Robert McLister·Mortgage Tips & Advice·June 3, 2010Mr./Mrs. Perfect Broker Someday we’ll retire, (God only knows when), and we might find ourselves in need of a mortgage. Hopefully, we’ll be playing so much golf that we won’t have time to keep up on the mortgage market. So, we’ll need to track down a good mortgage planner. But what would we, as mortgage planners, seek out in a mortgage planner? We asked ourselves that, and came up with these top 10 criteria. ********Our certain someone would: Be licensed in the industry over two years Experience is so crucial in this business. It just avoids so many headaches. New brokers are very eager to please, but if a newbie is going to make a mistake, better that it be on someone else’s file. Have closed at least $10 million of mortgages in the last 12 months Tenure alone doesn’t afford experience. Deal volume does. Have “status” at a minimum of three lenders For better pricing and faster lender turnaround Know the pros and cons of major mortgage products outside the broker channel (like those from RBC, BMO, and Manulife). So they can advise us objectively. Reply to emails in 8 business hours Who’s got time to wait? Return phone calls the same day Ditto Have a decent professional web presence Brokers who take pride in their marketing are usually fairly competent in other parts of their business Diversify their deal submissions And not send over 40-50% of their volume to any one lender. Otherwise, their objectivity could be impaired. (An exception is if they specialize in a mortgage that one particular lender offers.) Recommend the ideal term and explain the reasoning in plain language. And show us a hypothetical amortization comparison to back up that recommendation Get us a rate that’s within 10 basis points of the best available–for the mortgage product we need. We’re always happy to pay for service…but not overpay Of course, there are many more broker selection criteria that could be added to this list. We’d love to hear yours! Like news like this?Join our CMT Updates list and get the latest news as it happens. Unsubscribe anytime. SUBSCRIBE! Thank you for subscribing. One more step: Please confirm your subscription via the email sent to you.