Those lenders who are perennially near the top of CMP’s Brokers on Lenders survey maintain their position by listening to and learning from brokers, says one industry veteran.
“For future product services, it does aid in telling us where we should be going,” says Gino Tieri, the vice president of sales MCAP
. “The market has been slightly down, but it is picking up. More than ever, we all have to embrace the change and keep abreast of the changing landscape.”
Tieri is heartened that brokers are favouring the Professor technology offered by MCAP, but he also keeps close tabs on what systems and software brokers are recommending in the CMP survey
“It’s always good to hear from the broker side,” he tells MortgageBrokerNews.ca. “We find the survey feedback valuable.
“The last two or three years, it was good to see MCAP maintain a strong position near the top of the survey.”
Last year’s fifth annual Brokers on Lenders survey was strong, with hundreds of mortgage professionals taking the time to answer questions and provide candid feedback on lenders in 11 categories: approval/ loan turnaround times, underwriter support, BDM support, broker support, transparency of commission structure, IT and electronic/technology, interest rates, product range, overall service level to brokers, satisfaction index on overall credit policy, and overall lender performance. This year’s survey includes a new optional section, specifically tracking the types of deals brokers are arranging and, more importantly, who those deals are going to and why.
In last year’s survey, brokers placed approval and turnaround times as the most important to them (34 per cent), followed by underwriter support and overall service levels to brokers (23 and 21 per cent). Also of interest were mortgage rates, with product range also sparing broker feedback, to a lesser degree.
As for the general health of the housing and mortgage market, Tieri offers some words of encouragement.
“If people are paying down their mortgages quicker, then the refinancing will come back,” he says, observing the difficulties created for clients trying to meet the 80 per cent loan-to-value requirements. “And the employment numbers will drive price – that goes hand-in-hand with affordability and debt reduction.”