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Mortgage Broker News | 17 Sep 2013, 12:00 AM Agree 0
Mortgage brokers say they understand why a TD home buying guide advises seeking out a mortgage specialist for expert advice, with no mention of its broker-partners.
  • @kiltedbroker | 17 Sep 2013, 08:49 AM Agree 0
    I don't believe TD ever even thought of including brokers in that guide. TD tolerates the broker channel at best... lets not kid ourselves.
  • Jon | 17 Sep 2013, 09:08 AM Agree 0
    Isnt it Naive to believe that any big 5 bank would advertize the use of mortgage brokers when they have their own salesforce which is paid less for funding mortgages?
  • Len Lane | 17 Sep 2013, 09:20 AM Agree 0
    Have to agree with kilted broker, TD tolerates us at best which is why I've never sent them a dime.
  • Omer Quenneville | 17 Sep 2013, 09:37 AM Agree 0
    I strongly believe that if mortgage brokers gave good advice to clients, clients and banks would be beating our doors down. No reason for anyone to go to a bank in my opnion. Banks should be considered secondary option.
  • Lior, Mortgage Edge | 17 Sep 2013, 12:41 PM Agree 0
    I'm a bit puzzled by all the fuss. Why would they plug brokers who don't work for them? When you see brokerages put together guides for clients or prospects, do they include "talk to your bank" anywhere?

    The reason all banks prefer pushing products through their own staff and not brokers is not necessarily the lower pay (which is true, as is for all bank-employed originators) but the revenue that bank employees can potentially generate from a customer. Mortgage brokers sell mortgages while bank staff sell mortgages, personal credit, mutual funds, savings accounts, all of which have better margins than a simple mortgage.

    Running a branch network is expensive so it is understandable that banks have to look for multiple sources of revenue. As Ed Clark said, the monthly cost of a regular bank account doesn't come close to covering the cost to provide that account.

    Len: our brokerage has a good working relationship with TD. I understand that some brokers don't want to send them business because they register using collateral charge. However, they have come through on difficult deals and the pricing is competitive so I see no reason not to work with them.
  • Omer Quenneville | 17 Sep 2013, 12:48 PM Agree 0
    I would personally have a problem letting any client walk into a colaterial charge. Most clients would gladly take a variable once they understand the "IN'S and "OUTS".
  • Ron Butler | 17 Sep 2013, 12:56 PM Agree 0
    Lior, I laughed out loud when I read the "broker's guide does not have: talk with your bank" anywhere. Beautifully said. Sometimes we brokers really need to keep things in perspective. TD is here to promote TD: not brokers, we should all get that.
  • Bill Nugent | 18 Sep 2013, 02:30 PM Agree 0
    Be very careful what you wish for. Even though you are not dealing wit TD Canada Trust or the other big bank's directly where do you suppose most of the funding comes from for the mortgages that you are funding.
    As for the advertisement they have not advertised brokers ever in any of the advertisement's that they do and I do not ever expect them to do so. I much prefer to have them in the channel than leaving as Firstline did.
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