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Mortgage Broker News | 18 Jun 2015, 09:00 AM Agree 0
Brokers who want a more lucrative fee model may have to fight for it, suggests one industry veteran.
  • Ron Butler | 18 Jun 2015, 12:14 PM Agree 0
    Some lenders simply have completely different goals. The banks in our space use brokers as new client acquisition vehicles so they will never pay a trailer fee.
  • marvis olson | 18 Jun 2015, 12:37 PM Agree 0
    Merix offers deep discounts on renewals--great for clients---I get paid they don't have the friction of moving to a new lender.
    They calculate a skinny IRD so if you need to refinance mid term--when rates were falling it was cheaper for client to pay penalty & get a whole new mortgage rather than top-up like you are forced to do when dealing with a bank---& I get paid for my work as a new deal.
    Win win for everyone.
    I was an early adopter & spread 75% of my business between Firstline & Merix--guess who I like to deal with on renewals-----FL has a good retention team that start 6 mths prior to maturity & are very creative.

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