Brokers know all about this challenge
All brokers know the challenge of sifting through the lending criteria for multiple private mortgage lenders trying to find the right fit for their client. With LenSpect.com — a new private mortgage lending directory — that leg work is done for them. It’s a one-stop-shop offering brokers a centralized source to obtain lender criteria — and the opportunity to save themselves a lot of time.
Peter Menicucci, a broker himself, founded the site to give a sense of order to the great variety of mortgages from MICs and private lenders, which differs significantly from dealing with the banks which largely offer similar products. Brokers can spend hours digging through emails or searching online to figure out who does what because of the different criteria, and LenSpect offers a solution to that labour intensive task by laying out, in one convenient site, the relevant criteria for each private lender, including mortgage position, LTV limits and borrower or property requirements.
The site is offered at no cost to brokers and there’s no registration required. They can filter listed lenders using a host of variables, narrowing down their search by mortgage position, property type and lending purpose, for example. Listing details include rate and fee ranges, as well as loan-to-value limits.
The site makes the mortgage origination process more efficient overall by saving time on the lender side as well. Lenders don’t have to field inquiries and sort through submissions on deals that don’t fit their lending parameters if brokers use the directory from the outset. LenSpect’s goal is to have strictly dedicated lenders which are either MICs/MIEs or loan administrators that carry the appropriate licenses, rather than brokers or brokerages that may outsource the financing requests to outside lenders. By doing this, brokers using the site can be confident they’re going directly to the end source.
Each lender receives a dedicated page that brokers can view, which outlines the details of the company, including contact information, more in-depth details of products offered and any promotions that might be going on. They can post their broker kits as links as well.
Several leading lenders are currently listed on LenSpect, such as Canadian Mortgages Inc., Fisgard Asset Management Corp. and Alta West Capital, all of which lend in several provinces, and requests to be added to the site continue to grow. Lenders view the site as an excellent platform that offers a wealth of information about their mortgage products in one convenient place and helps streamline the process from all angles.
“This platform will be a very useful tool and resource for all mortgage brokers across Canada,” said Reaza Ali of Fisgard — which can be found on LenSpect.
