Monday, June 14, 2010
Canadian Mortgage Brokers Need To Be Sharper
The marketplace for mortgages in Canada is changing very quickly. The Canadian mortgage broker needs to make sure that they are working on all the skill sets that they need to help clients the best. There is a lot of pressure from the charted banks to make sure broker market share does not increase any further. BC has the highest market share at 50% for mortgage brokers. The Canadian average is 32% currently. I agree that the lenders should be looking for quality vs quantity going forward. What the banks really need to do is look at the mortgage broker channel as a partnership. this way we can work together to maintain strong client relationships. This will work well for the client to get the best options and for the banks to have the clients serviced to the best of the ability.