Mortgage Broker Put Down
“RBC Report From Internal Mortgage Specialist Throws Rocks At Mortgage Brokers”
As a Toronto mortgage broker, I am very proud of my profession and all the value I can add to my clients seeking assistance locating, securing, and administering mortgages for their residential, commercial, or industrial property.
I’m always quick to point out the many different ways mortgage brokers can add value to our customers in a manner in which they are financially better off or are put in a position to be able to make better financial decisions.
All that being said, while 35% to 40% of the annual mortgage applications are processed through a mortgage broker, the balance are completed directly by the mortgage lender.
Nothing wrong with that. There is competition and choice in the market, which is ultimately good for the customer.
It would be nice, although unrealistic, for mortgage brokers and the lender’s mortgage specialists to just get along and play nice.
Last week there was an example of what likely doesn’t help anyone in the market when an RBC mortgage specialist created a marketing piece to explain the differences between mortgage specialists and mortgage brokers.
In keeping with the rhetoric of the season provided daily by the federal election campaigns, this marketing piece basically says that mortgage specialists are superior to mortgage brokers and that customers should be aware of certain risks that come with working with a mortgage broker.
Here’s an article that gets into more detail as well as links that lead to the actual marketing piece I’m referencing to.
http://www.mortgagebrokernews.ca/news/controversial-document-infuriates-brokers/106537
Needless to say, I don’t agree with many of the comments made by this individual. And there are plenty of mortgage brokers weighing in online with their displeasure to provide the counter arguements.
My purpose in bringing this up today is more about providing some basic perspective to anyone that’s interested.
Like any industry, there are lots of slices to this market and there are individuals on both sides of the fence that are really good at what they do because of their acquired expertise and dedication to their craft.
As a property owner seeking a mortgage, depending on the specific nature of your situation, there may also be times when a mortgage broker is more relevant to you than a mortgage specialist and vise versa.
The best thing of all for consumers is that there is a lot of excellent help out there for you, regardless of what you’re potential needs may be. And with a little bit of work on your part qualifying those who can provide service, I’m pretty confident you will be able to find a mortgage expert that can give you the assistance you require.
Hopefully, all of us in this great industry can conduct ourselves as professionals and continue to make things better for all involved. Not sure how confusing the customer with stuff like this is good for anyone.
Competition is good. We just need to keep it clean.
About the Author Joe Walsh
I'm a Toronto Mortgage Broker that arranges mortgage solutions on residential and commercial real estate property. With over 30 years of mortgage financing experience, I'm able to quickly assess your financing requirements and provide relevant solutions for your immediate consideration. Joe Walsh Google+ YouTube Channel