“Brokers also have access to a ton of information,” Stanley said, while stressing that “unfortunately, they’re facing the challenge [of having to] work their tails off to get people approved for mortgages. And I applaud them for doing that.”
“Brokers have access to all this information, and they have tools that help them automate the mundane stuff,” he added. “There are challenges. Some things are harder, [like] getting people qualified. But we also have the tools, the technology, to help with that. And brokers can now focus on being that advisor, being that counsellor, that their clients need.”
Coupled with this evolution is the abundance of options through the presence of multiple service providers – with the alternative market, in particular, benefiting from this state of affairs.
“The market is extremely mature, so you have a bunch of competitors trying to compete for the same market, which generally pushes down pricing,” Stanley said. “Even though rates are high today, [borrowers and brokers] are getting some of the best rates available because of all this competition.”
For more insights on the alternative lending channel, click here.