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Mortgage Broker News | 24 Oct 2013, 12:00 AM Agree 0
Three major bank employees make the shift to the broker channel on the heels of what one believes is a pendulum shift that will see more clients considering mortgage professionals the go-to experts; not the bankers.
  • mortgage guy | 24 Oct 2013, 08:44 AM Agree 0
    three bankers coming in....but how many brokers moving to Banks?
    pricing, specialized lending programmes, access to other products (credit cards, unsecured lines, chequing accounts).
    Brokers can't offer this that I'm aware of.
  • QuanLe | 24 Oct 2013, 08:54 AM Agree 0
    Brokers moving to banks? I have seen only a couple of times during my whole career. The reverse however, had been numerous.

    Broker moving to a bank is like a horse that you set free, and then comes on its own back to the barn...
  • Omer Quenneville | 24 Oct 2013, 09:03 AM Agree 0
    I'm not surprised by this move. A well informed consumer is better off with a mortgage broker than a bank. The key is service and putting the client first. It is hard to do that at a bank when you have to deal with pricing desk and the push on products that the client doesn't need.
  • M. Robertson | 24 Oct 2013, 10:31 AM Agree 0
    This isn't news... bank road reps move to brokerages all the time because they have the opportunity to earn more money. It has been happening for years.
  • Ottawa Broker | 24 Oct 2013, 01:21 PM Agree 0
    OMG, more DLC press mongering. How many banks rep in total have moved to brokerages this year? I would assume hundreds, why is this news? Because every time someone burps at DLC, they think they have done something new in the mortgage brokerage industry. They spend so much time patting themselves on the back they must have blisters on their hands. I am about to send a letter to Mortgage Broker News for an article to be written, my office just bought a wireless printer/fax for each agents office. This has to be news worthy. LOL
  • Ron Butler | 24 Oct 2013, 01:38 PM Agree 0
    LOL, someone burps at DLC equals article. good one.
  • John Dearin | 25 Oct 2013, 05:17 AM Agree 0
    Maybe you should try burping yourself and get some press instead of whining about those that do? AND already brokerages are offering credit cards and gift cards. Our monolines offer GIC's, credit cards. We need more proactive comments and talks with our brokerages and lenders to get more to offer rather than silly little complaints
  • Ron Butler | 25 Oct 2013, 06:21 AM Agree 0
    Mr. Dearin, when a company is very successful and their PR department does a great job of getting things into the press eventually it will be noticed and someone will poke fun at it.

    When you get mad about a joke you run the risk of looking................ very small.
  • Ottawa Broker | 25 Oct 2013, 08:33 AM Agree 0
    @ Dearin
    Don't need the press, I focus on press within my community promoting my brokerage to our community.
    A prime example of DLC's attitude, why did we get a brochure listing the benefits "in their opinion" of joining DLC? Myself, I think it is unprofessional the way DLC actively pursues the agents at other brokerages. I have not lost a single agent to DLC, so there is NO sour grapes. It just makes DLC look like pirates and unprofessional. I see no need for any brokerage to put an article or brochure in our industry magazine soliciting agents to call them to see what they have to offer, it is just unprofessional and ridiculous. It is because of actions like this that DLC continually gets verbally beat up. It did make a good fire starter at the hunt camp though, so thank you.
  • Ottawa Broker | 25 Oct 2013, 08:33 AM Agree 0
    The brochure came with this months CMP magazine.
  • JP | 25 Oct 2013, 01:18 PM Agree 0
    "bankers wear more hats than one and brokers are more specialized". More and more brokers are begging for alternate sources of revenue, and hence ”Our monolines offer GIC's, credit cards". Smells like more than one hat to me. My guess is bank specialists become agents because they want to make more money per deal, plain and simple.
  • BC Broker | 28 Oct 2013, 09:07 AM Agree 0
    DLC actively solicits the agents that work in the offices of other brands to have them join DLC. It is the old, why work there when you can own your own brokerage ploy. They do it so that they are not seen to be inciting breech of contract.

