How RMG is rising to the challenge of meeting ever-changing borrower needs

The company is helping Canadians navigate the current market through transfer program updates and its hugely popular broker and customer portals

How RMG is rising to the challenge of meeting ever-changing borrower needs

This article was produced in partnership with RMG Mortgages

Fergal McAlinden, of Canadian Mortgage Professional, spoke with Bruno Valko, vice president of national ales at RMG Mortgages, about how the company is setting itself apart through its transfer program and top-of-the-line broker and customer portals

RMG Mortgages has introduced new changes to its “industry leading” transfer program, unveiling updates and improved terms that the company’s vice president of national sales Bruno Valko (pictured) said were designed to meet the constantly evolving needs of borrowers in today’s mortgage space.

The company is now qualifying insured transfers and insured collateral transfers using the contract rate, provided the borrower paid the default insurance, the amortization remains consistent with the original terms of the mortgage, and no more than $3,000 in penalties or fees are capped on the mortgage at time of transfer.

Central components of that transfer program are tools and strategy calculators, Valko told Canadian Mortgage Professional, which take borrowers through their options and some of the best ways to maximize their opportunity with a transfer.

“We have our collateral transfer strategy calculator, which any BDM can discuss with their broker to help a customer understand the flexibility in terms of what we can offer, and some of the opportunity that they can derive from switching their mortgage over to RMG,” he said.

Qualifying insured deals at contract rate versus the previous qualifying requirement of the higher of the benchmark or contract plus 2% is much more beneficial and allows more borrowers to qualify to switch their mortgage for better rates, giving borrowers the power of choice, Valko added.

The company covers the FCT fee and pays $250 towards discharge on a standard transfer, while on the collateral transfer, when it pays the FCT fee it deducts 10 basis points from broker compensation and pays $250 towards discharge.

It offers borrowers the option to transfer into three-, four-, or five-year fixed, or adjustable-rate term mortgages, while it capitalizes up to $3,000 in fees and penalties on all transfers.

Meanwhile, RMG has also adjusted its New to Canada program to align with recently announced insurer changes. The company is now able to consider between one and four units – having previously been limited to a maximum of two units – with a maximum loan-to-value (LTV) for one to two units of 95%, and 90% for between three and four units.

It’s now considering files with gifted down payments made by an immediate relative, defined as a parent, sibling, grandparent, legal guardian, legal dependent, or spouse.

Top-of-the-line borrower and broker portals

Another point of pride for the company is MyRMG, billed as an easy-to-use online portal that connects users to a comprehensive slate of information about their mortgage – allowing them to take full control of their mortgage journey.

In CMP’s annual Brokers on Lenders survey, satisfaction with RMG’s customer and broker portals was especially prominent in brokers’ submissions about its service.

“Our technology is very highly rated,” Valko said, “and we’re proud to promote that. A lot of customers really enjoy the portal and the tools that they have available to them.

“They can check details for the mortgage, they can make changes to the mortgage online, they can access key information, and they can even win prizes.”

Those prizes, the RMG MyHome Sweepstakes, are won through an exclusive contest for RMG homeowners, giving them the opportunity to come away with up to $50,000 worth of winnings.

Through MyRMG, users can also carry out a range of actions including changing their payment dates and frequency, calculating a paydown scenario, making lump sum payments, and applying for property tax service.

Key information that can be accessed includes annual mortgage statements, information statements, line of credit statements, and more.

Full smartphone accessibility adds even further convenience

The accessibility of those portals via smartphone, meanwhile, gives users a convenience and ease of access that Valko said should be a strong selling point for brokers searching for the right lender for their client.

“The fact that it’s optimized for smartphones and mobile was very important to many of our borrowers,” he said. “Most people work on their phones nowadays – they’re not necessarily on a desktop. They like to have mobile access to different things.

“MyRMG now has a mobile-friendly design that is easy to use on any device. Clients can login to look at their balance, check their statements, make a change to their mortgage or payment, and other important tasks.”

Ultimately, Valko said the recent adjustments made to the company’s transfer program, and the quality of its broker and customer portals, reflect its commitment to providing clients with unmatched levels of service and support in an ever-changing marketplace.

 “We’re completely dedicated to adapting our products and policies to meet the needs of our clients – which are constantly evolving,” he said.

Bruno Valko is vice president of national sales at RMG Mortgages, a mortgage lender based in Canada.