Does the Findings of a New CIBC Poll mean Opportunity for You?

When polls like the one recently released by CIBC come out, it means good news for Canadian mortgage professionals. While the Canadian real estate market as a whole has continued to thrive, several major media outlets have reported on the very high unsecured debt loads plaguing Canadian families.

While Canadian families continue to carry lots of debt, this article released by the Mortgage Broker News suggests that they are optimistic about coming up with solutions to deal with their debt. Where homeowners are concerned – this presents a lucrative opportunity for you.

The time might be right for you to take a look at your existing client base to blitz existing clients for other credit products. Refinancing, for example, can be an increasingly valuable option for those clients with existing value but a debt load that has started to cause considerable stress. Many consumers are aware of this option, so instead of letting the banks get their business, take your business to them first.

Mortgage rates are at all-time lows, clients in many major city centres have seen substantial increases to their property values and people are in debt. We may not be too off the mark in our assumption that it seems that the timing is right for mortgage brokers to surpass the banks and actually take back market share.

Mortgage Broker News has released at least two blogs on this subject discussing the probability of brokers preparing to earn back a major share of the market:

• http://www.mortgagebrokernews.ca/news/brokers-prepared-to-earn-back-market-share-187047.aspx?keyword=market%20share
• http://www.mortgagebrokernews.ca/news/alternative-market-share-hits-record-highs-186579.aspx?keyword=market%20share

As these articles note, “Many broker blame the eroding market share on the discrepancies between how tightened underwriting guidelines have impacted brokers compared to bank reps” but brokers are ready to step up and take on the challenge.

For more about how to use Purview For Mortgage Brokers to identify areas for added value, for both you and your existing clients, please contact us today by calling 1.855.787.8439.