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 104

The Big Story: Who's to blame for buydowns

Buydowns are sending the wrong message to lenders, say some brokers, but are the banks to blame or the mortgage professionals.

Video transcript below:

Jemima Codrington, Mortgage Brokers News
Jemima Codrington:  Buying down your rate may seem like a simple way to sway business away from big banks, but is it an advisable approach?  Hi, I’m Jemima Codrington and welcome to the Big Story on Mortgage Broker News.
 
An increasing number of brokerages are turning to tactic in a bid to retain clients.  But according to some experts this could be sending the wrong message to lenders.
 
Simon Vendryes, Real Mortgage Associates
Simon Vendryes:  I believe it cheapens the service.  Brokers who need to go that route would tend to be acting desperately to close a deal, because they have invested a lot of time and it suggests to me that they are afraid to lose the client, so the last thing they can do now is go for a lower rate.  The lender cuts their commission when they do that.
 
Jemima Codrington:  As brokers become increasingly willing to buy down their rates, the industry is looking to find out who is to blame.
 
Marcus Tzaferis, Morcan Direct
Marcus Tzaferis:  I think brokers are to blame for the increased willingness of brokers to buy down interest rates. I think that the more and more that brokers start offering lower and lower interest rates and cutting down their commission, it sends signals to the lenders that we don’t want to get paid as much and we are willing to take less to do a deal.  And it makes the consumer realise less and less about what actually you know, what value we can add to the mortgage process.  I think that’s a big problem in the business right now and the more we commoditise mortgages, the more we make them solely based on interest rates, the fewer of them we are going to be doing.  Because you know, a bank can compete on rate far better than the mortgage brokerage ever can.
 
Simon Vendryes:  I think that is, the blame is a shared responsibility.  The lenders want the business and if the broker is willing to cut his commission just to get the deal, the lender is willing to accommodate him.  It’s a cut throat world out there, there are a lot of lenders who want your business.  The real benefit is to the consumer because they get a better price, not necessarily a better product, but definitely a better price.
  • The Big Story: The most effective social media tool The Big Story: The most effective social media tool (views 9563)

    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 10549)

    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 8318)

    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 7859)

    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 8436)

    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 12596)

    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 8342)

    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 9391)

    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 9617)

    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.