Mortgage industry - how does the future look like?

Almost everyone’s vision of a perfect life will include having their own house. But let’s be real, buying a house can be a herculean task. From finding a lender to filling out all the paperwork, it is a lengthy process just to get your loan approved. And then there is refinancing and other such things. And that is why people prefer having a professional by their side to make their work easier. 

Mortgage brokers act as a bridge between clients and insurers. With constant meetings and visits, their work requires them to be around people most of the time. But now, the global pandemic has completely changed the way things work, and we had no choice but to adapt to the changes. 

How did mortgage brokers adapt to the changes?

So, what kind of challenges mortgage brokers had to face? And how will it impact the mortgage industry? To get answers to all the questions, VOLB spoke with Sharon Fauchon, one of the leading mortgage brokers in Nanaimo, working for Invis, an award-winning national brokerage. 

Sharon is someone who enjoys making connections with people and having kids over at her office. So, when the pandemic first hit, she had trouble adjusting to the new changes. “Not being able to see clients was the worst one for me and then, of course, losing my staff for two months. The files were still requiring attention and monitoring for closings, and new files were still coming in, so a one man operation was difficult for sure,” she explained. 

Now they have gone completely contactless with clients and do everything online. “We have adapted a new way of dealing with our clients and keeping the process personal for them. But I still miss having that one hour face to face meeting with my clients initially to establish the connection,” she says. 

And that wasn’t the only problem they had to face. “I have found that in the beginning, I was losing clients because there was no personal commitment from them. I now make sure I am on the phone and talking to them a lot more than I did at the beginning of the Covid pandemic,” she says. 

What about the future of the mortgage industry? 

“I feel that the lenders are starting to be more selective in the products they are letting us have, especially the banks. This gives us less advantage.” Sharon says. But there are many Monoline lenders (Banks or loan originators that focus on providing a specific type credit such as mortgages, car or personal loans) who are still ready to work with them. 

Sharon also expects that there will be a lot more rules coming from the insurers and from the government in how they can approve customers and what types of documents they need to provide upfront for approval.

But Sharon remains positive through it all. “I feel that if you operate with the highest regard for your customers and you do everything you can to get the job done, you are a winner. Put your heart and soul into what you are doing and do it with pride. That, I believe, is a recipe for success,” she beamed.

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