Sent: January 24, 2012
To: Undisclosed recipients
Subject: Overcoming HELOC Objections and the HELOC process, Wednesday Feb 8, 2012
To: Undisclosed recipients
Subject: Overcoming HELOC Objections and the HELOC process, Wednesday Feb 8, 2012
From: Main Reception [mailto:Admin@XXXXXXXX.com]
Hello Agents,
On Wednesday, Feb 8 from 10 – 11AM, my assistant Sarah and I will be putting on a presentation regarding the HELOC product.
Our goal is to discuss the following:
- The full application process for the HELOC on our end and how we can streamline it
- Provide you tools(Excel sheets, HELOC calculators) that will ease the process in dealing with clients for you in the future
- Explain to you exactly what we discuss with the client (and how we discuss it)
- Overcoming objections that we face and role play overcoming objections that you face
We will also have a detailed Q&A period following the presentation so we can assist in helping you overcome common concerns that we face when working with new clients.
PLEASE RSVP WITH RECEPTION
I hope to see you all there!
Trevor Yerema
Manager, Residential Mortgages
TD Canada Trust
Prairie Region
Phone: 403-466-6654
Fax: 403-770-8382
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– this e-mail passed on to VREAA, 26 Jan 2012 by regular reader ‘Peter Pan’, who also writes:
“A friend forwarded this e-mail to me – a TD Manager, Retail Mortgages is organizing a training session with independent financial planners on techniques to OVERCOME objections from retail clients to HELOCs. Hey, what better way to shove more debt down clients’ throats, right?
This e-mail really struck in my craw because Ed Clark and the other Bank CEOs rail against Canadians increasing their levels of personal debt while actively encouraging their employees to do exactly the same thing.”
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Hypocrisy deserves to be called out. This is what Peter Pan is talking about:
“Less than a year after Ottawa forced the banking sector to cut back on risky mortgage lending, the head of one of Canada’s biggest banks says the federal government should go even further.
Ed Clark, the chief executive officer of Toronto-Dominion Bank, said in an interview that he believes Ottawa could tighten the rules on housing loans more than it already has, without hurting the economy or putting the housing market at risk.”
– ‘Mortgage rules should be stricter: TD chief’, G&M, 14 Dec 2011
“Less than a year after Ottawa forced the banking sector to cut back on risky mortgage lending, the head of one of Canada’s biggest banks says the federal government should go even further.
Ed Clark, the chief executive officer of Toronto-Dominion Bank, said in an interview that he believes Ottawa could tighten the rules on housing loans more than it already has, without hurting the economy or putting the housing market at risk.”
– ‘Mortgage rules should be stricter: TD chief’, G&M, 14 Dec 2011
Vancouver Real Estate Anecdote Archive 
This may be small comfort, but at least banks’ current HELOC offerings aren’t backstopped by the federal government. Hopefully, a modicum of cautious underwriting standards will be the result, as bank shareholders’ money is on the line.
You assume the bank is capable of controlling itself. These institutions are complex and collectively employ hundreds of thousands of employees.
So sales people are to have training on how to make a sale? You’re reading too much into too little, again.
So, you see no contradiction in CEOs of banks warning about debt loads while their minions work to “overcome” clients’ “objections” to taking on more debt?
Principled fellow.
From the bank’s point of view, they need to spread debt around to minimize default risk. The CIBC report showed that risk is heavily concentrated in 30% of debtors, while everyone else has been highly debt-averse since the crisis. The bank has to sell debt to the debt averse – it is the ONLY way to improve their balance sheet. If you just cut off the worst people and don’t add anyone new to the pool, you will create the contraction of credit and recession that everyone fears, and the bank’s balance sheet will deteriorate.
Personally, if the majority has not been fooled by now I see no hope for this strategy, and I expect credit to contract in any case.
No. Because I think it’s unlikely that inability to repay would be one of the objections they try to overcome.
Anonymouse -> One could say the same about your “inability to repay” measure that we’ve already said about “affordability”.
Just because you have the ability to repay debt doesn’t mean it’s prudent to take it on.
The problem with the TD marketing ploy is that it’ll try to get people to extend themselves into debt that they think they can afford, now, but which will later cause them hardship. All while the bank CEO warns about the dangers of debt.
You may say this is simple marketing, but many would see it as two-faced and disingenuous.
So the above TD’s training session will be on Feb 8.
My neighbor’s realtor has told us of a sales session at Cam Good’s on Feb 4, 2pm – 4 pm. His other company Terrizona offers investors their services to buy-and-lease properties in Arizona.
My curiosity might get the better of me, and we could register and turn up.
I heard that Harper-Kenny will expand the PNP 10-fold.
With current annual immigration intake of 300,000 (Fed’s 250,000 + PNP’s 50,000), we can expect an annual ballpark of 750,000 from 2013 onwards.
No way is that happening.
I can’t see that happening, who would need all of these?
If this is an attempt by the Government to speed up the immigration process it’s the wrong way to go.
from the horse’s mouth –
para #6
http://winnipeg.ctv.ca/servlet/an/local/CTVNews/20120126/jason-kenney-wants-more-skilled-foreign-workers-120126/20120126/?hub=WinnipegHome
Just say NO.
I was in TD a while back and while waiting in line to deposit checks I overheard a mortgage broker tell a landlord that he should never pay off his mortgage so he can deduct the mortgage interest. Unfortunately the problem with this idea is that you have to make money to deduct your expenses.
So great business plan TD, get a bunch of unpaid interest slaves to manage properties for you and give you all their money. Very profitable.
What’s Happening i’m new to this, I stumbled upon this I’ve discovered It positively useful and it has helped me out loads. I am hoping to give a contribution & assist different customers like its helped me. Great job.