Lenders are listening, and brokers who are sharing their experiences – both good and bad – are reaping the benefits in greater product offerings and improved underwriting.
reached out to brokers for feedback, one of the things the company heard repeatedly was how critical the relationship between broker and u underwriter is. “[The] number-one [takeaway] was the communication and relationship,” says Megan McDonald, vice president of sales for MCAP Western Canada.
In response, MCAP has worked hard to ensure that every broker who deals with them in a significant way has a dedicated underwriter. The strength in that relationship benefits both parties – the broker has someone they can trust that they can send their deals to, and MCAP can cement relationships with the broker and client.
Enhanced product line “The second piece that became very clear [from the feedback] – especially over the past year – was [brokers’] need for a greater suite of products,” McDonald says. “One of the greatest value propositions a mortgage broker brings to any Canadian consumer is variety and choice,” adds Elaine Taylor, vice president sales for MCAP Eastern Canada. “That is not just the mortgage rate itself, but the product.”
That combination of products has become crucial to helping Canadians manage cash flow and debt, Taylor points out – thus, the impetus for the MCAP Fusion mortgage. Launched earlier this year, the Fusion mortgage was a response to brokers’ desire for a product designed for homebuyers who are trying to take advantage of their home equity while retaining the greatest flexibility possible.
Another important element in developing the broker experience is to continually be investing. For MCAP, that means always having underwriters in place to answer a broker’s call, because there are deals that need to be talked through. That means investing in technology so that lenders have the best online platforms for brokers. And it means investing in the product suite so brokers can offer clients more choices when they are deciding who they want to work with in a challenging market.
Ensuring that lenders and brokers are onthe same page is important, especially given the differing regulatory requirements from province to province, and how those rules continue to evolve. Whether they’re federal, FSCO or provincial requirements, the rules governing the way business is done in the mortgage industry are ever-changing – and often things are missed. Even when mortgage brokers have an excellent understanding of the regulations, individual lenders may choose to add their own nuances to those changes.
“Sometimes brokers don’t get all the information they need,” McDonald says. “We as lenders need to communicate those changes to the broker so they know what they need to do to make that deal close.”
While MCAP communicates regularly to the broker community, they believe the best way to make sure everyone is on the same page is by maintaining those close relationships between broker and underwriter on a day-to-day basis. By having both BDMs and underwriters available to talk through any deal, MCAP continues to keep the human touch in their business.