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Mortgage Broker News | 18 Oct 2011, 09:00 AM Agree 0
TD has moved to consolidate BDM services for its prime and alternative lending divisions – something brokers are worried could cost them future business.
  • Strategic Move | 19 Oct 2011, 04:31 AM Agree 0
    This is a strategic move. Broker concerns are valid and I'm afraid it will come true. TD Fin is already working with branch & specialist channel. All bank underwriters will eventually be trained to pass declines to their Alt A lending arm. This would be an easy bridge for them to establish and why not. Support the monolines.
  • Jay | 19 Oct 2011, 05:13 AM Agree 0
    If you didn't think they were going to do that you were kidding yourself. Home Trust has set itself up to do the same thing. The key is to stay in touch with your clients through the process and through the life of the mortgage so that you are there at renewal time.
  • Nate | 19 Oct 2011, 08:11 AM Agree 0
    This shouldn't surprise anyone. It's a good business move on TD's part. What does surprise me is the amount of mortgage brokers that continue to support TD and other banks. The writing is on the wall. They want us gone. It's time for those of you that have a strong relationship with TD to start moving your clients toward the monolines. Sure it won't be easy, but you are the reason our market share is showing little to no growth. Establish relationships with the monolines, continue to add value and help our industry thrive.
  • AB Mortgage Broker | 19 Oct 2011, 08:16 AM Agree 0
    TD is in the business of making money and of course they are going to going to poach. From their point of view the client is theirs already.

    If you don't like it, stop sending business to them. In fact, stop sending business to the big banks, period!

    I predict that one day, maybe a year or two away, TD will exit the broker market altogether. The day is coming, mark my words.
  • Angela Wong-Liao, Invis Inc | 19 Oct 2011, 12:55 PM Agree 0
    I agree with AB Mortgage Broker's prediction, TD is certainly moving the direction of subsequently removing themselves from the broker channels. Yes, we have to take pro-active approach and start building relationships with monolines. Our market share is shrinking as the big banks are trying to monopolize the mortgage market. Our industry will be more challenging in the next 5 years and we have to find and develop our unique market niche.
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