Underwriters and BDMs can be a major help or a hindrance, and industry players believe former brokers make some of the best ones.
“Absolutely, former brokers make for some of the best underwriters and BDMs; it definitely does help when they’ve been in our position because it makes them better at explaining requirements to us,” Max Omar of Dominion Lending Centres
Capital Region told MortgageBrokerNews.ca. “Former brokers can put it in a language that brokers can understand.”
And it seems the rest of the industry agrees.
Reaza Ali, a BDM with Home Trust
recently took home the honour of best newcomer, lender BDM at the annual Canadian Mortgage Awards.
Ali, who supports 1,073 clients, is a former agent himself.
Another CMA recipient, Kim Weishuhn of Street Capital
– who took home the honour of best newcomer, lender underwriter – is also a former broker.
And a third, Eden Simari of First National – herself a licensed broker – won the award for best lender BDM of the year.
The belief is that former brokers-turned-underwriters can empathize with their broker partners because they know the frustration of dealing with ever-tightening mortgage requirements and paperwork. Brokers find that these former colleagues are willing to go the extra mile to get a deal done.
However, it isn’t a requirement.
“Definitely, former brokers understand the pressures and all the points of contact that are required of us … it adds to their arsenal,” Narish Maharaj of Dominion Lending Centres
Mortgage Pros told MortgageBrokerNews.ca “However, I know lots of underwriters who just get it and are great to work with, so you don’t necessarily have to be a past broker to understand what we deal with.”