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The Big Story: Should clients' legal and appraisal fees be covered?
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. On today’ s Big Story we spoke to Linh Ly of Unity Financial Mortgage Services and Sharon Ferguson and Bill Mitchell 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.
Video transcript below:
John Tenpenny, Mortgage Brokers News TV
John Tenpenny: Hi, I’m John Tenpenny, Editor of CMP Magazine and welcome to the Big Story on Broker News TV.
What have you done for me lately? Increasingly that’s the attitude of more refi clients who expect their lenders and by extension brokers to cover legal and appraisal fees. Are these expectations out of line? One or more bank branches don’t think so. Most brokers however think that incentive should be used sparingly on a case by case basis.
Sharon Ferguson, Agent, The Mortgage Centre, Durham
Sharon Ferguson: Today clients come in with expectations of appraisals and legal fees to be paid by the lender. Do I think that that’s something that happens on a regular basis or should happen? The answer is no. Every circumstance will be different in what you need to get your transaction completed. I do believe that once you make your explanations to your clients they will agree you and understand that legal fees are part of their responsibility. I do find more and more that the questions of appraisals being paid by us does come up and in the circumstances where I need to make the transaction run smoothly I will pay for that transaction for my client.
John Tenpenny: So it may not be realistic to expect lenders to pick up the tab for every refi appraisal and legal fee. But one option may be for lenders to designate select brokers, give them the power to decide who gets that special treatment.
Bill Mitchell, Agent, The Mortgage Centre - Durham
Bill Mitchell: Well I think rightly or wrongly clients have that expectation that if the lender wants your business, the lender should be prepared to pay for it for those costs and I don’t think it’s realistic to expect the lender to have to open their wallets in all those situations. I think a better solution would be for a lender to use those tools a little more judiciously and by that I mean to offer them to their key broker partners and then after that trust that those brokers are going to use those tools when it makes sense to.
John Tenpenny: Some brokers think it’s a slippery slope, to pay the fees should only be put on to the table to hold on to a client.
Linh Ly, Agent, Unity Financial Mortgage Services
Linh Ly: As a broker I do not feel that we need to cover legal fees and appraisal fees for our clients in every single circumstances. I do however feel that in this competitive environment that we sometimes need to cover legal fees and appraisal fees in order to retain the business.
The Big Story: Can you police broker recruiting practices?
It might best be described as herding cats – trying to control the practice of mortgage brokerages recruiting agents from competitors. Some in the industry insist it’s just the nature of the business, but increasingly there are calls for some kind of code of conduct that brokerages could agree on when it comes to recruitment practices. On today’s Big Story, we spoke to Ron De Silva of Real Mortgage Associates, Jessi Johnson of VERICO Jessi Johnson Mortgage Team and Gino Tieri of MCAP. Find out on today’s The Big Story, on MortgageBrokerNews.ca TV, your home for industry news, opinion and analysis.
The Big Story: Is it time for monolines to take their message to consumers?
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.
The Big Story: Is graduated licensing the answer?
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
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: The role of lender BDMs
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?
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
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
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.