They may be competitors, but a number of lender and insurer BDMs in one market are working together to better serve brokers.
A number of lender BDMs, insurers and appraisers in the Ottawa/Kingston area formed the Eastern Ontario Lending Association (EOLA) in a bid to collectively work together to better serve the mortgage broker industry.
“The association is a great intelligence source; we talk about what’s going on in the industry,” Stephanie Guistini, account manager, client relations for CMHC, told MortgageBrokerNews.ca. “There’s a great partnership between lenders, even though they’re competitors.
“It’s helped for gaining intel."
According to Guistini – who acts as the association’s treasurer -- the association grew from a series of events that were hosted for brokers.
However, it’s evolved to include a total of 24 members – from various lenders, insurers and appraisers – who actively work to help brokers and further the channel.
“The goal is to become more effective as BDMs and become more effective for our brokers,” Andrea Haines, regional manager, eastern Ontario for Magenta Investment told MortgageBrokerNews.ca. “We communicate with each other and share info on getting deals done; it empowers us to be better for brokers.
“Membership includes BDMs from ever lender, all three insurers, and appraiser. Anyone who reaches out can join.”
Members meet regularly; they host events for brokers, as well as a Christmas event for EOLA members and an annual summer event in Kingston.
And many fruitful partnerships have emerged from the association.
“A lot of lenders will recommend each other if they can’t get a deal done,” Guistini said.
She hopes other markets will see what EOLA has been able to accomplish and form similar alliances.
“I hope so. If we’re able to do it, I don’t know why other markets can’t,” Guistini said. “There are no negatives that have come from it.”