It’s only been a month. But MCAP’s Deal Run call centre – connecting brokers with alternative lending support – is helping new agents get over the single biggest hurdle to doing those deals – apprehension.
“We soft-launched Deal Run 30 days ago,” said Megan McDonald, director of business development for MCAP and its alternative lending arm, Eclipse. “And since full launch on Nov. 1, we’ve seen a 400 per cent increase in calls to our Deal Run desk, with approximately 50 per cent of these calls coming from new brokers. Feedback has been overwhelming positive.”
The initiative is meant to answer broker questions and, perhaps, fears about submitting deals they may in the past have referred to Alt A/B specialists. A tighter real estate market has largely removed that option for many brokers, with Deal Run focused on providing them quick, on-the-run guidance.
The help should increase the viability of the applications they submit to MCAP’s Eclipse and ensure they are, in fact, a good fit, said McDonald.
As the name applies, Deal Run allows brokers to phone the Eclipse support desk and run their deals by an expert. In as little as 60 seconds, said McDonald, the broker can find out whether the deal fits within the lender’s guidelines.
“Because we often don’t get the right information or we don’t get enough information, we created a tool called Deal Run 5-on-5, utilized by our team to ask the questions that allow us to determine the viability of the deal and pricing for the deal in about a minute,” McDonald told MortgageBrokerNews.ca.
All brokers originating for Eclipse will be able to access the service, although the hope is they will agree to a minimum of five funded deals, which would then allow them a designated underwriter.
“We feel that funding five deals shows a broker’s commitment…so we set this as the level at which we designate a dedicated underwriter,” said McDonald, branding that prerequisite as the “Fund 5 Advantage” program.
The combination of Deal Run and Fund 5 Advantage should improve both the front- and back-end viability of deals, she said.
That may already be happening.
“I think Deal Run is helping demystify the alternative lending process for brokers,” said Karen Beattie, a brokerage coordinator for centralized underwriter Nexsys Financial. “It already is helping us speed up the time it takes to get lender feedback to broker-clients, and that helps the viability of the deal.”