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 | 23 Dec 2010, 09:00 AM Agree 0
The introduction of, an online mortgage rate auction site, received several comments and feedback on this week. Vik Palan, president, wanted to address some of the concerns.
  • Gary G. | 24 Dec 2010, 01:40 AM Agree 0
    What a bunch of BS.
    When potenial clients see "auction rate site" they will only be there for the "best price" not advice.
    How else can they drive traffic to the site.
    The only good news is that it will save some of time dealing with rate shoppers.
  • Steve | 24 Dec 2010, 04:24 AM Agree 0
    This site is only designed to drive rates down. Welcome to the dollar store. Very poor decision to encourage brokers to participate on this site, where the obvious goal is rate shopping and not customer service. A disservice to professional lincensed, full time brokers.
    PS This site's obvious agenda shows trough as any of these "rate shoppers" will than turn around and take their "best rate" right back to the local branch. Ill concieved at best.
  • Bewildered!! | 24 Dec 2010, 04:31 AM Agree 0
    This is ridiculous! There are better ways to advertise the value of a Mortgage Associate/Broker!!
  • James Sra | 24 Dec 2010, 04:35 AM Agree 0
    Does is in compliance with FSCO legislation??? H
  • CB | 24 Dec 2010, 04:49 AM Agree 0
    (5% of my business is from referrals from my current client base. I earned that respect by being a honest broker with my clients needs always coming ahead of mine or the lenders. To associate with an "auction rate site" is the exact opposite of that style of business I am known for. Don't sell you self esteem for a cheap rate.
  • CB | 24 Dec 2010, 04:50 AM Agree 0
    Can't type
  • Jack | 24 Dec 2010, 05:00 AM Agree 0
    The website is focus on bottom shoppers who care rates only & have no loyoty to anyone. Bottom shoppers don't care services,professilism, friendship.... They only want to find the cheapeat rate in the market... They are the worest customers. I don't even want to waste my time to deal with those kind of customers.
  • Making Money | 24 Dec 2010, 05:03 AM Agree 0
    At $5/bid to a low of $2/bid when puchasing large bid packs, the whole purpose of this site is to make money. Think about it. If 10 brokers bid on a deal at $5 deal makes $50 for doing nothing. The consumer has no cost or commitment to putting in a bid. A google or search of any other site will show the same rates being offered by brokers on ratesheet.

    Try it out yourself. Make up a fake email on gmail/hotmail etc. Register with a fake deal and see what you get from brokers putting in their bids. In the end there will be the odd deal out of it but I bet 97% of the deals posted won't make a dollar for anyone but Brilliant business model for THEM. Not for us value brokers.

    iToolPro customers should take their business elsewhere. Why support a company that is undermining the industry?
  • Jack | 24 Dec 2010, 05:05 AM Agree 0
    The website is focus on bottom shoppers who care rates only & have no loyalty to anyone. Bottom shoppers don't care services,professilism, friendship.... They only want to find the cheapeat rate in the market... They are the worest customers. I don't even want to waste my time to deal with those kind of customers.
  • M | 24 Dec 2010, 06:20 AM Agree 0
    Good Luck to you Mr. Sounds like brokers won't be supporting your business model.
  • Rate Shopper | 24 Dec 2010, 07:39 AM Agree 0
    Super happy to see this site. As a client of numerous mortgage brokers. I'm very pleased to be able to cut the back and forth wasted time out of the equation. For the educated consumer this is a great idea. With the feedback portion it'll reveal shoddy brokers or keep them off the site. Which is perfect.

    Obviously for a larger percentage of the population who doesn't have a clue as to what product or what term is best for them.. they should seek the services of a good full service broker. But for those who know what they want... anyhow. Happy to see this!
  • Broker from Quebec | 24 Dec 2010, 04:28 PM Agree 0
    Dear Fellow Brokers,
    Believe me this is not a worst-broker-nightmare...
    Come over to Quebec and you will learn that Banks pay to Real Estate Agents referal bonus same or similar to brokers' comission for just handing out the name and tel # of the licence hard work required....
    Come over to Quebec and you will learn that clients are not getting best offer or best service they deserve, because because Real Estate Agents keep the clients away from brokers just to assure their referal income from Bank (s).
    Rate shoppers will shop around - either you like it or not- at least there are the MORTGAGE brokers competeing between each other for client(s) not with Real Estate Agents...
  • Ryan Kirwan | 28 Dec 2010, 02:40 AM Agree 0
    We as agents and brokers may not like the idea, but I'm sure some of you that posted here have signed up for the 10 free bids to see if you get any response! LOL! I really don't like the idea of it either, but I signed up for my 10 free bids to see if it would work (BTW, nothing yet).
    Maybe if they would take the RATE out of the equation and have a site with just Mortgage Broker "RESUMES" or company profiles or proposals for the consumers on what the broker has to offer... I don't know!?!?!
    Anyway, I'm going to try my 10 free bids... and then get out!!! Happy holidays everyone!
  • JJ | 28 Dec 2010, 10:03 AM Agree 0
    It blows me away that CMP would even consider, led alone actually promote a company such as this.

    Are these guys even licensed?
  • TM | 31 Dec 2010, 09:27 AM Agree 0
    Did anyone notice their website states “NO CREDIT CHECK”. Who takes a mortgage application and doesn’t do a credit check?
    So, lets get this straight…brokers are going to fight over a mortgage lead and auction their best rate, without full disclosure of credit, income and property.

    We already compete with other brokers and lenders for the mortgage business, so this website will help to further cannibalize our industry, as brokers will be fighting each other online to auction their “ best rate based on approved credit”. As well, for those who sign up for this service you get to pay for the privilege of competing online. Of course, if the “chosen” broker cannot secure that initial rate offering, once the client’s full financial picture is disclosed, they risk losing the client relationship and they also risk negative comments being written about them by the consumer and posted on this website. What a fabulous service!!

    Rate shoppers are always going to be around, but this website is strictly a lead generation tool targeted to exploit both the consumer and the broker. We’ve come so far to professionalize this industry and this will chip away at the progress we’ve made.
  • CL | 22 Jan 2011, 06:17 AM Agree 0
    I signed up as a mortgage broker - just curious, and submitted two bids. Weeks later, the bids are still 'open'. I agree that the website makes money, but if they deliver value then that is fine. But, in this case, 30 minutes of my time was wasted. I doubt very much that person is still looking for a mortgage.

    I responded with 'geez, you can't quote a rate without a lot more info'. But then I tried it.
    In the actual bid process, there are places to drill into the details a bit more, and right cautions/qualifications in there.
    BUT how do I know I'm not just sending something to a curious competitor who signed up as if they were a borrower?

    Also, I wrote to Rate Sheet support 2x and never heard back from anyone - several weeks later now.

    So, I'm not going to waste any more time on it.
Post a reply