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Mortgage Broker News | 24 Jul 2011, 08:00 AM Agree 0
The transfer of an established portfolio from one broker to another is offering encouragement to industry veterans convinced years of service to the client have a significant and very tangible value.
  • Melody | 26 Jul 2011, 04:08 AM Agree 0
    I truly admire a broker who has an established business with a database of clients he/she has serviced over many years. Not so sure selling the "list" is that simple. Think for a minute about Privacy Law and try on the perspective as a client of a mortgage broker. I would strongly advise the broker selling his "list" to get permission from their clients to transfer their information to the new brokerage. While you may think you "own the database", I would think the personal and confidential information of the clients trumps that, i.e. their privacy rights come first.
  • Daryl French | 26 Jul 2011, 09:09 AM Agree 0
    The value of a book of business can be dramatically increased if it is in a Customer Relationship Management (CRM) system that is keeping the agent connected to their past clients. Compare a 2000 contact data base that is set up on a GoMax CRM to that of a 2000 contact data base that is in a file cabinet or on XL spread sheets and I think you would have to agree that most people are going to value the GoMax option substantially higher.

    In GoMax it's as simple as starting a change over program that slowly introduces the new agent to the data base through regular correspondence just like this email. Soon clients see the new agents details displayed more and more prominently and the clients memory of the retiring agent fade away.

    Because the retiring agent planned ahead and invested in his business and set up his data base on a GoMax CRM, he can now afford to live in the life style those other agents just dream about!
  • Sharnjit Gill | 29 Jul 2011, 03:06 AM Agree 0
    I do not agree with Melody's comments about privacy - first to get the client's permission. Everyone knows when TD BANK TOOK OVER Laurentian Bank's mortgage portfolio in BC - and TD BANK also took over CITIZEN BANK OF CANADA whole business -the Banks simply informed the clients via a simple letter and no permission of the clients taken.
    The same rule applies when a broker sells his books on retirement or for any other reason.
    Do not get confused.
  • John Dearin | 01 Aug 2011, 01:48 AM Agree 0
    In the Laurention Bank and Citizen Bank situations, TD Bank bought the mortgages and the whole business, much as they just did with Chrysler Finance....not just a list of names and SINS that are protected from distribution by The Personal Information Protection and Electronic Documents Act (S.C. 2000, c. 5). I think both brokerages here could be in violation of the privacy act, much as Melody has stated.

    If I received a call from this new brokerage, I would most definately file a complaint
  • James Bell | 26 Aug 2011, 01:08 PM Agree 0
    Interesting read, particularly since I am a part of this database that was sold -- and didn't even know it. No communication from the former broker to say he was "retiring" (he is in his mid-30s) and nothing from the new "owners" to indicate this either. A little disheartening to find out this kind of information because of a random search on Google.
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