Getting one step ahead

With imminent changes to the way mortgages are funded, strengthening lender relations in preparation is paramount for any broker. Mortgageoutlet.ca, one of the largest brokerages in Canada, understands that B-20 will tilt business in the favour of private lenders and credit unions, and that cultivating strong relationships with them is the key to surviving 2018 and beyond. According to Elan Weintraub, a director and mortgage broker at mortgageoutlet.ca, being respectful of lenders’ time is reciprocated with a willingness to conduct business, so mortgageoutlet.ca doesn’t submit files it isn’t absolutely sure will receive funding. “The golden rule: Do unto others what you would have done unto you,” he said. “Treat your lenders like partners, which they are. Don’t waste people’s time and understand their products. If there are flaws on a deal or circumstances, have that discussion up front because you can save hours and hours of work for the underwriter, or avoid having to put out a fire at the lawyer’s office. With your lenders, pretend it’s your money you’re lending.”

Source: mortgagebrokernews.ca Click here for rest of article

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