"We want to work with the broker to make sure that we are putting the client in the best financial situation"
For Emily McLaughlin, of CWB Optimum Mortgage, overcoming the challenges brought about by the Bank of Canada’s recent rate increases involved an assortment of client-focused steps.
“We want to work with the broker to make sure that we are putting the client in the best financial situation,” she said.
The volatility of the Canadian housing market also means that the lender has to stay on top of potential fluctuations, McLaughlin told Canadian Mortgage Professional.
“It’s pretty tough to explain to the client that mortgage payments have increased after benefiting from lower interest rates,” McLaughlin said. “We try to work with the client to explain different prepayment options. There’s features of blend and extend portability, monthly payment frequency changes that we can do, and we also have fee and no-fee options to work with the client on making sure that the monthly payment stays affordable for them.”
Read more: Why is identifying an ideal client so important for brokers?
The current environment also calls for the lender to be just human, “showing empathy and kindness [in] the challenging market,” McLaughlin said.
This also extends to enlightening clients whenever possible.
“We see ourselves as the educational lender in the alternative mortgage space,” McLaughlin said. “So we aim to bring value where we can.”
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