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Mortgage Broker News | 05 Jun 2014, 09:34 AM Agree 0
Tightened lending regulations have made it tougher to fund deals but brokers are best served to put their noses to grindstone and work harder to find the right mortgage for their clients, according to two players.
  • David Larock | 05 Jun 2014, 11:32 AM Agree 0
    "The banks are killing us in the A space". Really? Not my experience at all.
  • Adel Abaza | 05 Jun 2014, 11:44 AM Agree 0
    The way I see it is that we offer 2.99% 5 years fixed, no collateral mortgage, with lenders with regular posted rates, and reasonable break penalties. Banks could offer maybe a better rate sometimes, but will cost our clients with criminal break penalties and higher renewal rates for high-ratio clients within 80% LTV (in a collateral mortgage). So if your clients trust you, getting this message to them shouldn't be too difficult.
  • Deenu Patel | 05 Jun 2014, 12:42 PM Agree 0
    I feel that selling rate will always end poorly. We became professionals not to under cut our industry, but to educate and make sure our clients and public is aware of better products, and better advice. We need to bring our professionals together to get marketshare, and stop selling rate. Keep educating, keep building the trust, and you'll keep those clients coming back. These rate wars will always be out there, whether we're looking at 5.94% vs 5.82% or 12% vs 11.99% WOW.
  • Victor Simone | 05 Jun 2014, 02:56 PM Agree 0
    As independents we will always survive, with our A or B lending solutions. Banks are good suppliers to our channel, but I never want to work at just one lender or supplier, with their limited scope of solutions. The "Rate Buydown Guys" will need to diversify too, as more agents gun and copy their business models, and the same goes for the "B Brokers".

    I'm sure Mr. Walsh will continue along his fantastic career, and we just need to keep as many lending solutions available, as the next challenges arrive.
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