They make great referral partners; still, brokers feel this one type of lender is shutting them out of the origination process.
Credit unions are gaining market share across the country and, with more deals being sent to them, one broker believes better communication is needed.
“I deal with a credit union a lot and they never tell me who at the branch is going to work with my client,” Nick Bachusky of Verico The Mortgage Advisors told MortgageBrokerNews.ca. “I want them to realize they are an extension of my business and I’d like more communication from the underwriters about when appointments are scheduled.”
Bachusky often sends clients to credit unions because they offer low rates and conditions, but he believes they would receive even more broker business if the lines of communication were more open.
“I do all the work and (the clients) sign some of the documents at the branch,” Bachusky said. “I’d like to know who the client is signing with and what additional documents my client may need.”
It’s an experience many brokers may share but isn’t necessarily the norm, according to one player.
“I haven’t typically experienced that; typically their underwriters are great and we know which branch the client is being sent to,” Maria Gallace of Verico iMortgage Solutions told MortgageBrokerNews.ca. “I always get a call from the branch and I’m given details about life insurance and some other things; they will go over all the details to make sure what the client signed up for is all correct.”
According to CAAMP’s spring mortgage report, 14 per cent of mortgage buyers get their mortgage from credit unions, life insurance or trust companies, and “other” lenders.
