This Is Brokering

What’s changing?

Honestly, you could just skip this episode as the changes mean nothing to all but 0.001% of Brokers, and perhaps 0.01% of clients.

Join Christine Xu for a conversation about landing in Canada in 1989 with two suitcases & $200 and her subsequent journey into the Broker industry in 23 years ago and the path from A business, to B business, to creating a Mortgage Investment Trust (Not a MIC) with Sixty-Million dollars under management inside 4 years.

What have you done lately?

It’s about the journey, not the destination right?

Well… sort of.

The destination really does matter.

We don’t take a plane to Maui, London, or Bali and just stay on the plane and fly home do we?

There are waves of ‘Trigger Point’ letters going out to your VRM clients right now, suggesting they have two options.

Why isn’t the bank presenting a third option?

One that clearly exists.

One that you can implement quite easily.

Do we think the BOC already had this intel last Weds when they inflicted another 0.25% hike on us?

Yes we do.

But they did it anyways.

Despite 2.8% being inside the Bank of Canada's target range of 1% to 3%.

Why?

Because 2.8% isn’t 2%, that’s why.

The FCNB (the NB Regulator) has issued notice re Co-Brokering.

The bottom line is this; in a co-broker situation, only the “licensed” agent can interact with the clients & lender.

A simple referral of name and contact info… NO application taken. 

The silver lining?

The NB licensed broker can choose to  pay a referral fee. 

But the original agent is no longer involved in the file at all.

21yrs in the business, 22 files funded last month!

How?

We get into it, have a listen – this is time well invested whether you are brand new or also 21 years into your career as a Broker.

Check out this action taker, serious commitment!

The winds of economic influence are swirling from all angles, what will it all mean come July 12?

Bottom Line; It does not matter as far as your own business is concerned, very little does… other than your own mindset and daily actions.

Some kind words, and then an abrupt reality check.
 
Following the episode I did have a conversation with this Broker, and they remain optimistic. They have energy, they have a plan, and they recognize that they have skills.
 
 Watch for an update on how this is all playing out in real time over the next few months.