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Mortgage Broker News | 09 Feb 2016, 08:15 AM Agree 0
Channel lenders offering exclusive in-branch deals are perplexing brokers
  • Sue | 09 Feb 2016, 09:42 AM Agree 0
    Just another example of lenders that "bites the hand that feeds them". Through my decades in this industry, I've encountered this more than I cared too...with many lenders. Your trust and loyalty is to your clients and business...not to the lenders.
  • Ron Butler | 09 Feb 2016, 10:54 AM Agree 0
    Multi-channel lenders are going to do what they are going to do. It's their money. The concept of crying and moaning because one channel is offering something that our brokerage channel is not allowed to offer is just silly. Lenders find our channel a costly one to operate in, branches are a very costly channel as well, lenders have to call their own shots: support branches when needs be and support brokers in a way that makes sense to management. Let's stop complaining and just get out there and serve the public the best way we know how.
  • WhaTheFacebook | 09 Feb 2016, 11:14 AM Agree 0
    Seriously? ANY lender can and will chose to bypass you if they want to. In this case, they would prefer to keep more of the margin than deal with the volume with a lower margin.
  • Michele Hall | 09 Feb 2016, 12:01 PM Agree 0
    We need to understand unfortunately that if lenders with Branches can eliminate the broker from the deal they are more profitable in the branch . So sadly as brokers we are on the losing end of the product. You have to ask yourself though is a one year closed product best for the client ? Probably not in many cases. I typically will not use Meridian unless necessary. As on the files that I have sent to them , (Specifically cash back when they had it ) have made contact with the clients mid term and enticed them into the branch to do a blended rate lower than original rate for another 5 years. If the clients wishes to refinance in the middle of the new term they double dip on the cash back repayment in the penalty. We need to be aware of our markets and lenders in order to give our clients the best advise.
  • Broker | 09 Feb 2016, 02:12 PM Agree 0
    Meridian talks about offering niche products to brokers. Those are not what most brokers want or need. We want the amazing deal that everyone is talking about. We want the deal that we have to tell clients we cannot get for them, the deal that makes us look like a bunch of losers to our referral sources because we can't provide it.

    That is what we want.

    You can keep your niche products Meridian.
  • Ottawa Broker | 15 Feb 2016, 07:47 AM Agree 0
    The Meridian reps need to be very careful when signing our clients at the branch & watch what they say to our clients we've sent them. I closed a Mtg for a realtor (100% commission) so I obviously could not get them best rates but of course Meridian has a great product for this type of client. I was able to arrange a 2.99% for them & they fully understood why they were not receiving absolute best rates. When they went into the branch to sign, the branch rep told them I can get you 2.59%. Thankfully my client trusted me & told the rep that they would not be able to give them that rate of course after saying to them then got it to me. The rep told the clients oh well I haven't looked at your file I'm just to get you to sign the paperwork. Imagine the confusion all this can bring.
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