Editorial

UPFRONT EDITORIAL

Don’t forget about brokers

In the rush to capitalize on today’s ultra-competitive markets, private lenders have thrown their arms around tech with the sort of warm embrace you’d expect to be reserved for reuniting with loved ones after months of lockdown. The technology that powers mortgage deals has become an increasingly important differentiator. Not every private lender has access to the same technology, but borrowers have strong expectations – for everything from Amazon deliveries to same-day instant e-transfers, they want speed and security. Just an hour can make all the difference in the home-buying process, making it vital for lenders to be able to quickly import applications and have deals reviewed and approved as fast as possible.

Josie Milanetti, director of underwriting at Canadian Mortgages Inc., told MortgageBrokerNews.ca in February that tech’s importance has only increased since the onset of the pandemic. It’s a change that’s likely to remain, even when COVID-19 is firmly in our rearview mirrors.

It doesn’t matter how good your systems are if you can’t get the deal over the finish line

“One of the great things about having the right technology in place is that we can keep people safe,” she said. “We collect documents electronically, no-contact appraisals have been implemented, and we encourage our broker partners to use virtual signatures. I don’t really see that changing in the future.”

However, amid the rush for efficiency, it’s also crucial that lenders understand the key role that brokers still play in their business and offer the right support. As Milanetti explained, some mainstream lenders are looking to funnel deal submissions through a pool of unknown underwriters. But lenders that truly want to stand out in the market will assign underwriters and BDMs directly to their broker partners to strengthen relationships and ensure they have a better understanding of clients. After all, it doesn’t matter how good your systems are if you can’t get the deal over the finish line.

By working together to turn deals around quickly, both the lender and broker can come out of the transaction looking great to borrowers. It’s vital that lenders never lose sight of giving brokers the support they need to get things done quickly – and in a way that will ultimately strengthen relationships.

The team at Canadian Mortgage Professional

EDITORIAL

CONTRIBUTORS

Neil M. Beaumont Nicola Moras

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