Broker news TV
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Why lenders are changing the rules
Verico's Colin Dreyer is offering his own analysis on why the lending landscape for brokers is changing and what if anything mortgage professionals have to worry about.
Video transcript below:
The broker channel in our opinion is just as competitive as it ever was. What has changed is the competitiveness of various lenders that serve the broker channel. Again some lenders found the new market risk, regulation of funding sources a challenge and decided to make business decisions around that. That being said we do believe that this is a shared problem.
The changes [mentioned] by the financial crisis changed the fundamentals for all lenders and consequently these changes were passed down to mortgage brokers and ultimately our consumers in the form of tighter credit and more stringent qualification requirements which we are seeing everyday at the present time. All that being said, consumers always need credit. Lenders are there to lend money.
We all need to attract new consumers and everyone needs to make a profit. So we see that happening, we see that commitment to the industry still there, so we still see very real significant opportunity. The mortgage origination channel continues to mature and it provides the consumers the expertise and choice they need and want to make informed financial decisions, so do we see a bright future? Absolutely.
The Big Story: Brokers offering unsecured credit
Brokers may have qualms about unsecured credit and the banks that provide it, but how do they feel about offering those credit cards themselves?
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.
The Big Story: What brokers are doing about commission cuts
First National then Scotia. Mortgage brokers are worried other lenders will introduce commission cuts on five-year deals. But as Jemima Codrington reports, they're not prepared to lie down and take it.
The Big Story: Why you need to get before the media?
It's not about being a media whore, but helping shape the message for consumers, says a leading broker advocating more mortgage professionals get before a hungry business media.
The Big Story: Doable diversification
Diversification may be on the lips of every broker in Canada, but actually accomplishing it takes more than talk, reports Jemima Codrington. It takes action.
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.
The Big Story: Association overhaul
More and more brokers are asking what their associations are doing to earn their dues. The answer, reports Jemima Codrington, depends on whom you ask.
The Big Story: The art of cross-selling
More and more brokers are looking to cross-selling to even out the income bumps in the road, but there are key considerations, reports Jemima Codrington.
The Big Story: Who owns the 'Broker' name?
Misappropriation of 'broker' by road reps is raising industry ire and concerns that mortgage specialists are capitalizing on broker reputations.