Winning Strategies In The Brokered Mortgage Marketplace
Winning strategiesin the brokeredmortgage marketplace
ContentsIntroduction.1What characterizes the mortgage broker channel in Canada?.7What defines a winning broker channel strategy today?.10Conclusion.20
Although mortgage distribution in Canada isundergoing another paradigm shift, this doesnot spell the end of the Canadian mortgagebrokerage channel. Contrary to the U.S. market,the Canadian broker channel is strong, stableand established. In 2009, brokers represented38% of total originations, including 44% of .first-time home buyers. While medium-termgrowth prospects are expected to be modest,the broker channel remains a fixture in theCanadian mortgage distribution landscape – .and a meaningful source of origination volume .for lenders.Winning strategies in the brokered mortgage marketplace1
Evolution of Canadian mortgage lendingThe Canadian lender distribution model has undergoneseveral changes over the last two decades. In the 1990s,mortgage brokers numbered in the hundreds and werea last resort for borrowers unable to obtain a mortgagedirectly from a bank or credit union. Borrowers had limitedchoice when it came to sales channels: the prospect ofbank staff meeting with consumers in their homes outsideconventional hours was highly uncommon, and the role .of the internet in retail banking was in its infancy.Over the last decade, an increasing number of viableoptions for borrowers have surfaced. In addition tobranch-based lenders, borrowers can now consult withthe banks’ own mobile mortgage specialists as wellas independent brokers – while also conducting theirown research online. In this changing and informationabundant environment, the mortgage brokerage channelhas emerged as a legitimate competitor. Share oforigination transactions increased from 26% in 2003 to38% in 2009, as mortgage brokers made particular inroadswith first time home buyers and young Canadians. Overall,this channel has evolved from a fragmented “lender oflast resort” network to a legitimate option for primecustomers. Notably, brokers sourced nearly 50% of their2009 volume from those three Big 6 banks1 still activelyparticipating in the channel.Remote options such as online and telephone bankinghave also emerged as alternative channels for obtainingmortgages. Although in the early stages of adoption, .they signify an important trend for individuals interested .in self-service.Exhibit 1. The broker channel is a stable and established presence in the Canadian mortgage distribution landscapeOrigination transaction rce: Mortgage Consumer Survey 2009, CMHC12Filogix Lender Insights Q4 2009Winning strategies in the brokered mortgage marketplace2009First-time purchasersRepeat purchasersRenewersAll purchasersRefinancers
In recent years, increased competition, heightenedcompliance requirements and rising technology costshave pushed the broker market to consolidation. In 2005,almost 70% of Canadian brokers were employed by oneof five broker houses2. Today, this figure tops 85% if weinclude new mid-tier networks. Change has also occurredon the manufacturing side of the business: some majorlenders have exited the broker channel altogether (bothBMO and HSBC did so in recent years). Many have optedto compete directly with brokers by investing in their ownmobile mortgage sales forces (MMSF). Today there arenow more than 2,800 mobile mortgage sales agents inCanada. Looking forward, the evolution of MMSF andthe role major banks choose to play in the broker channelwill have significant implications for the future of brokeroriginated lending in Canada.Broker – channel economicsWhen viewed as a stand-alone transaction, a branchoriginated mortgage is the most profitable; while brokerand MMSF mortgages are less profitable but broadlycomparable to each other. However, alternative channelsoffer other benefits to lenders: the broker channel providesan opportunity to reach net new customers, and MMSFprovides a bank with an agile and controlled medium toexpand its physical distribution coverage.The mechanics of the broker and MMSF channels aresimilar: both require a credit adjudication structure and ateam of either regional managers or business developmentmanagers, and both generally base compensation on apercentage of loan value. Excluding the impact of crosssell, the broker channel is similar in profitability to theMMSF and in some instances may be more profitable.This depends on two key differentiators between the twochannels – compensation costs and overhead costs.Exhibit 2. Mortgage brokers are emerging as winners in a changing and increasingly competitive distribution landscapeShare of mortgage market (stock) by origination pointMarket share trends2%14%23%Bank (branch or MSF)Credit union or insurance company60%Mortgage brokerOtherBank branchSteadilydecreasingtrendBank mobilesales forceSteadilyincreasingtrendMortgage brokerModestlyincreasingtrendTo dateDecreasingFutureDecreasingTo dateIncreasingFutureIncreasingTo dateIncreasingFutureFlatSource: Canadian Bank Primer, July 28, 2009, RBC Capital Markets, CMHC Consumer Survey Report2Taddingstone Mortgage Brokerage Report - 2005Winning strategies in the brokered mortgage marketplace3
