Honesty is the best policy for lenders

Honesty is the best policy for lenders

Honesty is the best policy for lenders

Mortgage Outlet won Best Newcomer Mortgage Brokerage at this year’s Canadian Mortgage Awards, and according to Elan Weintraub, it’s a fruitful result of the firm’s high standard of service.

“Everyone at Mortgage Outlet really has a high bar for excellent, client service, going to lenders and partnering with people,” said the broker and director. “Winning the CMA validates from the industry that of our hard work, dedication and passion has paid off. We see it through our clients and lenders, but it’s nice to see it on a more formal basis as well. We’re very, very committed, so to get the recognition is absolutely wonderful.”

Mortgage Outlet has earned the respect of its peers, but likely nobody more than its lender partners. Weintraub emphasized the importance of frequent meetings to learn about products or policy changes, and he is also emphatic about never submitting a file to more than one lender at a time. Simple courtesies are appreciated in an industry suffering no shortage of brokers from whom to accept files.

“Our lenders have been fantastic. We’ve been fortunate to work with amazing underwriters, and they’re very quick and knowledgeable. They always invest the time to help us, and really, they’re helping us help them. A five-minute conversation can save hours and hours of work if we discover something isn’t going to fit properly. Our lenders are absolutely committed and we have fast turnaround times. We get exceptions sometimes where they make sense, and we work together as partners.”

Ultimately, honesty carries more currency with lenders than anything else. Should a client attempt a fast one and submit fraudulent documentation, Weintraub advises being forthright.

“We haven’t had a lot of fraud attempts but there have been cases where clients have submitted fraudulent documents and we let our lenders know. We tell them we’re going to cancel the deal and ultimately our lenders respect that.”

When Mortgage Outlet submits a file, it’s with the express expectation that it will fund.

“I think it stems from our commitment to our clients and, ultimately, from that we really try to understand our lenders very, very well. We spend a lot of time with the clients and documents and then fulfilling them on time.”

 

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