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Mortgage Broker News | 06 Apr 2010, 12:00 AM Agree 0
During December and January, CMP conducted our second cross-Canada broker sentiment poll to gauge what's on brokers' minds. Erin Letson uncovers the results, which may surprise you - take a look
  • Gary Tagg | 09 Apr 2010, 05:31 AM Agree 0
    The marked changed from 5% leaving to 49% leaving sounds like the survey is flawed. I find it hard to believe that almost half of the brokers in the country are considering throwing in the towel. The only way these numbers can be accurate is if these brokers are among those who are part time or who just don't write any business. It would be great if that type of broker did something that they could make a living at. It would be good to know if these were full time brokers who were surveyed.
  • Professor Anon. | 16 Apr 2010, 02:30 AM Agree 0
    Ann Turner of Waterloo makes the comment that Canadians don't take risks with their homes like Americans Do. While I am not a mortgage broker, I am a former American whose current income is in the top 4% of all Canadians. I am continually bewildered as I look around at my collegues (who make similar wages) as they purchase $400-600,000 dollar homes and $50,000+ vehicles (Lethbridge, Alberta). I fundementally can't understand how they make ends meet. While the rules and regulations may be different, there is plenty of evidence that Candians do take plenty of risks with their homes.
  • Professor Anon | 16 Apr 2010, 02:35 AM Agree 0
    While it may seem reasonable to some folks for a person with a six figure income to purchase such a house, I should also note that the individuals I observe also have designer clothes, multiple children, take huge vacations, and own large campers. The math doesn't add up. Frankly, a house in Lethbridge, Alberta should NEVER cost more than a house in Hawaii or a condo in downtown Chicago.
  • DanP | 22 Apr 2010, 05:33 AM Agree 0
    It would be, to say the least, disastrous for the average Canadian mortgage consumer in this Country if the Government allowed the Mortgage Broker industry to be put down once and for all by the banking sector. Consumers should recall the days when they had to fight to get 1/8th or 1/4% off the posted rates, and that was only after they moved everything they had in the world to the bank as a condition to justify the discount. The Canadian consumer had better open their eyes, and strive to support the Mortgage Broker Industry, if they want to continue to enjoy discounted rates as we have seen in recent times.
  • Greg | 22 Apr 2010, 03:00 PM Agree 0
    Here are some facts:

    - The government has invested in mortgages.

    - Banks invest heavily in taking over the mortgage broker share of the market.

    - Banks continue to undercut brokers by requiring the brokers to stick with their guidelines while the banks instruct their branch managers to undercut the mortgage rates and accept clients who have already qualified with a broker. Banks have taken these measures with sub-prime clients, as well, who have already been approved by a sub-prime lender. In most cases the client has RRSPs (down payment under the home buyers plan) with the bank, which allows the bank to take advantage of the situation and get the deal, while the broker looks like an idiot.

    Clealy, upon studying bank guidelines, this client should not have been approved for a bank deal.

    I know that some of you may attack this by saying that its the bank's money and that they can do whatever they want with it, but in this case I would say that you are wrong and have no moral standards. The banks do not own the money. Investors do. People who invest in banks should know what kind of business they are investing in, and if the banks are unethical in the way they conduct their business, then people should not invest in those banks.

    We are all humans trying to make an honest living and I am sure we all work hard at doing that. So, why should our own people try to take food from our childrens' table and why should the banks have so much power over people's livlihood?

    I call upon all of you, who invest your hard earned money with the banks to insist that banks be ethical when doing business with the money that you have invested with them, so that brokers can take part in the mortgage business, as well.

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