The MMSF channel is staffed by tied sales agents who areemployees of the bank and are primarily or entirely paidthrough variable compensation. This compensation willtypically distinguish between self-sourced and referred leads.The lending institution incurs other overhead expensesfor this channel, such as management and office costs.Brokers, on the other hand, are compensated via finder’sfees, volume bonuses and in some cases through trailer andefficiency bonuses. They are able to command premiumcompensation as they generate their own leads, pursuesales and deliver net new clients to the lender institution.In addition, compensation may be directed to the brokerhouse rather than the broker agent, and distributed toagents via an internal payment grid. Varying methods ofremuneration are set by the lender, which impact the totalcompensation to the broker channel. Overall, overheadcosts are greater for the MMSF channel, but compensationcosts tend to be significantly higher in the broker channel –resulting in similar levels of total profitability.Exhibit 5. Broker compensation tends to be higher than MMSF asbrokers are expected to identify, pursue and close their own sales.However, brokers share their compensation with the broker house.Total compensation costs as a share of origination volumeBranch65-75MMSF80-90Broker115-125BpsSource: Deloitte AnalysisCustomer retention is another key driver of profitability.Renewal business represents a low-cost revenue stream, .as sales costs and processing costs such as adjudicationExhibit 3. Lenders can profit by deepening customer relationships irrespective of the origination channel“Stand-alone”Customer RelationshipDeep CustomerRelationshipNumber of ProductsMortgage OnlyMortgage 1 productMortgage 1 productsCross-sell Profitability LiftN/A10% - 12% 20%Source: Deloitte Research & Analysis. Note: Mortgage profitability refers to NPV and is based on an average mortgage size of 200,000. .Profitability lift represents the weighted average probability of a blend of products likely to be cross sold.Exhibit 4. Typical compensation structures in both broker and MMSF channels have fixed and variable componentsBase CommissionVolume BonusBrokerMMSF80 bps – 100 bps40 - 60 bpsVariableOffered as % of origination volumeFixed AmountVaries based on Volume Tier ReachedSource: Deloitte Research; Note: Broker Base Commissions refer to standard five year fixed rate product.4Winning strategies in the brokered mortgage marketplace
and origination are incurred upfront. With minimalongoing servicing costs, and revenues earned every year,the profitability of the mortgage improves significantly .over its lifetime.There is a generally accepted but erroneous beliefthat the retention of broker-originated mortgages issignificantly lower than retention of mortgages whichoriginate through the branch and mobile channels. In fact,renewal retention of mortgages is generally high across allchannels, with an industry average of 88%. Retention ismore likely to be affected by the interest rate environment,quality of customer onboarding and follow up processesrather than by the channel of origination.If a broker channel lender regards broker business asa tertiary source of volume, it is likely to receive lessattention and retention rates may suffer. If, however, thelender implements standard and consistent processes forcustomer onboarding, the broker channel can provide aneconomically viable source of largely net new customers tothe institution. Further, if the broker-originated customeris actively franchised then their lifetime profitability can beincreased through improved renewal retention.Renewal retention ratesBrokerMMSFExhibit 6. The profitability of a mortgage that renews witha lender through year 10 is far greater than that of the samemortgage at the end of year 5.BranchMortgage profitability 13,200 14,000 12,00050%60%70%80%90%100%Source: Deloitte Research and Analysis 10,000 9,000 8,000 6,000 4,000 2,000 0 4,200 3,470 3,300 5,050 2,200Year 0Total revenueYear 1Year 5Year 10Total costNote: Mortgage profitability calculation assumes a brokeroriginated 5 year fixed rate mortgage of 250,000 at time zero,paid down at an annual rate of 10%.Source: Deloitte Research and AnalysisWinning strategies in the brokered mortgage marketplace5
