“The unique features of Manulife One and Select [include] sub-accounts and full banking capabilities, with brokers being supported by a team that will be able to work closely with and help them position their existing customers on the benefits of managing and eliminating their debt,” Manulife rep Sean Pasternak wrote in an email to MortgageBrokerNews.ca.
The lender will reportedly begin originating mortgages in the first half of next year, offering brokers access to its Manulife One and Manulife Select products.
Manulife will partner with brokers across the country, Pasternak said. He also provided more details on the reasoning behind requiring its broker partners to take a training class.
“Manulife One has many unique features that need to be reviewed and it is a materially different way of managing debt that requires training for positioning with current and previous customers,” he said.
At the outset, Manulife will partner with a small number of brokers. Though just how many brokers it plans to work with has yet to be determined.
“We have not set a limit for the long term but it will be a select number to start,” Pasternak said. “We want brokers that will think outside the box and engage in deeper debt management discussions.”
It was originally reported that underwriting will be provided by a third party; however, Manulife has yet to confirm concrete underwriting plans.
“Underwriting will be in keeping with our current guidelines and could potentially be executed by a third party service provider,” Pasternak said.
Manulife will be entering the broker channel next year, and its offerings will help brokers focus on debt management solutions for clients.