Broker news forum is the place for positive industry interaction and welcomes your professional and informed opinion.

Notify me of new replies via email
Mortgage Broker News | 28 Aug 2014, 10:42 AM Agree 0
It’s the little things that separate top brokers from the rest, says the National Finance Institute’s Peter Heinrich, and going the extra mile doesn’t have to cost you a cent.
  • Ron Butler | 28 Aug 2014, 02:47 PM Agree 0
    There are some pleasant ideas here like the flower delivery and calling the client 6 weeks after they move in but I do have to wonder if the Australian Mortgage Brokerage industry is operating in the bronze age.

    In North America the trend is towards web based financial transactions that deliver lower rates and fees which can only be achieved through higher levels of efficiency. I don't think driving to every client's house to sign them up is the future of North American mortgage distribution.
  • Jake Abramowicz | 28 Aug 2014, 05:39 PM Agree 0
    No, of course you don't, because your business heavily relies on volume and buy-downs. Minimal commission, max volume, huge advertising budget, low salaried-non-commission staff. But not everyone wants to operate that way and actually meeting your clients face-to-face to establish a relationship can and does work. Not every single client, mind you, but many. Not to mention, at least I know (or can reasonably prove) I did what I had to do to prevent fraud and I KNOW MY CLIENT vs just chatting with them over email and getting everything via fax.

  • Ron Butler | 28 Aug 2014, 06:01 PM Agree 0
    @ Jake, I will put our delinquency rates up against any other broker with all my lenders. We have high level anti-fraud systems, the thing about salaried employees is that if the job calls for Google checking of every single name and every single employer they HAVE to do it, it's not voluntary. Purviews reports on all properties and full Registry searches if there is the slightest question, we spend money on anti-fraud not just lip service. Sorry Jake, but you have trotted out the FRAUD !!!! tactic for well over a year,we have more lenders than we ever had and they all clamour for more volume from us so maybe it's time to drop the "know your client" rant.
  • Jake Abramowicz | 28 Aug 2014, 06:53 PM Agree 0
    It's not time to drop the rant but it's not directed at you. It wasn't you that made us take that joke of a relicencing course, it was FSCO, with a heavy emphasis on "know your client". So it rubs me the wrong way that lending can happen over email without any personal visits, while here I am plugging in multiple choice answers to a quiz about whether I knew if Sally from the Valley should take a 5 year fixed rate. Who is to say you or I know someone better or worse?

    Good for you that you do the google stuff blah blah, but let's not get so defensive Ron. I don't say you commit it, I just say it's very easy to fake an online personna, ID, etc., these days and we all need to be diligent about it (as well as about 100s of other things). Fraudsters do fraud because it's the quickest way of making a big buck if they get away with it so they keep up with technology (and then some) and so we're all on our toes of course to watch out for it.

Post a reply