IRD ImpactIn response to consumer group concerns that mortgageprepayment penalties are complicated and lack disclosure,the federal government intends to standardize theircalculation and disclosure. The typical prepayment penaltyis either three months’ interest or the difference betweenthe existing rate and the rate the lender could charge inthe current environment – known as the “interest ratedifferential” or IRD. In a rapidly falling rate environment,the IRD method provides the lender with greatercompensation for the foregone interest revenue – but it istypically more expensive for borrowers. If new governmentregulations remove the IRD penalty as a barrier toswitching, greater mortgage portfolio “churn” is likely toresult in periods of declining interest rates.In the absence of stiff prepayment penalties, lendersseeking to minimize churn should consider: deeply franchising the customer through active .cross-sellingappropriately aligning the compensation of hunteroriented sales forces (brokers and MMSF) todiscourage churnidentifying at-risk client groups, such as brokeroriginated clients, and defining specific retentionstrategies such as an active onboarding andfranchising program to defend against churnThe broker industry – global trendsRecent market events have impacted the mortgagelandscape globally; however, the broker industry hasevolved differently across various geographies. The U.S.and Australia present two contrasting examples:Exhibit 7. The broker industry – global trendsBroker channel as a percent of originationsUnited States80%60%40%20%0%2007200820092010 Broker-originated mortgages have experienced significant declineyear-over-year and this is expected to continue through 2010 The number of broker firms in the U.S. has contracted from54,000 in 2007 to 20,000 in 2010 There has been downward pressure on commissions andmovement away from trailers Client broker fees tend to be between 0–1% Major initiatives are underway to upgrade mortgage platforms toenable end-to-end fulfillmentBroker channel as a percent of originationsAustralia50%% Brokeroriginationsby top 5 AB29%60%Jan ‘06 Jul ‘06Jan ‘07 Jul ‘07 Jan ‘08 Jul ‘08 Broker-originated mortgages have stabilized Since 2007, upfront commissions decreased .10-15 bps to 55-80 bps, while trailing commissions decreased5-10 bps to 15-20 bps Escalating trailers and commission claw backs are commonindustry practice Banks are moving toward a single processing platform for brokerand non-broker business to cut costs and improve efficiency Brokers are considering charging clients a service fee 40% of refinanced loans occur through a broker Brokers have refocused on higher-value, complex borrowers (theaverage origination value through a broker is 70K AUD higherthan that of a bank)6Winning strategies in the brokered mortgage marketplace
“ if the broker-originated customeris actively franchised then their lifetimeprofitability can be increased throughimproved renewal retention”.Winning strategies in the brokered mortgage marketplace7
What characterizes themortgage broker channel in Canada?Five core themes have emerged in the mortgage brokerchannel in Canada:1. Threat of substitution – MMSFWhile brokers have previously been regarded as thelow-rate/better customer service alternative (particularlyamong non-branch/monoline lenders), the emergenceof MMSF is challenging this perception. Independencefrom manufacturing may continue to allow brokers tooffer neutral advice, but MMSF are now making majorinroads due to convenience and customer service. Armedwith differentiated products, the competitive threat ofthe MMSF channel is pressuring the majority of remainingindependent brokers to consolidate or raise their game.2. Price competitionThe credit crisis materially impacted the nature of pricecompetition on the Canadian mortgage market, as thehistorical price advantage associated with the brokerchannel declined significantly. A number of factors led tothe current price competition structure: Central banks set and maintained interest rates .at extremely low levels.A market downturn drove a flight to safety .among investors, leaving deposit-takers flush withavailable funds.Securitization markets essentially dried up for .non-prime mortgages, forcing the exit of a number .of off-balance sheet lenders.Prohibitive counterparty pricing and stringentCanada Mortgage Bond program-approved lenderrequirements led institutions to apply for bank statusin order to access capital markets.Combined, these factors have left larger deposit-takinglenders with the ability to fund from a large deposit baseand better equipped to aggressively compete on price.Further, they have been willing to do so in proprietarychannels such as branches and through MMSF, negativelyimpacting the price advantage historically observed in thebroker channel.8Winning strategies in the brokered mortgage marketplaceThese factors have also impacted certain monoline lenderswho lack complimentary sources of funding. Despite theiradvantages, major banks are carefully monitoring theirlevel of participation in the broker channel. This was veryevident in 2009-2010 as adjudication grids