Vancouver Mortgage brokers turning traditional lending model on its head

Number of Canadians consulting with brokers jumps 20 per cent

VANCOUVER, Nov. 10 - Homebuyers' confidence in mortgage brokers
continues to grow. More than 31 per cent of Canadians sought the advice of a
mortgage broker in 2006, according to a recent survey by the Canadian
Institute of Mortgage Brokers and Lenders (CIMBL). This figure shows a
definite upward trend compared to last year's 25 per cent. Looking back
further, in 1999, only 14 per cent of all purchasers used a mortgage broker,
according to the Canadian Mortgage and Housing Corporation (CMHC).
"The traditional lending model is being turned on its head. Today's
homebuyers are increasingly embracing mortgage brokers," said Invis president
and CEO Andrew Moor. "Mortgage brokers can offer valuable advice throughout
the financing process as well as provide access to mortgage options and
services many homebuyers don't even know exist, choices that open the door for
more people to become home owners."
Invis has seen first-hand the positive response of homebuyers to the
value and advice offered by mortgage brokers. Invis has grown over 300 per
cent since 2001 in terms of mortgage origination volume, and is now the
largest mortgage brokerage firm in Canada. The company offers mortgage
solutions from more than 50 different financial institutions to get the best
rate and features for each client.
"We know that mortgage brokers add value to homebuyers. From expert
borrowing advice to doing the legwork free of charge to extremely competitive
mortgage rates, we deliver a personalized product that suits our client's
needs," says Moor. "We do the work and our clients reap the benefits."
In its report, CIMBL says that Canadians are going to mortgage brokers to
take out new mortgages, or renewing or refinancing an existing mortgage. A
separate study conducted last year showed that consumers using the services of
a mortgage broker are generally very satisfied with the experience and
significantly happier than those using traditional approaches to source a
mortgage. "We are growing our business because our customers are referring
their friends and neighbours to us," said Moor. "A business can grow fast when
their customers are their advocates in the community. The future looks bright
for mortgage brokers."
CIMBL's survey also showed outstanding mortgages on residential real
estate are expected to be $808 billion by the end of 2007. "This is a huge
market and consumers are benefiting by having a mortgage broker help manage
their individual relationship with it," said Moor.
Next week, mortgage experts will converge on Montreal for CIMBL's Annual
National Mortgage Conference and Expo Nov. 12-14. With more than 2,200
delegates expected, this is the largest gathering of mortgage professionals in
Canadian history. Andrew Moor and other mortgage professionals from Invis will
be participating. Mr Moor is available to comment on mortgage brokers and
other housing finance subjects during the conference.
For more information about working with a mortgage broker please contact Brent Irving at 604-764-6336.