The company is looking to strengthen existing connections with brokers and maintain constant touchpoints throughout the mortgage process
This article was produced in partnership with VWR Capital Corp.
Fergal McAlinden of Canadian Mortgage Professional spoke with Steven Lang of VWR Capital Corp. on the company’s priorities moving into the second half of the year
An eventful 2023 in the mortgage market is past its midway point – and as VWR Capital Corp. looks to the second half of the year, the lender is maintaining its strong focus on constant touchpoints with brokers and keeping clear lines of communication open, according to its national sales director.
Steven Lang (pictured top) told Canadian Mortgage Professional that in the midst of a rapidly evolving mortgage landscape in the year to date, the importance of continual updates between broker and lender had become even greater.
“It’s putting the work in to make sure that we’re dealing with the licensed brokers as our direct point of contact – beginning the right way to make sure brokers are asking the right questions with their clients so down the road, we’re not just inheriting an issue that could have been avoidedor putting a borrower in a worse situation than they should be in,” he explained.
VWR has also been hard at work simplifying its fee structure, a move to make things more straightforward for brokers in explaining deals to their clients as the market becomes increasingly complex.
The company now has the same fee structure for first and second mortgages, giving brokers fewer small details to sift through when distinguishing between the two. “There are so many changes out there in the market and so many different fees that constantly change, that we’ve decided to make this move,” Lang said.
“There’s nothing hidden and there’s nothing more to remember. It’s easier for brokers to follow along, and we’re aligning our low fee structure to our simple, yet powerful, product offering ”
What should be the main focus for mortgage brokers when submitting deals to lenders?
A prominent theme of the year to date from a lender standpoint has been a growing number of complex applications, often with unconventional income types and other considerations.
When it comes to what brokers should be keeping top of mind in the current market, Lang said it’s important to present as detailed an application as possible, a consideration that will help VWR reach a decision on the deal more quickly.
That’s particularly crucial, he said, because of the fact that deals presented to the company often have an especially tight turnaround timeframe.
“I would say it’s important to have clear notes as to why certain situations happened with the borrower, or even as simple as being clear as to the use of funds from a refinance,” he said. “A lot of files are last-minute, I get it, and when we find some things out just prior to funding, for example, it becomes difficult to drop everything and basically re-underwrite the file, ultimately, pushing aside other deals
“I know there’s a lot of panic in the market and probably a fear of missing out a little bit – but take your time, ask some questions, reflect, and have the right notes in the file so that we can make sure we get to the file as quickly as possible with the lowest number of surprises and with the best offer right from the start.”
VWR looking to strengthen existing relationships with established brokers
It goes without saying that a strong relationship between broker and lender is especially valuable in the current environment, and another central focus for VWR for the rest of the year will be doubling down on its outreach to established brokers with a track record of doing business with the lender.
That’s critical, Lang said, because it offers the opportunity for the company and the broker community alike to strengthen relationships, gain a better understanding of what works and what doesn’t, and ultimately generate more and more business.
“One of our priorities will be focusing our attention more on the brokers that are willing to have the relationships with us build together, spend the time, and understand each other’s businesses,” he said.
“We want to make sure that we firm up our strong partnerships so that we can do more with our great partners and also continue to build, find new brokers who are willing to sit down and talk about each other’s businesses and agree on how we help each other – and, ultimately, help drive growth for both parties.”
VWR Capital Corp. is a mortgage lender based in Canada.
