No, brokers, it isn’t all in your head: The banks are becoming more aggressive when it comes to chasing renewal business and all-new RBC’s Mortgage Renewal Information Centre is the best example of this strategy.
“Is your mortgage due for renewal within the next 4 months?” the website for the bank’s information centre asks. “Now is a good time to evaluate your renewal options and learn about the benefits of renewing early with no penalties.”
Right now, clients who have an online account with RBC are directed to the page as soon as they log in to their account – ensuring the first point of contact they receive around renewal time – and, indeed, well outside renewal time – comes from the bank itself, not from competing brokers.
The goal, says the bank, is to provide helpful tools to make the process as easy and quick as possible.
“Our new Mortgage Renewal Information Centre is a convenient resource that includes articles, videos and calculators to help you manage your mortgage and understand your options,” the site reads. “You can use the Mortgage Payment Calculator to determine how much you will save in the long term by adding a few extra dollars to each mortgage payment – or by making more frequent payments.”
This puts the bank at the top-of-mind come renewal time and you can be sure it is collecting information from those who use its tools; preparing to make that oh-so-important call 120 days out.
With the banks upping their renewal games, what can brokers do to compete?