What makes a 5-Star Mortgage Product winner? Find out in this episode of CMPTV
In the latest episode of CMPTV, Canadian Mortgage Professional sat down with Jared Stanley, the senior director of organizations at Neighborhood Holdings, an up-and-coming lender that works with brokers and clients across Canada. Neighborhood Holdings made the list of 5-Star Mortgage Products for 2023 and specializes in short-term lending for self-employed borrowers as well as those facing impactful time constraints.
According to Stanley, what really sets Neighborhood Holdings apart from the competition is its low pricing and credit facility that it arranged with six banks. This credit enables it to offer competitive rates and price efficiently, catering to borrowers who may not qualify for traditional bank financing. It focuses on risk-based lending and primarily lends to creditworthy borrowers with high credit scores.
The conversation then shifted to the evolution of the lending industry, particularly considering the pandemic and the prominence of technology. Stanley acknowledged that on one side it has become more challenging for borrowers to qualify for mortgages but recognized that borrowers also have more access to information than ever before. He also mentioned the benefits of competition among lenders, which has, as a result, pushed down competition among lenders despite the higher cost of capital. Stanley noted that opportunities to optimize workload for brokers are everywhere, including online communities for brokers to share tips in, as well as technology and AI to help with automation of menial tasks, allowing brokers to focus more on serving their clients.
Regarding trends in the industry, Stanley discussed the growing importance of AI and automation. He mentioned valuable tools such as ChatGPT and predicts that automation will become more common as time goes on. With technology able to automate menial tasks, the goals for the team are to focus on human connection and customer service while AI handles more basic duties. For Neighborhood Holdings, AI plays a large part in overseeing more mundane tasks so that the company can focus more on serving clients effectively and supporting employees from within. Overall, Neighborhood Holdings is a company focused on lending with competitive prices, putting a focus on risk-based lending, and utilizing technology to streamline its process in order to better serve its clients.
To learn more about Jared Stanley and Neighborhood Holdings, click here, to watch the full episode.
