The customized digital stats cards have proven a huge hit in helping brokers successfully close more deals, the company says
This article was produced in partnership with MCAP
Fergal McAlinden, of Canadian Mortgage Professional, spoke with MCAP’s Lee-Ann McEllister and Sushanta Sen about the success of the company’s Partnership Insights Card.
At MCAP, supporting broker partners and providing them the knowledge, tools, and data required to succeed has always been a central focus. The Partnership Insights Card, launched last year, has proven a key resource to help brokers take their business to the next level.
The cards are quarterly, customized digital reports that provide brokers with information on their performance including volume and units funded, funding ratio, file complete percentage, and submit to fund ratio.
MCAP co-agents are equipped with individual stats on the most important areas needed to build strong and durable partnerships, as well as help them submit and close more deals, according to MCAP.
The initiative emerged from discussions between top-performing brokers, with those conversations shedding light on best-practice approaches used by brokers to close deals.
“The Partnership Insights Card allows brokers to take a look at the opportunities within their process – and we can offer better training, but also resources and tips that come from other brokers,” the company’s associate director, sales – Western Canada, Lee-Ann McEllister, told Canadian Mortgage Professional.
“It’s about helping you understand your business and make those changes to ensure you’re valuing your energy, not just time and money. It’s really important going into 2023, and it allows us to celebrate the achievements of our top brokers and recognize their efforts in a meaningful way.”
Sushanta Sen, MCAP’s director of sales, told CMP that the cards had been an invaluable asset for both the company and its brokers in handling the adjustment to a cooler market, one that’s required mortgage professionals to move away from a transactional towards an advice-based approach.
“In a time and age where relationships and referrals are going to be more important, creating a level of expectation and sharing insights through our Partnership Insights cards is going to be key to our success in the coming year,” he said.
Why broker collaboration is so important to MCAP
The collaboration with brokers on the program stemmed from MCAP’s belief that communication is a two-way street, according to McEllister. “We love hearing from our brokers about what they need from us and what they see in the future for needs,” she said. “So that’s why we really drove it down to the co-agent level.”
“Before, a lot of the reporting went to the broker-owner or the submission agent but allowing them to see those insights at a co-agent level opens up a better discussion on our business.”
Those conversations with leading brokers revealed a direct correlation between funding ratios and having a high percentage of files broker complete outside of 10 business days to closing. Files brokers complete outside that 10-day minimum closed more than 90% of the time.
Conversely, brokers with a lower funding ratio were much more likely to be sending their documents in at the last minute – something that affects not only the client’s experience, but also the broker’s and solicitor’s experience at closing.
On Professor, MCAP’s broker portal, brokers can see the documentation that’s required when viewing a policy, meaning they can ask for each of those documents upfront from their clients. “By getting a file broker complete, the likelihood that it’s going to close and fund increases significantly,” McEllister said.
Ultimately, the program has proven a big win for MCAP, helping optimize its relationships with brokers and other partners – and allowing the company to streamline internal processes.
“This not only helps partnerships with the brokers, homeowners, solicitors, and MCAP and its BDMs and sales team,” Sen said. “It also helps MCAP improve its partnership within our own team. Whether our underwriters or our funders, the entire team is now contributing towards the same cause and overall experience.”
What’s new for 2023?
2023 updates to the initiative will see it expand to provide submissions agents with data on their teams, a move that MCAP said will save those agents time, money, and underline the company’s commitment to broker support.
Those are timely changes, with the upcoming year set to see plenty of opportunity – but also challenges in equal measure.
“For 2023, there are a lot of things outside of our control going into the year,” McEllister said, “and so when we face those challenges, we face them together. We’re in it for the long haul.
“I want to make sure that brokers understand that we win together, we look for opportunities together, and we overcome those challenges together.”
To learn more about MCAP, visit MCAP.com.
MCAP is a mortgage lender based in Canada.