Traditional rate sheets just aren’t cutting it anymore following last year’s mortgage rule changes, according to one industry professional who has launched a new tool to help brokers find the best mortgage options.
“We saw an opportunity earlier this year with the mortgage rule changes to help the industry out. We built a tool called LenderSpotlight.ca and it’s a rate finder tool,” Jason Henneberry, broker with Verico
MortgagePal Inc., told MortgageBrokerNews.ca. “You can plug in any number of different variables – (such as) refi, purchase, owner-occupied, rental, all that kind of stuff – and it’ll filter the most appropriate lender, product and rate.”
According to Henneberry, last October’s mortgage rule changes have created an environment where lenders find it difficult to present mortgage products, and brokers are overwhelmed by rate options and policy updates.
As a result, brokers are having trouble finding the best mortgage option for clients.
“It’s is a huge pain point right now … one of the biggest issues that mortgage brokers are facing right now is the insane level of complexity of the rate sheets,” Henneberry said.
Enter LenderSpotlight.ca, which aims to round up mortgage options from Canadian lenders in a searchable database.
A screen capture of a LenderSpotlight.ca search
“Basically, what a broker does is they go onto the system and plug in the variables for the deal – is it a purchase, a refi? – and the system will filter against underwriting and product criteria and give the most suitable option across a number of lenders,” Henneberry said.
Over 600 brokers have already signed up for the free service, which features mortgage options from 16 lenders to the tune of 800 different rates.
“That gives you an idea about the complexity,” Henneberry said.
This isn’t Henneberry’s first foray into the technology side of the business.
Just over a year ago, he launched developed DocAssist.ca, an administrative service that aims to alleviate some of the back-end admin tasks that are increasingly eating up brokers’ time.
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