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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.

Video transcript below:

Jemima Codrington, Mortgage Broker News
Jemima Codrington:  New federal guidelines are shrinking HELOCS at the banks, but growing broker interest in credit unions.  Hi, I’m Jemima Codrington and welcome to the Big Story on Mortgage Broker News.

With the interest in high LTVs of credit unions, brokers are also calling for some improvement.
 
James Laird, True North
James Laird:  When you use a credit union, you have to understand that their technology is not upto speed with the other lenders that you have available.  So what this means is, when you submit an approval they usually have to actually type it into their own system, this leads to much longer service times and this includes when you get your approval back, it takes much longer to when the documents are reviewed, to when the deal is actually instructed to the lawyer.  
 
Enza Venuto, Centum
Enza Venuto:  When using credit unions I actually see no stumbling blocks, because of the fact is that you have already attached a relationship to a credit union and you’ve known what their rules and guidelines are all about.  The only stumbling block that I may foresee is because of it’s not open nationally to a lot of the brokers, it will probably create a [movable] flow of volumes, so you have seen that for me the stumbling block will be turnaround time in approvals to the application process.
 
Jemima Codrington:  But don’t forget about relationship building, brokers want to see and hear more from credit unions.  
 
Enza Venuto:  What I think credit unions should do to attract more mortgage brokers is to create more online or more visible representation aboard, educate the brokers a little bit more about their product as opposed to right now they don’t come out to visit the broker offices, the broker channels, they don’t pick up the phone or call us.  It’s like we have to call them versus them calling us.  So because we are interested in their product, it’s enticing that I will pick up the phone and call, so I think what they should do as they want to create more volume and create more visibility in the community, they should be more visible to the community channel.
  • Will OSFI changes go too far? Will OSFI changes go too far? (views 16978)

    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.

  • Ingrid Menninga: Marketing 101 Ingrid Menninga: Marketing 101 (views 19583)

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  • The Big Story: Fixed-rate mortgage shift The Big Story: Fixed-rate mortgage shift (views 17238)

    It wasn’t too long ago that the prevailing wisdom held that variable-rate mortgages were the way to go. Now, a recent poll reveals that fully half of all Canadians said they would choose a fixed rate mortgage if they had to decide today, a 10 per cent increase from a year ago. That’s a huge shift from the past five years, when people saved money by sticking with variable rates. Brokers can certainly attest to this trend, and say they are seeing clients choose longer term mortgages with rates at historic lows. They are also recommending that clients go with as long a term as possible, event 10-years, as rates haven’t been this low in 20 years. This week we spoke with Catherine Evel, mortgage broker/owner and mortgage agents Kelly Sams and Julia Parkin at Dominion Lending Centres-Homestead Financial. Find out on today’s The Big Story, on MortgageBrokerNews.ca TV, your home for industry news, opinion and analysis.

  • The Big Story: HELOCs The Big Story: HELOCs (views 14382)

    The right product for the right client. This is especially true for HELOCs, which now account for almost 50 per cent of non-mortgage debt. Even as government moves to cool this market by withdrawing its backing, brokers are finding more lenders are offering them the product. Brokers caution however, that HELOCs need to be used wisely. They need to present the product properly and advise responsibly, so the best long-term interests of their clients are met. This week we spoke to, Ron Alltree, Kunaal Bhalla, Sarah Makhomet Deepak Bansal and Jonathan Tillger, of Dominion Lending Centres Mortgage Village. Find out on today’s The Big Story, on MortgageBrokerNews.ca TV, your home for industry news, opinion and analysis.

  • The Big Story: Prepayment clarity The Big Story: Prepayment clarity (views 16250)

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  • The Big Story: The spring market The Big Story: The spring market (views 13799)

    Spring is upon us. The spring housing market that is, as the winter weather really never arrived in most parts of the country this year. Typically, it’s the busiest time for home purchases and renewals. Brokers who haven’t been preparing by marketing themselves and reaching out to clients and referral partners are likely to get left behind. It’s when things are slow that brokers say you should be reconnecting with referral sources such as Realtors and your client database who are likely to know someone who is looking to purchase or refinance. This week we spoke to Sarah Makhomet, Kunaal Bhalla, Jonathan Tillger, Ron Alltree and Deepak Bansal of Dominion Lending Centres Mortgage Village. Find out on today’s The Big Story, on MortgageBrokerNews.ca TV, your home for industry news, opinion and analysis.

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    It’s no surprise that this year’s federal budget is focused on reducing debt. But it’s not just their debt that concerns Finance Minister Jim Flaherty. With Canadian household debt continuing to rise and home prices slowing, but not dropping, some have predicted that the government will tinker with mortgage rules for the third year in a row and lower the maximum amortization period. Not surprisingly, most brokers disagree with this option. MortgageBrokerNews caught up with some brokers at the Centum inaugural conference – VISION 2012 – held in Toronto. This week we spoke to Enza Venuto, Paul Therien, Karim Talib, Aniruddh Raol and Jimmy Hansra. Find out on today’s The Big Story, on MortgageBrokerNews.ca TV, your home for industry news, opinion and analysis.

  • The Big Story: The Lending Landscape The Big Story: The Lending Landscape (views 13940)

    With recent events, the lending landscape outlook remains uncertain. What effects are these changes going to have on the broker channel and how will brokers adapt? Some say it will be short term pain for long term gain, while others think a new order will be created. On today’s Big Story, we spoke to Lee Welbanks of The Mortgage Centre, and Wayne Sudsbury, Bill Eves and and Grant Brown of Homeguard Funding Ltd. (VERICO). Find out on today’s The Big Story, on MortgageBrokerNews.ca TV, your home for industry news, opinion and analysis.