Poll results: Skill discrepancy between brokers and banks

We asked readers if bank specialists were as skilled as brokers, and the results are in.

Poll results: Skill discrepancy between brokers and banks
We asked readers if bank specialists were as skilled as brokers, and the results are in.

An impressive 80 per cent of MortgageBrokerNews.ca readers believe brokers have deeper knowledge of the industry than their bank specialist counterparts – that despite job functions so closely linked.

A very slim minority – 20 per cent – believe they are equally skilled and knowledgeable.

The discussion was sparked by one bank road rep who shared a list of secrets with MBN about working for the “other side.”

According to the rep, a high funding specialist with CIBC, banks rarely lose deals to brokers because of any discrepancy is service.

“That’s almost always on rate and not because of any service deficit,” the GTA mortgage specialist said, “and it’s been a relatively consistent (figure) over the last five years. So brokers aren’t gaining or losing momentum in today’s mortgage war.”

That same rep believes brokers’ number one value proposition is rate – and not the service and expertise brokers count as their greatest point of differeniation.

“I would say that broker rates tend to be about 10% lower than ours,” the rep said. “Which isn’t to say that we won’t match those rates in many cases.”

Still, rates aren’t where brokers expect to win the day, or, indeed, the client, suggests the poll. Respondents are reasserting the importance what they believe is the broker channel’s superior knowledge of product and process.