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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.

Video transcript below:

Jemima Codrington, Mortgage Broker News
Jemima Codrington:
 You’ve been pre-approved for a mortgage, you are looking to buy a house, so the next logical step is waiting?  Hi, I’m Jemima Codrington and welcome to the Big Story on Mortgage Broker News.

A number of consumers appear to be pumping the brakes, waiting for a correction that may or may not happen.  It seems to skip the buyer’s remorse, may [lead to] skipping the buying altogether.
 
Bill Mitchell, The Mortgage Centre
Bill Mitchell:  I think it’s just simply because there is so much economic uncertainty and specifically for a client, job uncertainty.  Someone who was ready to go a month ago, you know starting to talk to their manager about when they are going to need a letter to verify their employment.  I have seen a number of times where the manager is starting to waffle on that.  So that and there is a lot of talk in the media about rates going up and real estate values coming down, so I think that’s just causing a lot of uncertainty in the mind of the consumer.
 
Jemima Codrington:  But brokers rejoice, there are some ways to help buyers with cold feet gain confidence even in today’s market.  
 
Sandy Cockburn, Durham Mortgage
Sandy Cockburn:  I think clients right now are all seeing the doom and gloom on the media.  At this point, if they have got confidence in what they are doing, if everything has been explained to them, they qualify for that product, it’s a great time to purchase.  If we can help them establish what they qualify for, how much it’s going to cost per month, I think that they will be confident enough to go out and buy a home.
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    Brokers have been hiring new agents from time immemorial, but new pressures around commission splits and training are adding to the challenge. At the CMP Mortgage Summit, The Big Story spoke to industry veterans Gord Dahlen, of Dominion Lending Centres, and Ron De Silva, from RMAI Financial Group for their take on the issue.

  • VIDEO: The 2012 Canadian Mortgage Awards VIDEO: The 2012 Canadian Mortgage Awards (views 16174)

    More than 500 of the industry's best were on hand in Toronto to honour their peers at the sixth annual Canadian Mortgage Awards at The Carlu. A Roarin' 20s theme was the backdrop as mortgage industry leaders were recognized for their achievements.

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    More than 500 of the industry's best attended the two-day Mortgage Summit in Toronto, which was focused on giving brokers the tools, the insights and the knowledge they need in this dynamic market. That was the collective message of more than 40 speakers on two stages. Find out on today’s The Big Story, on MortgageBrokerNews.ca TV, your home for industry news, opinion and analysis.

  • Building a better broker-underwriter relationship Building a better broker-underwriter relationship (views 15190)

    Clear communication between brokers and lender underwriters is the key to ensuring a strong mutually beneficial relationship says Equity Financial Trust CEO and Mortgage Summit panelist Nick Kyprianou.

  • B-side opportunity B-side opportunity (views 13455)

    The increasing amount of B business available is one way for brokers to improve their bottom line, says Home Trust executive and Mortgage Summit panelist Agostino Tuzi.

  • Being more competitive Being more competitive (views 13376)

    The mortgage origination market is only going to become more competitive, says Top 50 Broker and Mortgage Summit panelist Calum Ross, and brokers who don't invest in themselves in order to differentiate their business might not be around for long.

  • Getting SYNCED at The Summit Getting SYNCED at The Summit (views 12304)

    One of the benefits for brokers of attending conferences is the opportunity to meet with others in the industry. With this in mind, Chris Davis, events and conference manager for KMI Publishing, talks about SYNCED a new meeting software being used at The Mortgage Summit to help brokers get the most out their time at Canada’s only independent business event for the Canadian mortgage brokering industry.

  • The future of private lending The future of private lending (views 14994)

    According to New Haven Mortgage president and CEO and Mortgage Summit panelist David Vyner, the outlook for private lending may depend on proposed refinancing rules and their potential effect on home prices.

  • Will OSFI changes go too far? Will OSFI changes go too far? (views 16200)

    Many in the mortgage industry, both brokers and lenders, are now awaiting to hear if OSFI will implement some or all of the B-20 guidelines announced earlier this year and whether there will be any changes to these rules that could have a major impact on the lending landscape. Pacific Mortgage CEO and Mortgage Summit panelist Ron Swift says many of the proposals go too far and may do more harm than good to the market.