Source: MPA Mag —
Always an essential component of the mortgage broker and agent professions, education is set to take on even greater value this year as the market changes and many borrowers turn towards alternative financing solutions, according to an Ontario-based executive.
Kimberlee Freeman (pictured), founder of KMF Enterprises, told Canadian Mortgage Professional that the onus is on principal brokers to ensure their agents are getting the education and training they need in 2023 to ensure they can speak confidently to clients on the whole gamut of lending options.
“When you enter this industry, you’ve got to think of yourself as a full-body trainer. That’s what a mortgage broker is – they do everything from head to toe,” she explained. “But then to come to a client and just say, ‘I can only focus on arms,’ – that’s not really your full spectrum.
“Principal brokers and team leaders should be training and overseeing their agents on every file, regardless of what type of deal it is.”
With rising interest rates, higher borrowing costs and steeper qualification criteria, 2023 could prove a challenging year for Canadians – but there’s still plenty of opportunity for agents and brokers if they have the right approach to eking out business and interacting effectively with borrowers and lenders, according to Freeman.
“Mortgage agents need to know their lenders and their products, but then also obtain mortgage leads,” she said. “You need to speak to potential clients and referral sources with knowledge and confidence. People underestimate the psychology of sales and the ability to speak to someone, guide the conversation, gain their trust, and obtain a lead.
“Agents need to learn the lenders – A, B, private, and MIC – and understand the landscape. Stay up to date with industry news and network with people and a variety of different referral partners.”
