In Toronto, the mortgage industry is extremely competitive. A mortgage broker or mortgage agent is only as successful as his/her resources.
We all hope to get cookie cutter deals and great deals do come along. Customers with good credit, income and equity are ideal.
However, how often do you get deals where the client has mortgage arrears, problem credit or can’t prove income and because of this the usual suspects (banks and trust companies) just don’t seem to want to play ball? The answer is more often than not, I know, I have been in the business along time.
Co-brokering mortgages in Toronto is the best way to retain deals that you otherwise may not have. Co-brokering is where you find another mortgage broker or mortgage agent who has funding resources or lenders that you don’t. You negotiate a “fee split” with the other mortgage professional at which point they can obtain the funding and assist you with closing the deal. Co-brokering deals enables you to help more clients and provides your clients with better service.
Look at high profile trials. When a lawyer takes on a high profile client or a client who has a very complex legal matter, they will assemble a legal team, often calling a lawyer with many years of specialized experience to the table. A great example of this was the recent Casey Anthony trial. Jose Baez did not try the case on his own; he brought Cheney Mason to the table as co-council.
In Toronto, power of sale, really bad credit, construction/commercial mortgages and mortgages for self-employed individuals are all examples of complex mortgages. If you are new in the business or generally handle “A” business, these types of deals may feel challenging to deal with.
Generally you will get the most value by establishing co-brokering relationships with mortgage brokers who are established and have been in the business a long time (more than 15 years). You will get the most value because they will have established resources and many years of handling a variety of different complex deals under their belts. They will be able to mentor you through your deals and who knows, in the future you may choose to pursue a mortgage specialty. For more information about Toronto mortgage brokers who support other mortgage brokers, please visit www.firstequity.ca or call David Mandel at 416-440-1224.
