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Mortgage Broker News | 26 May 2011, 08:08 AM Agree 0
TD Bank has done what many in this slowing market have failed to: grow its mortgage business by eight per cent in the second quarter. Still, it’s not alone.
  • James in Whitby | 28 May 2011, 04:16 AM Agree 0
    As a mortgage broker but more importantly a former BMO mortgage client I say "good luck" in retention of those gains. Unless the servicing standard has SIGNIFICANTLY improved, all those gains will run off at or before renewal.
    By the way, if they call a quarterly mortgage volume increase of just $1.9 million "significant", someone should buy them a thesaurus.
    A final comment: the increased overhead cost for an additional 1,000 front line employees to add a mere $1,9 million seems on par with the way BMO operates. I believe the broker channel has NOTHING to worry about. 1,000 new frontline employees to produce the same results as a single mortgage broker. The shareholders should be outraged.
  • Steve Holman | 28 May 2011, 04:24 AM Agree 0
    I am pretty sure the number for portfolio growth is $1.9 Billion not Million
  • Lee in Ontario | 28 May 2011, 04:55 AM Agree 0
    BMO does have relationships with selected mortgage brokers or at least one broker house that I am aware of. Playing both sides?
  • Anthony | 28 May 2011, 05:37 AM Agree 0
    Losing market share, National Bank referring real estate agents, BMO investing in mortgage sales force, can we get some good news?!!! Enough already!!
  • ADE | 28 May 2011, 05:41 AM Agree 0
    The overhead cost for those employees will still be minimal based on home-based setups and reduced benefit plans.
  • Fred | 28 May 2011, 08:46 AM Agree 0
    Are they counting "increases" as the amount registered
    on collateral mortgages or actual dollars advanced? How many "clients" will be manipulated into paying posted rates so that these "specialists" can make 130 bps on a mortgage where a licensed broker/ agent can make 75/85 bps and save the client a point & half on the rate . Why doesn't CAAMP spend money advertising/explaining the difference to the public!
  • Vic | 30 May 2011, 01:08 PM Agree 0
    This just goes along with what I have always said that we as mortgage brokers should team up to protect our business and STOP dealing with the banks themselves. There are plenty of non-bank lenders to deal with that are not looking to squeeze us out of the market.
  • Grant | 31 May 2011, 03:15 AM Agree 0
    I completely agree Vic, well said
  • smartboy | 31 May 2011, 04:43 AM Agree 0
    Well Vic... since you started this... (and Grant jumped on the hypocritical Broker bandwangon) please name me one lender that you use to get 'A ' rates, that does not use Bank Money of some sort. Ready??... Go...
  • Vic | 31 May 2011, 05:59 AM Agree 0
    I would hardly call it hypocritcal to defend my livelihood. I don't really care where they get their money. It is their business lending philosophy for me and my clients that matters most.
  • Dean | 01 Jun 2011, 02:59 AM Agree 0
    If not hypocritical Vic, then surely short sighted. If the brokers stop recomending the right products for the end-user (aka client) then the potential impartiality can hurt the broker industry and you aren't always doing what 'matter most' to your clients.
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