MERIX Financial's Rachelle Gregory talks tools, technology, and tenure

This article was created in partnership with MERIX Financial:

Rachelle Gregory (pictured) likes to say she grew up at MERIX Financial. Coming onboard in 2005, she started in the credit centre as an underwriter before steadily rising in the ranks to leadership roles. But her biggest learning came from the eight years she spent running servicing departments.

“You can’t sell a mortgage on the front end and not understand the client behind it,” Gregory, now senior vice president, originations, said. “It helped me understand the entire picture, from the homeowner journey to what brokers go through when originating.”

A deep commitment to broker partners and homeowners has guided both Gregory’s career and MERIX’s evolution. After nearly two decades in the market, MERIX continues to push themselves in how they support brokers and homeowners with exciting changes to come. Gregory compared it to an addition on a home: they love the foundation they’ve built but they need room to scale their dedication. MERIX’s focus this year is on enhancing technology and tools to improve the broker experience and double down on its partnerships with brokers throughout the lifecycle of their client’s mortgage.

What’s new with MERIX?

In May, MERIX launched a brand-new underwriting system that doubled the lender’s capacity, but the change doesn’t mean double the work.

“Every broker, regardless of the volume they do with us, gets a dedicated underwriter,” Gregory said. “It’s our expectation that our underwriters reach out, introduce themselves, and get to know the brokers because we truly believe that relationship is an integral part of everyone’s success. We’ve built in the time required to do that and it’s been going really well.”

With the overhauled system came a new broker portal that’s faster, easier to use, and provides more updates on where a deal is sitting in the process. The ability to know what’s happening with an application at any given time makes their lives easier, and they also highlight that the eXplore Portal‘s additional resources and supports are a welcome addition.

Strengthening partnerships with brokers comes down to enhancing existing processes. For example, MERIX is the longest standing trailer fee lender in Canada, paying the broker every year that the client stays with the lender. Taking it a step further, when a client calls into MERIX’s call centre looking to move or refinance, they are referred back to the broker — and that’s always been MERIX’s promise to its broker partners. But with a heightened number of renewals on the horizon, MERIX was hearing more and more about clients’ money management concerns.

Many reported that they were comfortable with mortgage payments, even at a new rate, but it was getting hold of their overall budget that was difficult for them. From credit card balances and spiking grocery bills to the cumulative cost of multiple streaming services, clients were looking for ways to cope with the rising cost-of-living. MERIX investigated the ways the industry was meeting this need and found out that it wasn’t: brokers would refer clients to their local bank website or provide them with a spreadsheet, but there was no tool that helped them understand their cash flow month over month. So MERIX decided to do something about it.

“We built a homeowner budget calculator, MERIX Money Manager,” Gregory said, adding it’s on the lender’s website and available for anybody to use.

The tool is user friendly, reflects the reality of most people’s expenses — for example, a space for those streaming services — and easily identifies which categories are driving things in the wrong direction. Importantly, it’s only downloadable to the user’s computer, keeping all information secure and private. It also has a button that allows the client to seamlessly send the completed budget to their broker, fostering continued conversation on financial stability and how the broker can assist, which the majority say is in two main ways.

Number one, brokers often hear from people who want to purchase a home but aren’t sure about affordability. Sagen’s 2024 Homeowner Trends & Financial Fitness Study found that first time homebuyers’ top priority is ensuring they’re comfortable with the management of their budgets before they purchase a house. MERIX’s tool allows the broker to help determine if the potential client is comfortable with how the mortgage payment fits into their expenses. Number two, brokers are reaching out to existing homeowners to check in and offer a way to manage their budget, as one of the largest expenses will be up for renewal shortly. This creates connection and leaves room for follow-up closer to their mortgage renewal date.

“It’s a great way to get a foot in the door and engage in discussions,” Gregory said. “We believe these changes, specifically Money Manager, feeds into what we’re most proud of here at MERIX.”

Unmatched support & long-term connections

MERIX is not just a lender looking to sell an interest rate and move on, it’s a lender looking for long-term relationships. Brokers feel secure that MERIX has their back, whether they look to the lender as a business strategy in deciding on a per-deal basis how they get paid or rely on the support that’s provided to forge more connections with clients, both existing and potential.

“We’re always out in the market, giving insight on what we’re hearing from homeowners in our call centres,” Gregory explained. “It’s not just about a transactional relationship to get a deal in the door. You’re not selling your client to us. We’re partnering with you, helping brokers grow their business and their market share as well.”

Emphasizing these roots is MERIX’s second annual roadshow across Canada, the In Your Backyard Tour, with a route through the smaller markets that are home to some of the lender’s top broker partners. Rolling into places like St. John’s, Edmonton, and Saskatoon, the theme is rock music with local bands playing at each stop and brokers invited to wear their favourite concert t-shirts. It offers educational events, showcases the newly launched tools, and “basically lets our broker partners know they’re appreciated — we’re coming to their backyards to support them,” Gregory said. She adds that these kinds of events highlight how well her own values align with the lender’s and underscore that for her, MERIX’s success is personal.

“Everything I know comes from MERIX, and it’s been the forefront of my focus my whole career,” she said. “I’ve seen it grow to become an integral part of this industry, and I believe in what we’re doing here.”