The Changing Financial Landscape

rsz_landscape_in_fence

The financial landscape is changing at a rate never seen before.

Recently, a major bank made it clear to a (successful broker) friend of mine that it will take up to 40 days before an application is looked at. Another bank is offering $4000 cash-back if you refinance with them, however you must be a front line worker, many more deals will be rolled.

As the restrictions ease and competition lifts it will be the most competitive mortgage industry in history.

As mortgage brokers we operate in a unique environment …

  • We are in direct competition with our suppliers 
  • The preparation of work required only to receive no income because our client chooses an alternative
  • We do all the work, receive payment and have it all taken away within 12 months if the client refinances

The moral?

  • Spend time understanding what each lender provides, both inside and outside the broker channel
  • Stay in regular contact with your client base
  • Consider time frames for approval and if possible avoid huge delays which put your broker client relationship at risk

Do not be complacent. Be alert, aggressive and educated. No one can afford to work for nothing….

Leighton King

National Sales Manager – Vision Aggregation