were tightenedand supply to the channel was selectively restricted.3. Value-added serviceBrokers and broker houses are increasingly focused ondifferentiating their practices. At the agent level, thismay mean becoming an expert in a specific underservedniche, or providing advice on a broad shelf of products asan impartial third party. At the house level, it may meanestablishing the brand as distinct in the marketplace.One example is Verico’s positioning as the “high-end”mortgage broker; another is Multi-Pret’s regional focus onthe Quebec market.As the lending and broker industries evolve, brokerstrategies are also changing. To achieve the level ofcustomer satisfaction required for referrals, brokers aredifferentiating themselves by carefully selecting productsthat fit their customers’ needs. Brokers are also competingfor attention from lenders who have increasingly stringentdemands. To provide them with distinct and higher valueofferings, some mortgage firms have developed a fullservice broker model that includes marketing support,training programs and payroll and compliance services.Some have also developed internal submission desks thatpre-screen applications based on a lender’s adjudicationrequirements. Deals are reviewed by underwritingmanagers who determine whether they will proceed to thelender. The submission desk establishes an arrangementwith the lender to supply a given amount of dollar volume,reducing the power of individual brokers.This broader scope of brokerage operations creates atrade-off for lenders. While generating an efficient sourceof volume, the enhanced service offering also increases thecost of dealing with the broker channel.
4. Broker benchmarking and evaluationHigh instances of “rate shopping” and the cost associatedwith adjudicating unfunded deals are changing the waylenders benchmark and evaluate brokers. Today, theyare more selective about how they do business, basingassessments not only on minimum origination volume butalso on funding ratios.5. Changing supply landscapeConsolidation of broker houses and an evolving roster .of broker channel lenders have changed the supplylandscape. Boutique brokerages are being pushed intolarger broker houses by lender volume requirements and .by the profitability strain resulting from competitivepressures to absorb the costs of underwriting managers,CRM technologies and compliance. Also impacting thesupply has been the departure of select banks and anumber of non-bank lenders. In the wake of the creditcrisis, old players have adapted their approach and newentrants have joined the channel. For example, XCEED willre-emerge as XCEED Bank, now able to fund a portion oftheir lending on-balance sheet and sell directly into CMBpools. Specialty lenders such as Greyhorse also intend toseek deposit-taker status and serve niche markets such asAlt-A borrowers. In May 2010, ICICI Bank announced itsentrance into the broker channel. All this activity impliesthat while the landscape of lenders is shifting, the brokerchannel remains a viable alternative to branch and .mobile sales.Exhibit 8. Lenders are employing both the “carrot” and the “stick” approachesDriverApplication quality& fundingMarginmanagementRetentionand renewalRelationshipprofitabilityTacticsEfficiency bonusCommissionclaw backRate buy downsYield spread pricingStraight line orescalating trailercompensationVolume and fundingratio hurdle ratesPerformance basedSLAsDesired impactExample Minimize the cost of adjudicatingdeals that are not accepted/funded Free up capacity and increase profit Align the broker’s compensationwith the risk of default A number of Canadian lenders pay 5 to .10 bps on total production if its fundingratio is 65% Australia’s big 5 banks employ 100%claw backs on delinquent loans withinthe first 12 months Brokers self-select the deals onwhich they will offer the mostcompetitive price and share theforegone margin with the lender .on “rate buy downs” Some U.S. lenders provide brokers witha minimum rate where they will take adeal and the broker can earn additionalcompensation based on the spreadbetween that rate and the booked rate Reduction in mid-term chum andcustomer poaching at renewaland increase in broker relationship“stickiness” In Australia, NAB and Bankwest use andescalating trailer structure where thetrailer increases over the life of the loanTypical structure is a trail of 15 bps inyear one to a max of 30 bps in years 5and beyond Reduce the number of brokers dealtwith and limit interactions to thesubset of brokers with which thelender can deal profitably Several Canadian lenders mandateminimum volume and fundingthresholds as a condition to receivetop rates and service. Those not at thestandard are deprioritizedand in somecases, eliminatedSource: Deloitte ResearchWinning strategies in the brokered mortgage marketplace9
What defines a winningbroker channel strategy today?
