Effective immediately, MCAP pay brokers small bonus when they move an existing bank mortgage of large 5 to MCAP. Mortgages under this promotion must finance with MCAP until 30 June 2011.
In a letter to brokers, President of the Corporation for the service of the MCAP, Ron swift, said:
"We following the launch of the first, from what we hope will be many initiatives to address the growing mortgage broker market share …We invite other lenders to unite his forces with us to maintain the mortgage broker channel and increase market share by targeting customers who currently use of banks and other channels of"-broker.
Roughly 1: 4 mortgages come from mortgage brokers. But, the banks have huge edges (i.e. speed of high retention) with renewal and refinances.
MCAP also notes, as a general slowdown in the growth of the mortgage. As a result, she says, some brokers were "making transactions from a monoline lender in another," which "has a negative impact on the monoline lenders that support the production of a mortgage broker."
MCAP added: "we must focus on increasing our market share taking business from lenders that do not support the mortgage broker channel."
From a purely objective point of view of promoting competition is great to see the non-bank lender Rally the industry against banks and putting money where its mouth. Banks retail divisions you want to cut our throats, and industry must fight again in a more uniform manner.
Brokers, on the other hand, still must keep the interests of their client. If this means that the movement of non-bank customer per Bank with considerably better conditions to it.
Rob McLister, THIS YEAR'S CMT MUSIC
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