How mortgage brokers advise their clients on Bank of Canada decisions

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“On those announcement dates, certainly, we’re bombarded the next day,” she said. “If [rates have] increased, in that communication we let them know how it’s changed. We always put in a graph saying, ‘Don’t forget your discount [for instance] if you got prime minus one,’ or if you want to lock in, refinance, or look at your options.”

It’s during challenging economic environments such as the current one that the value of a personal, empathetic approach to clients comes into sharp focus, according to Dawdy, with the executive and her team putting in “hours of work” to ensure that service remains consistently excellent.

“I’m not the type of broker that says, ‘Here’s the 1-800 number,’” she said. “Prior to and then after the announcement, we’ll get them the details: ‘Here’s what your locked-in rate would be. Here’s what your new payments would be.’ That sort of thing.

“I send out multiple options. I blast out information to my clients and say, ‘Hey, if you’re feeling the heat, here’s an option that we can look at where your penalty now can be absorbed [and] we can reduce your rate.’ Anytime there’s an opportunity, that’s the only thing I’m really doing… trying to be sensitive to people’s budgets and [see if] there is any value that I can offer that might alleviate their monthly costs right now.”

Are clients gravitating towards virtual or in-person arrangements?

The prominence of in-person meetings plunged at the onset of the COVID-19 pandemic – and while public health restrictions have subsequently eased entirely, mortgage clients are still overwhelmingly choosing to conduct business either over the phone or by email, according to Dawdy.

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