Alberta Invis-MI brokers react to reported rift with TD

Alberta Invis-MI brokers react to reported rift with TD

Alberta mortgage professionals with one of the country’s biggest broker networks say they’re hoping for a speedy resolution to an apparent dispute with TD, resulting in their restricted access to the lender.

“We’re talking about adults here,” one veteran Invis broker in the province told Tuesday, on condition of anonymity. “This is something that should be dealt with quickly and professionally. TD is not one of my top three lenders, but I do use them and want to keep access.”

The sentiment echoed those of two other Alberta mortgage professionals speaking with Tuesday, as news of an apparent rift between Invis-Mortgage Intelligence and Canada’s second largest bank spread.

Sources tell that TD has now moved to limit deals submitted by Invis-MI brokers and agents in Alberta. It’s in response to an invitation sent to the bank’s mortgage specialists requesting they attend an Alberta open house promoting mortgage brokering as a career. Also at the event were mono-line representatives.

Invis-MI did not answer calls for comment Tuesday, instead referring to TD Broker Services. Up to press time, calls to the bank’s broker channel executives were not returned.

Banks and broker networks have upped their recruitment efforts this quarter in an attempt to maintain originations numbers in a slowing real estate market.

RBC, alone, added 1,000 new branch employees in the last 14 months – a large percentage of them mortgage specialists. That number is also five times as many new workers as the banking titan took on the previous year.

Established brokers have always been targeted by bank head-hunters, industry veterans told, but those efforts have been moved up a notch as the Big Five look to maximize sales ahead of their respective year-ends.

Still,in the past, most of the big brokerages have avoided going after the sales force of either TD or Scotia, the head of a competing national broker network told That point may be lost on MI and Invis brokers hoping TD will again open its doors.

“It (headhunting) is a two-way street,” said the Invis broker, suggesting any split between the network and TD will likely be dealt with in a matter of days.