There is fierce competition between brokers and the big banks, but one industry veteran doesn’t view the two as enemies.
“In the broker channel, monoline lenders and banks alike represent important access to products; so I’m not necessarily one of these people who say we need to win more market share from the big banks,” Mark Kerzner, president of TMG
The Mortgage Group, told MortgageBrokerNews.ca. “I look at it as a channel.
“So the broker channel wants to win market share from the branch channel or the mortgage specialist channel.”
Kerzner says brokers should view all lenders – including their big bank partners – as customers.
“You have your end customer and they’re 1A but your lender customer should be a pretty close 1B. Because what’s a customer at the end of the day?” Kerzner said. “It’s someone who pays someone for providing some service or product and the banks pay us. So when we think about them as a customer, our mindset changes.”
The response was to a question about what the channel associations and lenders can do to help brokers win market share from the big banks.
According to Kerzner, a distinction needs to be made.
“I do think in the context of how do we gain market share from the branches?” Kernzer said.
Which makes sense, considering TMG’s tagline is “Think Outside the Branch.”
Watch out for CMP’s next issue, in which Mark Kerzner is featured as an Industry Icon