Sponsors - ruffled feathers

[Ryan]

I will openly admit there are some bad apples in the banking industry as well. There IS a white collar prison out there after all.

 

[ManlyBacker]

* Ahem *
Bankers, mortgage brokers, insurance brokers, solicitors and CEOs receiving option packages. What do they all have in common? - that would be self interest. Please save the 'we are looking after the customer' for a crowd that is stupid!
:wall:

 

[The Gronk]

and real estate agents

...all skimming off the top rather than adding something extra

 

[clontaago]

and real estate agents

...all skimming off the top rather than adding something extra

Used car dealers. Worse than the dog sh!t that gets stuck in the tread of your sneakers.

 

[Guest]

[quote author=tookey]
I still believe that the club should be getting a higher percentage than 15% from Sea eagles Home loans.

Would you?

Absolutely. I already pay my existing referrers somewhere between 20 and 30% of total commissions received from the lender. On top of that my aggregator takes 15%.

It appears that the club has simply gone with Beavers mates instead of putting the business out to proper tender. From what I understand from mellonhead neither he nor other existing sponsors such as Auspak Financial Services were consulted with the final decision.

It is not about me getting the club's business because I have enough business of my own it is ensuring that the club maximises the income from allowing its name to be used and presumably access ot the leagues club;s ten of thoiuands of members.

If they can write loans for just 1% of the membership base then the club is talking about making some serious money.

[/quote]

 

[Guest]

Tigers had a home loan product as well I believe.

Tookey - I will openly admit my theories on Brokers are through 1st hand experience. Not positive experiences either. I just cut the lot of them loose.

That said, each to their own. I know a guy who refinanced through a Broker from Nab to CBA some years ago. $800k loan (home loan). The broker was telling the guy what a fantastic deal he was getting....he ended up paying 0.25% MORE, without realising.....I told the Banker to phone the client and tell him. I won't tell you what this customer said about Brokers. Fortunately though, he Broker was paid his handsome commission, and is now receiving a handy trail...at the customers expense.

Tookey - you may be an honest Broker. I don't discount that. But can you tell me theoretically, would there by a fair slice of them out there, that basically will \"do what it takes\" to get a loan through (you know what I mean), and refer people through a stream that pay the highest commission / trail?

I admit that I have come accross numerous mortgage brokers who I would not deal with personally. I also know that there are a lot of dodgy brokers out there who simply put people to where they get paid the most commsision.

But the Bank's tell us that there is more fraud committed by their own staff than by brokers. Form personla experience I can say that the most dodgy people that I know in the industry come from non bank lenders such as RAMS, Wizard, Aussie etc.

There are shonks in any line of business and Ryan just like you a a good (great?) Coporate banker I regard myself as an honest mortgage broker.

We may be in the minority but at least we go to bed at night knowing that we have done the best for our clients.

 

[Ryan]

[quote author=Ryan]
Tigers had a home loan product as well I believe.

Tookey - I will openly admit my theories on Brokers are through 1st hand experience. Not positive experiences either. I just cut the lot of them loose.

That said, each to their own. I know a guy who refinanced through a Broker from Nab to CBA some years ago. $800k loan (home loan). The broker was telling the guy what a fantastic deal he was getting....he ended up paying 0.25% MORE, without realising.....I told the Banker to phone the client and tell him. I won't tell you what this customer said about Brokers. Fortunately though, he Broker was paid his handsome commission, and is now receiving a handy trail...at the customers expense.

Tookey - you may be an honest Broker. I don't discount that. But can you tell me theoretically, would there by a fair slice of them out there, that basically will \"do what it takes\" to get a loan through (you know what I mean), and refer people through a stream that pay the highest commission / trail?

I admit that I have come accross numerous mortgage brokers who I would not deal with personally. I also know that there are a lot of dodgy brokers out there who simply put people to where they get paid the most commsision.

But the Bank's tell us that there is more fraud committed by their own staff than by brokers. Form personla experience I can say that the most dodgy people that I know in the industry come from non bank lenders such as RAMS, Wizard, Aussie etc.

There are shonks in any line of business and Ryan just like you a a good (great?) Coporate banker I regard myself as an honest mortgage broker.

We may be in the minority but at least we go to bed at night knowing that we have done the best for our clients.


[/quote]

Can't disagree with any of that at all. But your right - we are a rare breed.

 

[Matabele]

[quote author=Matabele]
[quote author=tookey]
I still believe that the club should be getting a higher percentage than 15% from Sea eagles Home loans.

Would you?

Absolutely. I already pay my existing referrers somewhere between 20 and 30% of total commissions received from the lender. On top of that my aggregator takes 15%.

It appears that the club has simply gone with Beavers mates instead of putting the business out to proper tender. From what I understand from mellonhead neither he nor other existing sponsors such as Auspak Financial Services were consulted with the final decision.

It is not about me getting the club's business because I have enough business of my own it is ensuring that the club maximises the income from allowing its name to be used and presumably access ot the leagues club;s ten of thoiuands of members.

If they can write loans for just 1% of the membership base then the club is talking about making some serious money.

[/quote]

[/quote]

So you would give the club 30% of the fee for referral?

 

[DVS Matt]

manly = preliminary final

 

[Guest]

[quote author=tookey]
[quote author=Matabele]
[quote author=tookey]
I still believe that the club should be getting a higher percentage than 15% from Sea eagles Home loans.

Would you?

Absolutely. I already pay my existing referrers somewhere between 20 and 30% of total commissions received from the lender. On top of that my aggregator takes 15%.

It appears that the club has simply gone with Beavers mates instead of putting the business out to proper tender. From what I understand from mellonhead neither he nor other existing sponsors such as Auspak Financial Services were consulted with the final decision.

It is not about me getting the club's business because I have enough business of my own it is ensuring that the club maximises the income from allowing its name to be used and presumably access ot the leagues club;s ten of thoiuands of members.

If they can write loans for just 1% of the membership base then the club is talking about making some serious money.

[/quote]

[/quote]

So you would give the club 30% of the fee for referral?

[/quote]

I have one referrer that I give 30% to because he is an accountant.

The amount would depend on what else the club wanted you to do - ie set up websites etc which would cost money. But if it was just a matter of writing a loan for someone who was a football or club member then why not 30%.

But like my accountant if one of my clients came to me and said that he wanted me to put some of my commission to the his home loan to the football club then I would.

Maybe the club should also have a panel of brokers who are willing to provide a referal fee of at least 15% of their commision to the club for loans written.

They could put a coupon/ad in the Manly Daily listing the brokers who support the club and who will pass on part of their commission to the club upon presentation of the coupon to the broker when applying for a loan.

Agreements could be set up with each broker confirming the amount of commission to be paid to the club and each time a loan is written the client could call the club and provide the coupon number. This would ensure that the broker put the loan through to the club.