I guess they could call them the Branch General Manager or Branch Chief Executive but really the title is useless and they cant approve anything merely psuh it up the line for someone with a lesser title to approve or decline.
So what happened to the brokers who "brokered" deals between parties?
Are you now a bunch of form fillers?
The screen gives a number, and you just point to it in front of your customers and say "see?" ?
Have you ever spoken to a banker who has the power to make decisions?
Or do you just talk to your aggregator BDM, who also just "pushes it up the line".
It seems many people confuse the "personal manager" of "loan officer" or whatever BS they call themselves from those who make the decisions.
Rolf I doubt there will be all that much pricing discretion (unless it's up), but I do believe that the history of the client will be given much more consideration.
Never in the last 20 has my taxable income been >40k but I still get loans.
How do you brokers think that happens?
I've had *real* brokers get me loans, and I got others myself.
I've had a broker say to a BM "I'm telling you he's good for the money, If he cant get a loan for a shitty 250k I'm retiring tomorrow." after his objections to <30k income ~500k existing loans, to a 250k loan. Of course he did the loan. That was a good broker, and I was only present because he called my bluff.
Long before the days of no-docs and 10% was considered barely enough deposit for anything (early 90's), I borrowed 180k for a biz with no cash, income of <20k, and less than half of that in equity and a 60k RIP loan (vacant land!).
And I managed to get a 10yr loan when everybody else was offering 5 max and would'nt budge. Including the bank I eventually did the loan through.
How do you think that happened?
By talking to a screen? An aggregator BDM? A "loans manager?"
No chance! I worked my butt off to get that loan.
A broker used to be someone who acted on your behalf.
Nowadays it seems to be someone who fills out forms, and adds another 3 layers to the process.
Banks at first seen them as an alternative and cheap distribution channel, but now they are cannabalising it by setting up there own franchises and trying to regain control over their distribution.
Personally I think it will backfire as they won't get quality recruits. Only ex employees and inexperienced wishful thinkers.
But there is much weeding out to be done, as just like other industries it's very over-supplied.
And yes I'm just about to be an MFAA member ftr.
