“I speak to clients up front and say things are changing but that I will still do my best to get their deal done,” Bernie Klacer of Real Mortgage Associates told MortgageBrokerNews.ca. “I also ensure constant communication throughout the process; from the initial conversation right through to funding and beyond to make sure payments (and eventual renewals) are completely understood.”
It’s a strategy favoured by many, including John Thompson of TMG
The Mortgage Group who believes broaching the difficult topics early on is preferable to saddling clients with extra work – and surprises -- once the mortgage process has already begun.
“I just tell clients up front that this is a federal government mandate and we’re happy to help but there are certain things we require from you,” Thompson told MortgageBrokerNews.ca. “I get all the info up-front; some brokers shy away from asking for these requirements because they think it will scare the client away.”
For difficult files, Thompson also avoids asking underwriters for exceptions because he believes finding a solution is just one part of a mortgage broker’s job.
And it’s a philosophy shared by Klacer, who believes it’s become too easy to shift the blame to lender underwriters.
“We really have to manage the expectations of our clients with the new rules,”Klacer said. “I think a lot of brokers aren’t properly educating clients and they are too quick to blame the underwriters.”
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