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Mortgage Broker News | 03 Oct 2011, 07:00 AM Agree 0
“We never doubted that Xceed needed to partner with the mortgage broker industry,” Gleb Ioussoufovitch, director of sales and marketing for the non-bank lender, told last Friday. “But we wanted to be a good partner ourselves. "
  • orphan | 04 Oct 2011, 03:04 AM Agree 0
    in/ out, this lender should go away once and for all,,,
  • Julia Krause | 04 Oct 2011, 04:29 AM Agree 0
    Just my personal opinion here, but as brokers/originators, when the going gets tough, we don't just say 'OK, that's it, I'm out' and then when things get better it's 'OK, I'm back'. We are in it for better or for worse, and personally I find it very difficult to support a lender who might disappear when the going gets tough again. This is a business of ups and downs, that's a given. Definitely not a business for fair-weather lenders OR originators.

    And if lenders are concerned about fraudulent transactions from originators, lenders should pressure the 'superbroker' companies to provide proper TRAINING to their agents! Until this happpens, brokers are not going to see an improvement in market share. How else can you explain the dramatic increase in the number of originators over the last 6-7 years while our market share actually decreased?
  • alberta | 04 Oct 2011, 05:33 AM Agree 0
    I disagree with julia, the lawsuit is not that there was a fraudulent accounts that is not what the lawsuit was about. if xceed wants to come back please come back we need as many choices as possible. we need xceed as much as xceed needs us. WELCOME BACK XCEED it is nice to see you again
  • Ontario Broker | 04 Oct 2011, 07:02 AM Agree 0
    While we never want to see Lenders exit the market, I will have to agree with Julia on this one. Brokers, Lenders, Insurers & Xceed Employees were all affected by this. Who knows what will happen next.
  • Ottawa Broker | 04 Oct 2011, 07:10 AM Agree 0
    I disagree with Alberta broker, I do not welcome Xceed back. Xceed is no different than the fly by night agents we have in our industry. We don't need as many lenders as we can get, we need prudent lenders that will dig in for the fight and help us combat the big 5, not a lender that was not prudent, thus causing a lawsuit to be brought against them. Just as it goes for agents, it goes for lenders, we don't need volume to gain market share, we need quality. Sorry, Xceed in my opinion does not fit the criteria.
  • VL | 04 Oct 2011, 08:29 AM Agree 0
    We don't need anymore vanilla "A" lenders that are in then out. Being in Southwest Ont. there are many lenders that think Canada stops at London. What we need is a B lender or an A- that will do business all over the country.
  • AMP member | 04 Oct 2011, 09:57 AM Agree 0
    Xceed has the right idea. Limit which brokers you deal with. I'm sure we'll be seeing a lot more of this policy in the coming months. I'm not sure the aggregators ( DLC, Invis, MA etc) can justify their value if more lenders follow Xceed's model though. My guess is the extra points they collect above the broker's commission isn't enough to maintain head offices. Interesting times on the horizen... again
  • Julia Krause | 05 Oct 2011, 05:03 AM Agree 0
    Why are you all afraid to use your real names? You don't support your own opinions?
    Or because your grammar & spell check doesn't work when you post here?
  • Lior | 07 Oct 2011, 12:53 AM Agree 0
    To be frank, I never dealt with Xceed although I heard all kinds of stories from the agents that have mentored me, and some of them have been in the business for many years. When I got into the business at the peak of the credit crisis, Xceed pretty much stopped lending as the securitization market dried up. Then I read on CMT that they were exiting the broker channel altogether because the compensation they have to pay brokers is too high for their liking. Now they are suddenly back again with a marketing spin that they only work with a few "friends" and offer products that I'm not even sure fit the typical client that I have. Surely the people at Xceed realize that all this yoyo-ing isn't exactly the best confidence builder to cultivate a relationship. As we may be heading towards another potential credit crisis, I'd rather send business to more high profile and tried-and-tested lenders, those who are well-capitalized and can withstand the storm and not those who are here one day and gone the next. Just my two cents.
  • Didar | 07 Oct 2011, 05:22 AM Agree 0
    First, i would like to say that lenders need to earn a brokers business, especially on the monocline A insured side. With all things being equal brokers have a choice who to partner up with. Xceed leaving and coming back doesn’t bother me as much as not having more lenders strive to be different and stand out from the crowd.

    Julia, it’s not only the Super brokers that are to blame but all brokerages small, medium and large. While training is important more vital is hiring the right person. We do need as many broker friendly lenders as possible but we need them to develop better products to help compete with the banks i.e. HELOC and equity products.

  • John Dearin | 08 Oct 2011, 08:43 PM Agree 0
    I digress from the topic but every darn thread leads off to blaming the world for our faults. Boy we are some good at passing the buck. Now the super brokers are to blame. Dirty rotten banks, filthy snotty CAAMP. WOW, I graduated grammar school 40 years ago, mom/dad lock your computer please.

    Look I am a DLC franchise, and I am provided with more educational material on all aspects of mortgages than I need, all from my snotty rotten Super Broker. But wait!! I have a forum to blame you anyway because I am too lazy to follow up on my responsibility to my profession. If my franchise (that is me) does not force my agents to read and understand this material, the I am to blame. If I let my agents out of my office and do not review each and every file, then I am to blame. Some of the brokers and agents that post here should start looking in the mirror to see where the fault is, not looking for the next person walking down the road to pawn the issue off on.

    I accept my mistakes and take measures to prevent them from happening again. I am currently training another agent and she will not leave the office until "I" know she is competent and will not disgrace my firm. It ain't that hard a job.
  • x Employee | 10 Oct 2011, 11:09 PM Agree 0
    I do not agree whith Xceed and how they are playing favourites. I also do not agree how they manage their business. I worked before at Xceed buth I was amazed what they expected from their employees. They expected us to be just another assembly line and get everything approved one way or another. If you have an indication that the deal does not make sense and it is from a agent/broker that sends them a lot of business then you do not fit in their mould. I wish Xceed the best of luck because they will need it because of how they are doing business.
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