On Tuesday, three industry leaders and I convened to examine some key issues that are shaping the Canadian mortgage broker market.
Panelists included Jim Murphy (CAAMP), Mark Kerzner (TMG), Jared Dreyer (MBABC) and this author.
In case you missed it, a replay is above.
We would like to extend our sincerest thanks and appreciation to The Mortgage Group (TMG) for hosting and producing this very worthwhile discussion.
Here’s a flavour of the points made by the panel….
Jared on the new refinance rules: “Consumers are still going to borrow,” regardless of refinance restrictions. The difference is that now they’ll pay more interest because they can’t consolidate debt at low rates.
Mark on lender/broker relationships: “Your customer is #1A, but your lenders have to be a really close #1B.”
Rob: “If you start seeing more direct-to-consumer (lending) models, you’re going to see an impact on broker compensation.”
Mark on pooling: Allowing brokers “access to pooling is important for consumers…as long as it’s managed effectively.”
(Pooling is where multiple agents submit deals to a lender under another agent to obtain better volume-based status, rates, service and/or compensation.)
Jim on pooling: “Pooling is a benefit (to brokers and consumers) because not all brokers have "access” to the most competitive offerings from all lenders.