The complex nature of today’s broker space compelslenders to develop sustainable strategies to win andmaintain market share.Bank and non-bank lenders are competing heavily onprice in the context of extraordinarily low market interestrates; they may also employ compensation adjustmentfor short-term gains. While broker compensation hikesmay encourage agents to direct incremental volume to aparticular lender, compensation alone is not likely to drivesustainable volume lift. In fact, competing exclusively onprice and compensation will negatively impact the businessover the longer term.The complex nature of today’s broker space compels .lenders to develop sustainable strategies to win andmaintain market share. While countless approaches canbe employed, lenders should balance meeting broker andcustomer needs and taking advantage of market trendswith profitability. While there is no “one-size fits all” winningbroker channel strategy for lenders, the following five keyactions are more likely to result in long-term success:1.Ensure the appropriate product shelf. .2.Make strategic investments in Underwriters (UW) andBusiness Development Managers (BDM) to ensurequality coverage. .3.Make strategic investments in technology.4.Identify, target, and exploit key relationships at theagent and brokerage level.5.Maximize the opportunity to franchise clients.Winning strategies in the brokered mortgage marketplace11
Ensure the appropriate product shelfLenders must consider their desired market positioning andoperational constraints when determining the appropriatebreadth and nature of their product shelf. These two basicmodels should be considered: Product-centric: Market position is determined by .the breadth or focus of the product shelfSegment-centric: Market position is determinedby the needs of the target credit segment; otherdecisions are based on becoming the best at servingthis chosen segmentProduct-centricThe product-centric model refers to choosing the optimalproduct suite based on the operational constraints, treasuryneeds, and abilities of a given lender. Operationally, abroad and complete shelf is a natural fit with full-servicebanks. Those participating in the mortgage broker channelare already offering the full menu of mortgage productsthrough other distribution channels. Offering a completeshelf of products can solidify relationships with brokers andhelp increase the total share of their volume.There are, however, three key risks associated with the“one-stop shop” model: The lender becomes a natural comparator forprice and features versus specialized lenders; this“contingency lender” position can result in increased costs of adjudicating unfunded applications.Maintaining a presence in all areas may dilute thevalue of a particular area of expertise.A broker channel offer that mirrors rather thancomplements offers in other proprietary channels islikely to create some cannibalization.While a focused shelf is a natural fit with a monolinelender, a full-service lender can just as easily offer thebroker channel a lean shelf focusing on specific products.Segment-centricThe segment-centric model is a natural fit with theoperational constraints faced by the monoline or brokerchannel focused lender. The key benefit of this strategyis the ability to develop expertise in a particular area ofthe market and potentially own that specific segment.The lender will also develop adjudication and operationalexpertise in the focus area. The major bank branch andMMSF channels have clearly staked claim to the Prime-Acredit segment, while almost a dozen firms have retreatedor exited entirely from the non-prime market since August2007. This has created an environment where greateropportunities exist for the lender willing to seek businessoutside the standard prime credit box.The non-prime market is an underserved segmentestimated at 10% of the mortgage market3. The collapseof non-prime securitization markets wreaked havoc withthe funding models of several monoline lenders, resultingExhibit 9. Lenders that choose the product-centric model will focus on differentiating product featuresHybrid mortgagesCash back programsHELOCsHybrid mortgages enablecustomers to benefit from .the stability of a fixedpayment schedule and .take advantage of the lowinterest rate environmentCash back programs providecustomers with cash for legalfees and home purchasesafter their mortgagedownpaymentMortgage plans – .secured with at least .20% equity in the home, .the customer decides when/how to use creditSource: Deloitte Research312Scotia Capital – Canadian Non-bank Mortgage Lenders June 2008Winning strategies in the brokered mortgage marketplacePrincipal repaymentoptionsPayment options such aspaying up to 25% of theoriginal principal and offer .25% increase in payment
