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Bank welcomes BFS clients, just not from brokers

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Mortgage Broker News | 05 Apr 2012, 10:00 AM Agree 0
A top TD exec's praise for stated income clients may be cold comfort for brokers no longer able to send those clients to the bank, but could also signal the lender's intention to hold onto that business.
  • Jimt T..... Advent Mortgage | 06 Apr 2012, 08:04 AM Agree 0
    The broker world is changing fast. We are losing lenders and many of the ones that are remaining are becoming less broker friendly by making their products less broker-client friendly (collateral charges, 100% registration, etc.). This trend does not bode week for our channel. Buckle up for the ride.
  • Rob Campbell, Verico The Mortgage Wellness Group | 07 Apr 2012, 02:16 PM Agree 0
    I agree with you, Jim. The proof that the market has changed for us was reflected in the re-licencing results as of the end of March. 30% drop off is huge. Gone are the days of easy peasy deals to be funded by agents. Time to roll up the sleeves.
    And TD's move is definitely a clear message, as with FLM and CIBC. We need to support those who support us. Period.
    The game has changed.
    How long before Scotia and TD just pull out of the game completely?
    Stop. Sending. Deals. To. Branches.
    The ONLY business I am willing to do with brick and mortar at the moment is Meridian, for res. and commercial.
    Just my thoughts.
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