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Mortgage Broker News | 27 Feb 2013, 10:00 AM Agree 0
BMO is now sharing details about the infamous 2.99 campaign that sparked last year's vicious rate wars, suggesting it brought in a sizable number of new clients -- customers who didn't just stop at taking out a mortgage.
  • Howie Jays | 28 Feb 2013, 04:51 AM Agree 0
    Thats nothing we can get 2.84% lol
  • James | 28 Feb 2013, 04:53 AM Agree 0
    Wonder how many of the new customers are aware of the sale only clause with their low rate and reduced prepayments
  • Derek Rowley | 28 Feb 2013, 05:29 AM Agree 0
    BMO is no longer part of te broker channel so why do you even give them space and the time of day
  • MP | 28 Feb 2013, 06:12 AM Agree 0
    I agree with Derek. I believe this e-magazine is called "Mortgage Broker" We should be promoting and talking about lender who support our channel and not advertising banks who don't.
  • Lee Perry | 28 Feb 2013, 06:15 AM Agree 0
    Any time a bank brags about their cross-sell ratios it is cause for concern from a broker perspective if you think about trying to retain your relationship and move a client at renewal or before. Pause and think about where that next deal goes, be it a bank or monoline, if there is no support of client ownership for you. Giving you more compensation or lower rates with restrictive clauses or higher penalties to keep the client is really a retention tool for those lenders and answers that age-old industry question in black and white 'Who owns the client relationship?' James you nailed it and in 4 years or less we will see how many of those clients go viral with their objections. Thankfully we can say as the broker industry that it was not our doing, we do not deal with BMO for broker business.
  • Derek Rowley | 28 Feb 2013, 07:31 AM Agree 0
    Thanks MP

    And while I am at it, why don't you go and find out why the likes of say CMHC is declining more than ever. That would be interesting plus I am fed up with all the DLC Super Bowl hype. Forget the hype and all the other junk that goes with it. Address what we want to know, not what you think we want to know
  • Ron Butler | 28 Feb 2013, 10:29 AM Agree 0
    Some of these posts illustrate the problems we have in this business.

    Mortgage Brokers who only want to hear what they want to hear.

    Brokers look at what is wrong with BMO's offerings. Well, there are some wrong elements but numbers do not lie, numbers are not opinions, numbers reflect the thoughts of the people who are really in charge of this business: the public!

    If BMO found some success in product revamp, advertising discounted rates and cross-selling maybe that IS news, IF we are smart enough to see it for what it is.
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