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 | 07 Nov 2013, 12:00 AM Agree 0
No, brokers, it isn’t all in your head: The banks are becoming more aggressive when it comes to chasing renewal business and all-new RBC’s Mortgage Renewal Information Centre is the best example of this strategy.
  • JJ | 07 Nov 2013, 09:12 AM Agree 0
    Simple, use lenders who have trailer systems :)
  • Lior, Mortgage Edge | 07 Nov 2013, 11:39 AM Agree 0
    If anything, this effort reinforces the notion that you have to keep top of mind with your customers. People have a bank account (most of us have an account with the big banks ourselves in one form or another), so you have clients that will be solicited by the institution they bank with. A simple phone call on a regular basis and reinforcing your value proposition can go a long way when the time comes to renew.
  • Broker | 07 Nov 2013, 01:00 PM Agree 0
    does anyone think that maybe the banks and gov would like to see the broker channel eliminated?
  • Walid | 07 Nov 2013, 06:42 PM Agree 0
    @Broker Banks want to see the channel gone, I agree. The gov on the other hand am not sure. What is your rationale ?

    Anyways it is financially better for the banks to use the channel instead of their mobile workforce.
    They will have everything as a variable cost there will be no fixed cost attached, except for BDMs.

    Once the fixed costs are closer to the generated revenues they will switch to the variable costs(broker channel) but for that to happen we need more lenders to make the share of the pie smaller for everyone.
    As long as big banks keep the number of lenders small they will have the upper hand.

    Unless of course we have our own lender (like they did in Australia)
  • Broker | 08 Nov 2013, 09:41 AM Agree 0
    @Walid, with respect to the Gov, I mention it as they work very close with the Bank Heads, I don't have anything to back that up other than conspiracy. I do believe though that the channel will continue to get paired down to a point where it might be the place where one would go if you had a tough deal...Subprime and Private deals only. The banks will have their own highly controlled sales force and the rest of us will focus on B & C biz only.
  • Walid | 08 Nov 2013, 01:03 PM Agree 0
    @Broker Hence the need for a replacement for CAAMP. We need to position ourselves as the best option for the consumer.

    We can't be just used for tough deals, we have an added value that no bank can match. We are the specialists. WE need this CMBA as soon as possible.
Post a reply