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Mortgage Broker News | 20 Oct 2010, 12:00 PM Agree 0
CMP had the opportunity to speak to many of the lenders named to the Top 10 in Canada by mortgage brokers across Canada. They told us about the programs they implemented in 2010 and what they thought led to their success, and they discussed new programs they hope will have a positive impact on broker relationships.
  • vittorio | 03 Nov 2010, 11:35 AM Agree 0
    While I like what the mortgage lenders are doing there are still some issues that some lenders need to work with and the way I look at it, I see lenders as a partner, but some see us as their competition.
    For example, there are mortgage lenders who did well in the survey, but after they have the client, they fight tooth and nail with the mortgage broker s when it comes to renewal or refinance. I had lenders undermined the associate even when the associate original went to the mortgage lender and asked about matching they lower interest that was being offered by another lender. They were told no, but when the client was moved to another lender with a lower interest rate. The lender went behind the mortgage associate, contacts the client, and stated that they would give them a lower than the rate the mortgage associate had offered.
    When the lender was contact about this, they said it was their client and they would do whatever they could to keep the client. I said thank for their honest, and we dropped the lender and moved over 20 million dollars of volume that we did with this lender to another lender that does not compete with us, but works with us to give the client the best of both worlds.
    The funny thing is, when the lender send me an email, not even a phone call and asked why they were not getting as much business as previously and I told them why. They did not even bother to ask how they could get the volume back. I guess 20 million of volume is not worth much to them.
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