Frustrated by the mortgage documentation process, one broker developed a system to alleviate the workload – and now he’s turned it into a separate business stream.
“It’s harder to process a mortgage than it was 10 years ago or even five years ago; you’ve got revenue compression and an increased administrative workload so mortgage brokers have to work harder for less money,” Jason Henneberry, a broker with Verico
MortgagePal Inc., told MortgageBrokerNews.ca. “We’re dealing with that by creating this administrative process to free up a broker’s time.”
With that in mind Henneberry developed DocAssist.ca, an administrative service that aims to alleviate some of the back-end admin tasks that are increasingly eating up brokers’ time.
In his estimation, brokers spend 30-60% of their time on administrative tasks.
“We believe the way of the future is more process-oriented and more streamlined; brokers will have a better chance at earning a decent income,” Henneberry said. “That’s how DocAssist was born.”
The launch of the company speaks to the entrepreneurial spirit of the industry. And it is just one among many diversified business ventures being pursued by brokers across the country.
“I think what’s really cool about our industry is there is room for all kinds of different financial business development models,” Henneberry said. “We’re seeing different brokerages do different things in different parts of the country, whether its adding an insurance cross-sell or creating affiliate partnerships between brokers and Realtors to generate activity that way.
“There are all kinds of creative things happening and that’s what I love about the industry.”
As for DocAssist, the service comes in a number of options and is open to all brokers across the country.
But it’s the most affordable package that Henneberry thinks could be a hit among brokers.
“We have the different services but where we think we can really help streamline process is by delivering CRA tax package retrievals for under $10,” Henneberry said. “It’s by far one of the most challenging parts of taking a mortgage application because all lenders require notice of assessments to make sure taxes are paid and up-to-date and many clients don’t have them.
“When dealing directly with CRA it can take weeks to receive the documents. With DocAssist we guarantee retrieval within 4 business hours or our service is free.”