Brokers weigh in on issues facing lenders

Hundreds of brokers across Canada have already participated in CMP’s Brokers on Lenders poll, airing concerns about lenders but also these key players.

Brokers weigh in on issues facing lenders
Hundreds of brokers across Canada have already participated in CMP’s Brokers on Lenders poll and have aired their concerns currently facing lenders in today’s industry, including frustrations with insurers.

“The insurer is becoming a challenge these days,” one poll participant wrote. “Many times the lender would approve a deal just to have the insurer overturn it.”

Brokers are also asked which issues they think will have the most impact on the broker/lender relationship in the next 6-12 months. So far, several say the move to efficiency ratios and higher volume requirements.

Have you had your say yet? Click here to fill out the survey.

Overall, the survey is viewed as barometer of broker satisfaction with their most important partners. The CMP research is also the most straightforward and influential message mortgage brokers will send to their lenders, say industry professionals.

 That’s all the more so with increasing competition from the banks and a number of credit unions across the country. The survey and comments aim to offer valuable advice on how lenders can better position the industry.

Last year’s sixth annual Brokers on Lenders survey was strong, with nearly 400 mortgage professionals taking the time to answer questions and provide candid feedback on lenders in 11 categories: approval/ loan turnaround times, underwriter support, BDM support, broker support, transparency of commission structure, IT and electronic/technology, interest rates, product range, overall service level to brokers, satisfaction index on overall credit policy, and overall lender performance. This year’s survey will once again include a supplementary optional section, specifically tracking the types of deals brokers are arranging and, more importantly, who those deals are going to and why.