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Mono-lines play David to banks' Goliath

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Mortgage Broker News | 29 May 2012, 11:00 AM Agree 0
It may be another case of David kicking Goliath’s butt, with mono-lines now taking back some of the business brokers were prepared to send to the banks, according to the latest quarterly report from D+H.
  • Angela Wong-Liao, Invis Inc | 30 May 2012, 05:47 AM Agree 0
    I fully agree that monolines have to step up in both pricing and conditions in order to have the same playing field as some major banks.
    I refer a bulk of my businesses to Scotiabank because they have a Broker Relationship Manager who is looking after my deals, we have a very good business relationship that I can push for a 2 to 4 hours turnaround time if required. She trust and respect my banking experience that I have minimal approval conditions.
    However, with the recent intense competitions from RBC and BMO (who do not deal with brokers), I want to establish some good business relationships with the monolines, ie: Merix; First National,MCAP, they are amazing monolines who are working hard to improve their pricing and service levels.
    As an Invis agent, I am also consider of using our company's private label "Partner Mortgage" in future for some of my deals.
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