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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: Attracting new agents
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
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.
The Big Story: At The Mortgage Summit
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
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.
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
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
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
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?
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.