    The agents tell the owner "either you join DLC or we are leaving and opening our own". I know this to be true because several DLC owners from across Canada have told me that is how they did it with them.

    It is, in my opinion, unethical and underhanded... But then I do not really expect any different/
  • Consumer | 28 Oct 2013, 10:08 AM Agree 0
    You know... all of this is very interesting for a couple of reasons... let’s look at couple assumptive statements being made here…

    a) All Bank employees are evil and have no training. Actually quite the opposite is true. The vast majority of bank employees have post secondary educations. In fact the banks in Canada hire a significant number of the business and accounting graduates when compared to other employers in Canada. As a former employee of three of the big five, I can tell you that they all have had quite robust training programs and continuing education. In fact, I got my masters while working for one of the evil banks, and they even helped pay for my education. I was never taught by any of my employers to do tied selling, I was always told that it was very important to do what was right – for the customer and the bank. Banks also have additional licensing requirements that mortgage brokers are not subject too. Such as annual AML training and testing, annual PIPEDA testing and training, annual code of conduct testing and training.
    b) With all due respect Sandi… if I was working with you and you were doing tied selling or some of the other things that you have stated… I would have been required to report you to management for unethical business practices. It is standard policy at all of the banks in Canada that this type of activity be reported, and that is in writing and available to anyone who wants to see. They are called codes of conduct. In fact as an employee you signed a contractual agreement stating that you would adhere to this code at all times. If you reported to me… I would have fired you for this behavior.
    c) Brokers are very quick to always slam the banks on this site I noticed. This Kiltedbroker seems to rather enjoy it. Let’s take a look at some interesting items. Brokers claim that banks up-sell their clients all the time to make more money. Really? A business up-selling their clients? Why… it is just unethical! Wait… fast food, clothing stores, auto makers, realtors, travel planners, phone companies… etc. they ALL DO IT – ALL BUSINESSES DO IT. WAIT… so do mortgage brokers! Ever hear of Mortgage insurance? DLC Credit Cards? How about all those brokers that “keep in touch” with their clients – and if there is a rate drop… get them to early renew… I can save you money! Time to renovate! I am on more than one mailing list for brokers, and yes… a few of you who commented on here. YOU ALL DO IT. Pot… meet Kettle.
    d) Bank employees actually do have greater access to their clients mortgage account and information than mortgage brokers do. It is just a fact. That also means that they can move more quickly if the customer needs help. See because the banks actually have a relationship with their clients, that is based on more than the odd email and doing a mortgage every couple of years. We need our banks, they are called bank accounts. It is where we keep all of our money.
    e) Brokers really can’t offer anything unique anymore. Back in the day brokers had access to lower rates and greater product lineups, but that is not true anymore. TD, CIBC, RBC, BMO, etc. all offer a wide range of products – and in fact they all offer products that are not available to the broker community. So if you really look at it… I have more choice dealing direct with the banks then I do with a broker.
    f) Ever tried to make a complaint about a broker? Where do you go if a broker gives you bad service? You are all “independent contractors” – you are not accountable if I am not happy. In fact most of you will find a way to blame either the Realtor or the lender. Now if I have a complaint about the bank… I have lots of options. Management, ombudsman, OFSI, etc. Sure I could complain to your regulators (FSCO, FICOM, RECA, etc.) but they don’t have time to deal with an unhappy consumer – they are too busy dealing with the rampant fraud that is going on in the mortgage brokerage industry right now.

    Brokers spend a lot of time crapping on the banks, but the fact of the matter is… banks actually do a good job. Not perfect, but they are pretty reasonable. Sure there are horror stories, but if you think about it… not really than many when you consider it. For every complaint a bank gets, there are literally MILLIONS of people that are satisfied. People will always complain about big corporations because it is easy to attack a faceless corporation. Broker better understand though that those faceless corporations… are YOUR biggest suppliers of money – who do you think backs the broker only lenders?

    Hypocrites, every single one of you.
  • 78o98o | 18 Apr 2018, 07:35 PM Agree 0
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