Brokers worry about lost year
Brokers worried about the challenging environment and double-digit revenue slips, you’re not alone. A leading industry trainer is identifying a very real and growing anxiety among mortgage professionals from one end of the country to the next – afraid the economy will further compromise their bottom lines.
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
Brokers help lift Scotia’s falling market share
Brokers – specifically, a bigger piece of their action – helped cushion the blow for Scotiabank in its third quarter even as its overall market share fell – a validation, say brokers, of their value proposition.
Broker frustration sparks debate on client exclusivity agreements
Exclusivity agreements: It’s a controversial idea, but one whose time may have come, with IMBA President Albert Collu kicking off an industry dialogue on contracts that would penalize clients for using brokers to get better rates at the banks.
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.
Williamson: Brokers beware of disintermediation
Macquarie and Concentra may only have been the first, with broker trainer Greg Williamson identifying “disintermediation” as a growing industry trend. In common parlance that means lenders are looking for ways to cut out the middleman and beat a direct path to the customer.
Lender: Commission cut won’t protect broker channel
A lender is now weighing in on the debate about brokers lowering upfront commissions in order to protect lenders squeezed by tight margins, suggesting it would do little to protect the broker channel and keep other lenders from following Macquarie and Concentra.
Cameron takes 'Mortgage Revolution' to Calgary
The Mortgage Revolution continues, with the CEO of Axiom Mortgage Solutions preparing to take his candid and often critical conversation on ethics, integrity and – in a troubling number of cases – the lack thereof to Calgary next month.
A 1,000-broker pep talk?
One webinar, 1,000 brokers, and likely 10,000 opinions. Accomplishing the first of those feats is relatively easy, said industry trainer Greg Williamson, preparing to use an online discussion in early July to offer fellow brokers a strategy for “winning the rate war.”
Growing number of brokers reach for 'last ditch' lending
Lendwise – what some brokers call the lender of last resort – is reporting 70-per-cent year-over-year growth in funded volumes for May, as brokers respond to increasingly fierce competition from the banks on rate, rate and more rate.