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National bank crediting brokers ... and Realtors

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Mortgage Broker News | 02 Mar 2012, 09:16 AM Agree 0
A warm welcome for brokers, compared to other lenders, helped National Bank grow its residential mortgage book by 13 per cent in the first quarter, according to a top exec -- although the growing use of Realtors didn't hurt.
  • Jeremy | 03 Mar 2012, 05:33 AM Agree 0
    I see a theme here...those who participate in the broker channel meet or exceed analyst expectations. BMO, HSBC and now CIBC, what are you guys thinking?

  • Kevin | 03 Mar 2012, 05:39 AM Agree 0
    Stop sending deals to the big banks. Non deposit taking institutions don't deal with Real Estate agents;
  • broker | 03 Mar 2012, 05:49 AM Agree 0
    I'm surprised National bank is successful in the broker market for many reasons: 1)their mortgages are collateral/demand loans and we all know how bad this is for the client; 2)they are so aggressive on renewing clients that once you send them a client you lose them forever; 3)their service to brokers is the worst in the industry; 4) their underwriting guidelines are ridiculous - good luck getting a deal approved by them; 5)they always mess up the client's mortgages where clients get statements a month later with the wrong rates; 6)the rates they offer brokers are not competitive; 7) they have an agressive group of bank reps who get better rates than brokers; 8)they pay realtors 50bps for just referring a name, which squeezes us brokers out. I don't get why a broker would use them. I really don't!
  • Gord McCallum | 03 Mar 2012, 06:33 AM Agree 0
    I trust that they're not dealing with Realtors in this way in Alberta because it's illegal.
  • Stephane Prevost | 03 Mar 2012, 06:40 AM Agree 0
    Buyer Beware. Do Realtors really have your best interest or do they simply want $. Get this people. The person who is least educated is the one often making the referral and is already paid the most in a transaction and the person who is the most educated is the lawyer who makes the least out of the transaction. Statistics show that average realtor sales are only 6-8 deals a year. How valuable is the advise of a realtor who doesn't produce?
  • Mtgs agent | 04 Mar 2012, 05:28 AM Agree 0
    As a broker, I'd be happy to be paid 50bps for just suppling a name to the branch. It's half of we are paid but hey, younger paid for just a name.
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