The company's flexible approach is coming to the forefront in a much-changed market
This article was produced in partnership with VWR Capital Corp.
Desmond Devoy of Canadian Mortgage Professional spoke with VWR Capital Corp.’s Steven Lang on the company’s strong value proposition for brokers and their clients in the current market
A changing mortgage market and a challenging environment for many borrowers have only strengthened the importance for brokers and their clients of dealing with a committed and understanding lender – and those traits remain important areas of focus for VWR Capital Corp. in 2023, according to the company’s national sales director Steven Lang (pictured).
He told Canadian Mortgage Professional that it was essential for brokers and borrowers in the current climate to work with a lender that will maintain clear communication and go the extra mile to secure a financing solution that takes account of the end customer’s unique situation and borrowing needs.
For Lang, the ability of VWR to offer those opportunities to borrowers is one of its central value propositions in the much-changed mortgage market of 2023.
“We haven’t changed a ton over our 30 years of existence in that we’re a business of exceptions,” he said. “We have a simple product and a consistent, transparent fee structure. We’re here to find not only the right solution for the broker, but ultimately for their client, too.
“What sets us apart is our flexibility and ability to adapt, but also be agile throughout the process – and at the end of the day, we care a lot about the borrower.”
What should be important for brokers in their choice of lender?
With a wider selection than ever of lenders to choose from, especially in the alternative and private spaces, Lang said brokers should take a number of factors into account when making their decision, including each company’s longevity, track record in the industry, and ability to service the needs of a wide range of clients.
He pointed to VWR’s strong reputation in the industry and among borrowers – it’s currently closing in on $700 million in mortgages under administration, highlighting its longevity and established foundation – as one of the key reasons behind its value to brokers as a provider of mortgage solutions.
Among the best ways for brokers to build the most productive relationship possible with the company, he said, was to know the benefit of a clear line of communication – and the value of a shared approach to finding the optimum solution for their client.
“Let’s work together,” he said. “Especially right now, our business development managers (BDMs) have to have more touch points with our brokers so that they can really see what the client’s goals are, what they’re trying to achieve, and whether we can structure it in that way.
“Within that first conversation, it could be a no, and we’ll tell them that. We’re not looking to put anybody in a bad situation. So even if it works with us somehow but it’s putting the borrower in a worse position, we won’t. We have to understand the purpose of what they’re doing.”
What brokers need to keep in mind about the current market
For BDMs, one of the most crucial aspects of the current market is understanding the deal that has come in and having a clear idea of the borrower’s situation, Lang said – with VWR’s representatives understanding the value of additional conversations with brokers to put something together that works for the client in a challenging climate.
The company’s commitment to its broker partners, he added, has been exemplified by its attendance at a huge number of industry events so far this year – 77 are currently lined up – with a revamped website and landing page also making it even easier for mortgage professionals to navigate the digital side.
For Lang, one recent example above all exemplifies the crux of VWR’s service to its end borrowers. A homeowner, who had been funded in 2016, made all home payments on time but repeatedly struggled to come up with the property tax payments required to prevent her home from being sold in a tax sale.
The company’s flexible and collaborative approach came to the fore, with a new arrangement put together to extend the payment window once again and help that homeowner keep hold of her hard-earned property.
It's a story that had a happy ending. “She is completely up to date. We’re up to date. We are not going to a foreclosure,” Lang said. “It’s a good mortgage for us, a good mortgage for her – we came to the solution for the borrower.”
Amid a challenging market environment for many borrowers, it’s an approach that shouldn’t be taken lightly.
Steven Lang is national sales manager of VWR Capital Corp., a private equity-based mortgage lender headquartered in Langley, BC.
