NICHE SERIES Alt-B Lending
know your B products CMP magazine continues its series exploring a variety of niche markets and how mortgage professionals can work within these areas to increase their business. This month we focus on alt-B clients. Nick Lypaczewski spoke to a few brokers to find out what is the most effective way to reach and work with this market Kam Brar
Verico Select Mortgage Corp. Victoria, B.C. How does a broker’s approach with an alt-B client differ from a broker dealing with prime clients? The fundamentals are all the same, provide exceptional service and fulfill the needs and wants of the client with the right products. Where things differ is ensuring that with alt-B clients you get their whole story. In other words, you need to fully understand what has led them to their current circumstances, and most importantly you need to ensure that the short-term plan you are providing them with will ultimately benefit them in the long run. Furthermore, they also need to understand that in order for things to be successful they will have to adhere to the plan.
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