On Tuesday, three industry leaders and I convened to examine some key issues that are shaping the Canadian mortgage broker market.
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.
Rob McLister, CMT