MortgageFest Day 1 recap: Industry leaders on the path forward for brokers
But Gaetano said the role of a mortgage broker still needs to evolve amid a constantly shifting economic backdrop. “We’ve got to go from being a gas station attendant to being a doctor,” he said.
“It’s no longer driving up, asking whether you want leaded or unleaded, and give them a five-year rate and see them in five years. You’ve got to evaluate what the client’s going through, what they’ve experienced, and what their household’s like.”
A troubling trend he’s seeing play out in the Greater Toronto Area (GTA): some clients who have owned their homes for 10 or 15 years now owe more today than they paid for them, not because of major renovations but because of lifestyle creep.
With property values declining and prime lending increasingly difficult to access, many are moving from prime into alternative and private solutions.
Value of mortgage brokers remains undimmed
The uber-attentive approach of banks to renewals was also a prominent topic of discussion. Some banking giants are aggressively early-renewing clients six to nine months out, often before brokers even know a renewal is approaching.
