"I really see a need for us to continue to educate ourselves"
As the Canadian economy continues to exhibit overheated growth amid an unprecedented benchmark borrowing rate of 4.5%, the guiding role of the mortgage professional is an increasingly invaluable resource for consumers.
“Looking ahead to the next 12 months, I really see a need for us to continue to educate ourselves - whether it be our lender guidelines, or policies, to really understand how we can serve our customers better,” according to Eric Larocque, chief mortgage operations officer at Community Trust.
This applies to every kind of client, from borrowers looking to get into the market amid the current price trends, to existing borrowers looking to refinance or renew at higher interest rates.
“It’s going to be important that we continue to focus on finding solutions that are best suited for these borrowers and really find out what others are doing or what your lenders are doing for you in terms of supporting you through these challenging times,” Larocque said.
Broker education should be rooted in the continuous seeking of ever-up-to-date information, he added.
“The entire industry is in this together and there are opportunities to learn from each other,” Larocque said. “I think if we come through this and understand that we are a community that’s here to serve Canadians, leaning on each other and learning from each other will be important as we as we get through these next 12 months.”
For more insights on how the Canadian mortgage industry is likely to evolve in 2023, click here.
