Mortgage professionals say they’ve had enough of clients going to the bank, with broker commitment letters in hand. As Vernon Clement Jones finds out, a growing number are thinking exclusivity agreements will stop them in their tracks
Broker proposes overhaul of AMP marketing
A seasoned mortgage broker may have hit upon a better way for CAAMP to market the AMP to Canadians, asking the association to transfer responsibility for promoting the designation to AMPs themselves and, more importantly, to pay them.
Sale-leaseback: Here, I come to save the deal!
It’s a solution many A clients struggling to come up with a down payment may have overlooked. It’s also one with the potential to expand broker revenue streams, said a DLC leasing specialist, pointing to the sale-leaseback transaction.
Overheated markets push brokers to trailer fees
As a hedge against a “very probable” correction in B.C. home prices, a leading broker is actively moving to trailer fees, a way of protecting income at renewal for high-ratio clients, who may ultimately find themselves under water.
HST repeal offers 'short-term' pain, long-term gain
The people of B.C. have spoken, and their plans to axe the HST are poised to grow originations for brokers when homebuyers snatch up new high-end condos now idling on the market. But there may be some “short-term pain” to get through before that payday.
Broker: Never, ever buy down rate
He’s increasingly an anomaly, but a veteran broker who has never bought down rate is admonishing the growing number of mortgage professionals now relying on that retention strategy, suggesting it only delays the inevitable.
Eroded housing affordability tests Vancouver broker
Housing affordability concerns in the second quarter are helping explain a slower summer for brokers across much of the country, with an increasingly expensive Vancouver now at risk of a downturn, according to a new report.
Veteran cautions new agents on bank deals
An industry veteran is asking young agents to take a second look at the number of deals they’re sending to members of the Big Five, suggesting stronger relationships with monoline lenders is essential to retaining clients but also to serving them.
Top originator urges niche brokering, focus on property investors
With an originations slowdown sending brokers scrambling to diversify their portfolios, a top Ontario player is arguing “niche” brokering may actually be the best way forward.
Brokers: Channel lenders copying bank switch-out policies
Broker channel lenders are increasingly taking a page out of the banks’ book, says brokers concerned about the growing difficulty in switching clients out of their mortgages as monolines ramp-up retention efforts.