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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.

Video transcript below:

Jemima Codrington, Mortgage Broker News
Jemima Codrington:  The new mortgage rules are meant to protect consumers, but now they need brokers to have them navigate this new landscape.  Hi, I’m Jemima Codrington and welcome to the Big Story on Mortgage Broker News.
 
Credit may be tight but opportunities still abound in the market.  Brokers are in a unique position to be able to advise home buyers on how to make the most of this situation.
 
Michael Marini:  Dominion Lending Centres
Michael Marini:  Brokers can educate clients in terms of the current market conditions.  And in Toronto we’ve got escalating rental prices and lowering resale prices.  There is a great opportunity for investors, there is a great opportunity for first time home buyers to buy, because they can buy at lower prices and actually afford a property cheaper than they can rent right now.  We have got multiple offers on rental properties and an increasing number of supplier properties in the resale market.  So there is great opportunity today for purchasers.
 
Jemima Codrington:  Strategies such a debt restructuring help home buyers maximise the amount of money that they can borrow.  However, the more money one borrows the greater the risk of overextending oneself.  
 
Richard Samuels, Obsidian Mortgage Corp.
Richard Samuels:  I believe there has to be a real true discussion amongst the brokers and the clients.  Brokers not only have to help the client in just buying a home, but the job should be really based around making sure that they can afford the liabilities around a home and find that mortgage product that fits that client.  The kind of situation where a guy has 20% on a $500,000 home, but if that 20% is his only 20% and his income is questionable at best, a $500,000 may not be the right answer for this person.  He needs a $200,000 condo and as agents and brokers fiduciary responsibility being what it is, we have to have these discussions with our clients, make sure that we are on top of it.
 
Michael Marini:  The dangers in restructuring your client’s debt are that you may open up room for them to accumulate more debt or maybe they didn’t eliminate the debt, maybe they had a parent off the debt and they still owe the money back.  So if you open up someone’s debt and the level of debt that they can obtain, we could put ourselves in a position of what happened in the US crisis, where people are trying to re-absorb debt later into their mortgages and prices fall and they can no longer afford the property, they can no longer afford the debts, they are forced to sell in a market where they can’t sell their property because they owe more than what they have in assets.
  • 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 14420)

    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.

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    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 14067)

    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 14045)

    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 13022)

    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 13523)

    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 15737)

    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 17304)

    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.