Professionals on the brokering and lending sides can benefit, says industry figure
Constant education and levelling-up are frequently cited as two of the most crucial elements to the success of any mortgage professional – whether on the lending or brokering side. Yet with the market as hectic as it’s been over the past several years, it can often be difficult for executives to find the time required to devote to training.
That’s where consultants and outside advisors can play a key role, conducting the type of hands-on training to help mortgage professionals take the next step: whether a new agent wondering how to source leads and secure new business, an established broker who just needs a refresher course, or a lender seeking stronger broker partnerships.
For Kimberlee Freeman (pictured top), founder of KMF Enterprises, consultants can play an important role in helping grow the knowledge and competence of the mortgage industry to ensure it’s serving customers as best possible.
A four-year board member, and formerly past president and chair of education, at the Canadian Mortgage Brokers Association – Ontario (CMBA-ON), Freeman’s consultancy delivers tailored training sessions for lenders and brokers across Canada.
Read next: Could principal brokers be doing more to educate new agents?
“Knowledge is power – it’s one of the key ways to differentiate yourself from your competition,” she told Canadian Mortgage Professional. “I always urge people to learn their lenders and build relationships with their BDMs and underwriters. For newer agents, training on what type of questions to ask their lenders will be crucial.”
Freeman described her value proposition as showing mortgage professionals how to obtain a deal, client or solid relationship with a referral source partner in order to grow their business and bring it to the next level.
That approach has been honed through an acute understanding of the “psychology” that she described as a key component to sales: “How you talk to someone and navigate the conversation to find the opportunities where you can really help them.”
KMF has evolved to a consultancy offering options for business development managers to brokers and agents at any stage of their career, with Freeman also having trained BDMs across Canada and worked with mortgage investment corporations (MICs) from other provinces who required consulting as they entered the Ontario landscape.
On the BDM side, training involves coaching on how to represent their company effectively and drive greater business from brokers: relationship building and sourcing brokers, talking with them, presenting the product and amending the feature sheet so that it highlights what’s most likely to sell.
“With lenders, you really need a sense of urgency,” Freeman said. “You need to get to know your clients, the brokers, really well. Check them, profile them: Who do they use? Why do they use them? Where do they get their deals from? How long have they been in the industry? Ask what can be done to help, what their struggles are.”
Read next: FSRA on new education requirements for Ontario agents
Of course, given the valuable educational role that consultants can play in the industry, it’s essential that they stay on top of key trends and developments themselves, Freeman said.
It’s an adage that she’s put to practice herself as a member of Women in the Mortgage Industry (WIMI), CMBA at both a provincial and national level, the Eastern Ontario Lending Association (EOLA), and a speaker at Niagara College.
“Education for me is non-stop,” she said. “I’m always learning; I’m still constantly networking in the industry, getting involved with the associations provincially and nationally.”
It’s also something that brokers and agents should be keeping top of mind, according to Freeman. “How are you supposed to be a mortgage broker if you don’t know the product? Instead of sitting back and waiting for the phone to ring, you need to go out there, learn your lenders, source new fields, and close a deal,” she said. “Those are the things a broker should be constantly learning how to do.”
Adaptability and a willingness to evolve remain core components of what ultimately makes a broker successful, Freeman said – particularly when it comes to understanding and adapting to what customers are comfortable with, whether that be virtual or in-person arrangements.
“You try and accommodate what they would prefer first,” she explained. “It’s absolutely been proven in many fields that a company can still be successful even though their staff works from home. To be successful in a long-term career, you must be adaptable to unforeseen change.”
