Yesterday of the 87 sales, only 27 were post July 9th!
In a recent industry news article we are told that some brokers are in the process of extending their reach beyond mortgages."
Some mortgage brokers are now moving to diversify their product offerings as signs of a market slowdown begin to appear.
“Many operators are beginning to add commercial and personal insurance to their product mix,” said Gord McCallum, president and CEO of First Foundation Residential Mortgages in Edmonton. “For some it’s a strategic move; for others it may be a hedge in anticipation of the eventual cooling of the market.”
Six months ago, McCallum’s firm began offering clients home, business and auto insurance as well.
“It is a value-added service we want to offer clients to differentiate our firm from the competition,” he said.
The product offering is additional ammo in the firm’s battle against banks, and relies on employment of a licenced insurance broker to operate the firm’s auto insurance business. Mortgage brokers occupy the top floor of the office while the auto insurance is handled at the ground floor, he said.
“We are fighting fire with fire,” said McCallum. ”Auto insurance is an advantage because banks by law can’t offer general and auto insurance in-branch.
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