Executive on the best ways to cultivate a successful relationship
In the current climate of increasing demand for specialized lenders, it is incumbent upon brokers to establish and maintain relationships with business development managers for the long haul – in turn allowing brokers to create a comprehensive, up-to-date list of lenders, according to Leanne Conroy, director of sales at MCAN Home.
Conroy added that building such links leads to a virtuous cycle of give-and-take, with the most reliable lenders often ending up providing more avenues for brokers should a transaction not fit the lender’s profile.
“A good partner will let you know if they’re not interested in your collateral,” Conroy told Canadian Mortgage Professional during a recent panel discussion. “They’ll try to work with you and let you know which lenders will, because we’re partners.”
Such in-depth knowledge helps refine the mortgage professional’s approach further – an important asset considering the ongoing economic and financial volatility.
“[Brokers] are the stewards who can kind of navigate Canadian homebuyers through this difficult and ever-changing environment,” Conroy said. “Things change, but they [also] stay the same, and we have to stay on top of it. We have to be agile.”
In MCAN Home’s case, this has manifested into a focus on well-structured, simplified deals that allow for the development of the best solutions.
“Having these guidelines that can help with extended ratios and a 35-year amortization can really help borrowers still maintain comfortable payments on their mortgages, which… with the rates jumping, and jumping, and jumping, can be very stressful for clients when they’re not really sure how they’re going to be able to afford their monthly payments,” Conroy said.
For a detailed exploration of how specialized lenders are faring in the current environment, click here.