in their exit from the non-prime segment. Major banks arealready “cream skimming” the non-prime market through“new to Canada” and self-employed segment strategies,but the majority of the estimated 900MM to 1B nonprime market is underserved by all channels. Industryresearch suggests that the impact of reduced competitionin the non-prime sector will create an estimated 4.7billionfunding gap over the next five years4.The segment-centric model is the only viable way toparticipate in the non-prime segment, as success requiresknowledge of specific real estate markets and specializedskills in credit adjudication. In a generalist model, it wouldbecome too difficult to accurately mitigate the increasedrisks associated with the non-prime segment.Major banks also offer sophisticated product designs,including the single-charge HELOC (Home Equity Line ofCredit), as a substitute for traditional mortgages as well asunsecured credit lines; personal term loans; credit cards, andin some cases the transactional bank account. The revolvingnature of these products favours institutions with a deliverychannel infrastructure that enables instant access to funds.The need for online banking, ATM network or point of saleeffectively prohibits monoline lenders from bringing HELOCproducts to market. Overall, HELOC products do not featureprominently in the broker channel for the following reasons: In selecting from the product- and segment-centricmodels, lenders should take into considerationhow product categories have evolved. Competitiveconsiderations are pushing the broker value propositionfrom “rate finder” to advisor. With this shift comes theopportunity for the broker to broaden the shelf to includenon-mortgage products such as creditor insurance,payment cards and deposit products. From the lender’sperspective, the economics of brokers selling additionalproducts at the time of mortgage origination can becompelling – especially if the lender lacks a proprietarysales force through which cross-sell and franchising can .be driven. Some full-service banks with sophisticated HELOCoffers either do not participate in the brokeragechannel or limit their shelf to exclude HELOCs.HELOC characteristics are not consistent with theeconomics of broker compensation.HELOCs tend to be “stickier” than traditionalmortgages, and represent a hurdle to movingcustomers from lender to lender.When evaluating the product shelf, lenders must balanceproviding brokers with the tools to win and managingtheir own channel conflicts and operating constraints.Winning in the broker channel requires identifying how tomeet broker needs profitably within the constraints of theirchosen operating model.Exhibit 10. Creditor insurance represents a very profitable avenue for cross selling effortsTerm deposit2%Core banking6%Creditor insurance17%profit liftSource: Deloitte Research and Analysis4Scotia Capital – Canadian Non-bank Mortgage Lenders June 2008Winning strategies in the brokered mortgage marketplace13
Make strategic investments to ensurequality coverage (UW and BDM)Underwriters (UW) and Business Development Managers(BDM) serve as the face of the lender for brokers.These individuals are the brokers’ point of contact, andrelationships with them are likely to play a role whendirecting mortgage volume. In fact, 24% of brokers in2009 considered BDM support to be the most importantcriteria in selecting a lender5. According to one broker,“The BDM is key to helping brokers, particularly in achanging environment. The BDM’s knowledge is criticalespecially regarding what products are available. GoodBDMs give different options instead of saying no.” The UWrelationship is also seen as crucial, particularly when quickturnaround is required. On the whole, brokers commonlycite the importance of empowered, knowledgeable staffwho understand the business. The relationship betweenbrokers and the UWs and BDMs becomes particularlyimportant when quick turnaround is required, ratereductions are requested, or special circumstances exist.Lenders must ensure they have adequate UW and BDMcoverage to provide brokers with timely and personalizedservice. Some lenders have distinct UW and BDM roles;others use a hybrid model where one individual pursuessales, supports brokers and underwrites deals. Manyprovide brokers with dedicated underwriters, particularlyif the broker is a top-tier player. BDMs should have thecapacity to pursue the sales opportunities that will allowthem to grow their broker portfolio while providingadequate support and training to existing brokers. In orderto give each responsibility adequate attention, BDMsshould have a manageable book of brokers. On average,they should not be managing more than 150 brokers,though some lenders may choose to have far moreconcentrated BDM/broker relationships. UW coverageshould be adequate to ensure service level agreements aremet, including during peak volume.Geographical considerations should also be taken intoaccount when planning UW/BDM deployment to ensurethat high volume and high growth areas are adequatelycovered. BDMs should be recruited for their sales
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