:  But brokers need to be aware of the potential downsides for both themselves and their clients.  Also they hope the banks will foot the bill for clients looking to switch may be wishful thinking.
 
David O’Gorman, Mortgage Land Inc.
David O’Gorman: That’s delusional, I don’t think the banks will ever pay to let people out of mortgages.  I think what you are going to run into is, it’s all about retention, it’s all about the banks retaining their portfolio and locking their clients in.  In my opinion there needs to be some more oversight by OFSI, Ministry of Finance, the Financial Consumer Agency of Canada, all three have a role to play in this to protect the consumer.
 
  • The Big Story: The most effective social media tool The Big Story: The most effective social media tool (views 10356)

    Brokers are as gung ho about social media and its power to win leads as other salespeople. But which one -- Twitter, Facebook, et al -- provides the biggest bang for a broker's buck? MBN finds out.

  • The Big Story: Lenders and grow-ops The Big Story: Lenders and grow-ops (views 11363)

    Brokers are generally supportive of registering former grow-op properties, but will monolines and banks ever lend on those rehabilitated homes?

  • The Big Story: The Mortgage Summit 2013 The Big Story: The Mortgage Summit 2013 (views 9107)

    Here's the highlights of the 2nd-annual Mortgage Summit, powered by CMP and bringing together more than 500 industry players for two days of professional development and networking.

  • The Big Story: The CMAs take the stage The Big Story: The CMAs take the stage (views 8578)

    Toronto was host to the 7th annual CMAs, theatre-styled gala honouring 21 industry players from brokers to underwriters. Take in the sights and sounds of this extravaganza.

  • The Big Story: Fighting doom and gloom The Big Story: Fighting doom and gloom (views 9168)

    The real estate forecasts of some big players have receive even bigger media attention. That's bad news for brokers sitting on preapprovals. But there is a way to encourage ready buyers into the market.

  • The Big Story: Rate Madness The Big Story: Rate Madness (views 13407)

    When one of the Big Five announced it would match any rate a competitor offered, brokers sat up and took notice, and then they got busy...

  • How to be a disruptive force How to be a disruptive force (views 9065)

    Industry trainer and broker Greg Williamson (Mortgage Professionals Academy) wants brokers to be a distruptive force for change, turning the tables on the banks and the rate wars. He`ll lay out his strategy at the upcoming Mortgage Summit (May 9 - 10) in Toronto during a luncheon workshop open to all registered attendees. For more information on the workshop, visit www.themortgagesummit.com/workshop.

  • Mapping out your marketing plan Mapping out your marketing plan (views 10253)

    Mortgage professional Michael Mullis -- the Mortgage Teacher -- is helping brokers master the art of multimedia marketing, with a session at the upcoming Mortgage Summit revealing all the tricks of that increasingly important trade.

  • Benefit from BMO's 2.99 Benefit from BMO's 2.99 (views 10462)

    Brokers weren't impressed by BMO's 2.99 per cent on its 5-year no-friller, says Centum's Paul Therien, but the offer has highlighted the need to provide clients both rate and expertise.