Banks are hungry for mortgage referrals from real estate agents. They’re so hungry that they’re willing to pay up to $500 per $100,000 of mortgage, just for a Realtor to send you the bank’s way.
But most lenders don’t pay that much. And many of the best lenders pay nothing. So, what do you think the odds are that you’ll be sent to the best lender if your Realtor is getting paid to make that recommendation?
Company: Home Trust Company
Position Title: Business Development Manager
Previous Experience Required: Minimum of 3 years
Licences or Registrations Required: No
Location of Position: Durham Region, Ontario
Applicants may contact: email@example.com
Business Development Manager
The primary purpose of this position is to generate relationships with mortgage brokers and provide strong customer support by communicating product information and maintaining close communications with prospective and existing customers.
- Market Home Trust Company’s wide range of financial products to result in new sales
- Prospect assigned territory for new business
- Participate in developing new sales strategies to increase market share within assigned territory for Home Trust Company
- Maintain up-to-date knowledge of company’s services and offerings
- Keep up-to-date with latest industry knowledge and trends
- Develop existing business
- Develop and maintain a strong presence and level of business development with Mortgage Brokers and their referrals
- Analyse business opportunities and create plans to maintain continuity, growth and attainment of sales objectives by identifying, developing and maintaining relationships with Mortgage Brokers
- Ensure that all agents are licensed within their appropriate provincial jurisdiction on an annual basis
- Evaluate and recommending mortgage applications by assessing customer’s credit history, collateral and income or ability to pay within established guidelines or modifying the application parameters accordingly
- Maintain consistent, objective and sound risk assessments.
- University degree in business, commerce or economics or equivalent work experience
- 3–5 years experience in mortgage sales
- Strong understanding of residential mortgages products
- Ability to build relationships with external customers
- Exceptional telephone skills
- A polished, sophisticated, corporate manner
- Effective listening skills and exceptional interpersonal and communication skills
- Ability to work independently and within a team environment
- Excellent time management skills
- Must possess a valid driver’s licence and a vehicle
- Flexibility for overnight travel within assigned territory up to 40%
To apply, please email your cover letter and resume to:
Director, Talent Acquisition
Home Trust Company
For more information, visit our website:
Mortgage agents generally pay a split of their earnings to a brokerage. One of the things they get in return is technology (e.g., a deal entry system, CRM system, rate sheet creator, etc.).
Most brokerage technology we’ve seen is run of the mill stuff, nothing special. So when a piece of software comes along that can genuinely help clients or generate more revenue, it’s noteworthy. We had a look at one such tool from Mortgage Alliance this week, called “Lender Logic.”
Special to CMT, By Karen Beattie, NEXSYS Financial
Mortgage fraud in Canada has increased by a staggering 50% in recent years, according to Equifax.
While accounting for only 13% of attempted frauds in 2011, mortgage fraud was responsible for two-thirds, or $400 million, of the estimated dollar amount of financial
fraud in Canada. According to John Russo, Vice President of Equifax, that number jumped to $600 million in 2012.
First party mortgage fraud – whereby an applicant misrepresents their financial circumstances by getting creative with a pay stub, job letter or notice of assessment – is surprisingly common these days. In 2012 it made up the majority of the $1.6 million-a-day in attempted mortgage fraud. And the Internet is an enabler. Questionable websites do everything from creating paystubs to ‘reworking’ T4s and notices of assessment.
“Support monoline lenders” is the mantra of many in the mortgage broker business. Unfortunately, that’s getting harder to do.
Many (not all) monolines are now posting rates that are 15-20+ basis points higher than what bank branches are quoting. And if you add credit unions to the mix, several monolines are completely out to lunch on pricing.
The U.S. Fed surprised the markets yesterday by leaving its $85-billion-per-month stimulus program intact.
Most analysts expected a reduction (“tapering”) in the Fed’s bond buying, due to hints from the Fed itself. But the U.S. economy is still not self-supporting. Its recovery is ironically being slowed by the Fed’s own jawboning—which has driven up long-term rates and created economic drag.
Finance Minister Jim Flaherty met Monday in Toronto with the Canadian Association of Accredited Mortgage Professionals (CAAMP). The Minister meets annually with stakeholders such as CAAMP and, as can be expected, housing and the mortgage market topped the agenda.
The objective of the meeting was to discuss the health of the industry, as assessed by CAAMP. Among the issues raised and discussed:
Despite expectations for a more subdued quarter, Canada’s Big 6 Banks pulled off another impressive earnings season. And while many were expecting a slowdown in the housing market, most banks’ mortgage portfolios showed resilience.
The tidbits that follow come from the
Big 6 Banks’ quarterly earnings reports, presentations and conference
calls. There’s some good stuff in there (CIBC’s discussion of how it deals with price-sensitive mortgage customers is particularly interesting.)
If you’re time-pressed, the focal points are highlighted.
Three out of five homeowners are saddled with mortgages. But in many ways it’s harder being a renter.
Statistics Canada finds that a significantly larger percentage of renters are overextended than homeowners in this country. That’s one of the more noteworthy findings in its National Household Survey (NHS) data released this week.
Falling mortgage rates have been one of the biggest single factors escalating home prices. So as rates reverse higher—assuming it’s a sustained increase—values will feel the pressure of deteriorating affordability.
But there’s a contingent that feel rates and home prices could march higher together, indefinitely. Some believe we may not see 2.99% 5-year fixed rates again for several years.
Is that a bad bet to make? Have people over-reacted by calling for the end of low mortgage rates? Does it matter when it comes to timing a home purchase? Those are some topics in this week’s Globe column.
And on Thursday Sept. 12, we’ll poke at this issue even further in a live Globe and Mail chat at noon ET. Click here to join in.