How many new products did Strive unveil in 2023?
This article was produced in partnership with Strive.
Desmond Devoy, of Canadian Mortgage Professional, sat down with Steve Kissuk, CCO of Strive, to look back on the progress made in 2023, take a look at current market conditions, and what underlines the company’s value proposition.
It’s December, time to take stock of the year that was, the year to come, the lessons learned from 2023, and the plans for 2024.
We caught up with Steve Kissuk (pictured), CCO of Strive, to talk shop. While the year is winding down, there’ll be no winding down the progress his team has made, and his hopes for the new year.
Q: What’s been new with Strive this year, and what are you excited to share about the company’s progress in 2023?
A: In 2023, Strive launched our new suite of non-prime Aspire Alternative lending products. This includes Aspire Alt-A, Aspire Advantage Business for Self, and Aspire Advantage Rental products, addressing the needs of borrowers facing challenges with traditional lending solutions.
Our goal is to provide attainable mortgage lending products and solutions for Canadians from all walks of life across the country. Aspire is designed for hardworking and determined Canadians, including those who are self-employed, have limited credit history, or require a flexible lender for their unique situations.
Additionally, we continue to innovate in our Prime business with expanded product solutions. This encompasses increased eligibility for Purchase Plus Improvement, Leasehold consideration, and our recently launched Healthcare Professional Program.
At Strive, we offer a comprehensive suite of insured, insurable, uninsured, and alternative mortgage products for our broker partners and their clients.
Q: How has the company been working with mortgage agents and brokers throughout the year to date?
A: Our aim is to align ourselves with the very best professionals in the mortgage industry and collaborate through partnerships that not only meet but exceed their expectations every day. These strong partnerships are crucial as we enhance our technology capabilities to better support the application and approval process.
One overwhelming commitment to our partners is clear - we will always prioritize consistent execution through strong Service Level Agreements (SLAs), full transparency, and proactive communication regarding a deal's status. We are selective in onboarding broker partners, targeting relationships where both parties share a vision for long-term partnership growth and opportunities.
Q: Is there anything you’ve been keeping top of mind in your approach to the current market?
A: In the current challenging market environment, it is crucial for brokers to partner with lenders that they can rely on. Lenders who understand each client's unique situation and offer sensible solutions for every scenario. Strive has gained a reputation in the industry as a collaborative lending partner that brokers can confidently present to their clients. We are cognizant of the emerging market in the Alternative space, specifically the underserved non-B20 alternative solutions. Recognizing capital and liquidity constraints in the market, we address the limited funding in that space in relative terms.
Q: What do you view as the company’s value proposition – what sets it apart in the space?
A: Our business is built on relationships and integrity, forming our core value proposition. Focusing on integrity, trust, consistency, and transparency, we aim to deliver products, servicing, and an overall experience that mortgage brokers can be proud of, leaving their clients satisfied.
In a crowded market, our distinguishing factor lies in our emphasis on relationships and service. We live and breathe this commitment every day. Being accessible and proactive in finding solutions, we set ourselves apart from our peers in the mortgage broker finance space. As a significant mid-tier player, we will continue to look at innovation as it relates to product offerings, technology, and connectivity.
Why choose Strive? We will explain the process and provide you with choices.
Q: Is there anything you think agents and brokers should prioritize in their choice of lender for their clients?
A: In light of the prevalent headlines on inflation, recession, and the occurrence of bank failures in the US causing heightened market volatility, the role of a full-service mortgage broker has never been more crucial in these complex times.
Relationship building, maintaining open communication, and trust among the mortgage brokers, their clients, and a lender is key. It is essential to focus on cultivating good equity and relationships, complemented with greater technology. The entire ecosystem is currently fragmented, emphasizing the importance of enhancing the overall customer experience.
When brokers submit documents to a lender, the optimal approach involves seeking partnerships with vendors who are creative in their vision of connectivity between platforms. The adoption of technology for a superior end-to-end experience is mission-critical for everyone in this space. Streamlining information flow and relying on singular sources of data validation will shape the next version of the originator, lender, and customer experience. Allocating time to address the subjective aspects of a deal is imperative. While auto adjudication is straightforward, the emphasis on rules-based lending can enhance efficiency, presenting substantial benefits for both brokers and lenders.
Efforts should be directed towards eliminating duplication points without compromising the quality or integrity of the deal. If we collectively streamline communication between mortgage agents and lenders, reducing the back-and-forth, it allows them more time to understand their customers. Achieving greater efficiency throughout the process represents the incremental opportunity.
Q: Is there anything else you’d like to add?
A: If Strive is new to you, don't hesitate to reach out.
To find out more about Strive Capital, or to reach out, click here.
