profile PROVIDER
Communication St. S
treet Capital continues to forge ahead with new products and services – the direct result of feedback from brokers. “The genesis for all of our enhancements and product advancements has been and continues to be feedback that has come to us through formal feedback sessions with mortgage brokers across Canada, but also the hundreds of informal discussions we’ve had with brokers,” said Street Capital President Paul Grewal. The last four months have seen a rapid succession of product and enhancement launches -- from the lender’s online client portal, MyStreetMortgage.ca, to its D+H Express Upgrade 4.3 for brokers. Introduction of the Street Equity product line has also answered client requests by reducing income requirements to help more Canadians. For brokers themselves, Street’s new loyalty program has extended the option of renewal trailer fees. D+H Express Upgrade 4.3 Launched in December 2010, this upgrade affords brokers real-time access to deal and condition status updates on their applications. “Many brokers had been asking for Street to develop its own portal,” said Grewal, “but this goes one better in that it is integrated into Filogix’s Expert system, which eliminates the need to log in separately.” The option is something only a handful of lenders currently offer. Street’s D+H Express attempts to streamline the stewardship process by piggybacking on the system most brokers stay logged into to build and complete client applications. “It provides brokers who deal with Street Capital unsurpassed convenience and functionality,” said Grewal, suggesting the system’s real-time updates also save time on followup phone calls and emails. There are other benefits to Street’s D+H Express Upgrade 4.3: • Expert will interact with Street Capital to update outstanding mortgage conditions automatically • The “Conditions” link on the left-hand side navigation bar will display responses from Street Capital • Email alerts notify agents about changes pertaining to a file MyStreetMortgage.ca A portal of a different kind, MyStreetMortgage is all about providing the client a one-stop shop to connect online with their Street Capital mortgage. Most of the lender’s clients will have access to MyStreetMortgage.ca, providing them the freedom
74
mortgagebrokernews.ca
to check balances and taking advantage of prepayment options. Secured access means clients can safely access annual statements, change your payment dates, lock in on a variable rate and change payment frequency. They can also schedule lump-sum pre-payments in advance. Street Equity The program, launched on January 2011, is another example of Street Capital responding to broker feedback – in this case, those looking for a way to better serve a growing segment of the workforce. “We kept hearing about the need for an equity product, said Grewal. Street Equity is our response. As a low-documentation mortgage for self-employed, salaried or commission-income applicants, it reduces income requirements in consideration of an applicant’s equity in the property.”
After hearing from brokers across the country, Street Capital took that feedback and enhanced its product offerings
• The program, which can be applied to new purchases, refinances or transfers, has specific guidelines for borrowers: • Up to 65% LTV • Owner-occupied properties • Minimum 650 credit score • Up to a maximum loan amount of $1,000,000 • Self-employed, salaried or commission income • NOA and Appraisal required • Fixed rate terms only Paul Grewal
Street Loyalty Program Broker concerns about long-term security and their continuing call for commission choices drove the creation of the Street Loyalty Program, launched in February. It introduces renewal trailer fees as an option for Street’s broker partners. “Brokers had told us that they wanted a way that they could build future value in their businesses,” Grewal told CMP. “The Loyalty program fosters that.” Street Loyalty complements Street Capital’s traditional compensation program by giving brokers a deal-by-deal choice between the lender’s traditional upfront compensation and trailer fees. In some cases, that new option may better suit the long-term needs of broker and clients. “We continue to see significant movement toward that option as brokers migrate to trailer fees,” said Grewal. There’s another tangible indication the lender’s emphasis on listening to brokers is paying off: Street Capital moved up to sixth position on the Davis + Henderson Lender Insights – Market Share Report for Q4 2010. “For us, we see that as a validation that our brokers want to partner with us as a preferred lender,” said Grewal. CMP