Another practical stumbling block, meanwhile, is that deals can fall apart because brokers haven’t confirmed property values before submitting. “Not only are they wasting the lender’s time, but as a broker you’re feeling the time wasted for yourself,” Robinson said.
Bank of Montreal (BMO) is “very open for business” in the prime lending space, according to Jamie Doolittle (pictured, far right), head of BMO BrokerEdge, although she underlined a clear focus on sustainability. “We want to make sure that homebuyers can afford their home today and can afford their home tomorrow,” she said. “So that sustainability of affordability and predictability is really, really important.”
Where lenders are likely to apply greater scrutiny, Doolittle said, is where a borrower carries elevated debt ratios or where gaps appear in the application.
“We are very focused on making sure that the story and the documentation and the numbers align,” she said. “Having those conversations upfront and telling that clear and concise story is going to allow underwriters to make a decision faster.”
The value of a well-packaged file
The basics of a customer’s profile are still fundamental. Enrik Brassard (pictured, centre right), associate vice-president, broker channel at National Bank, underlined the importance of a strong balance sheet. “It’s nice to see clients that have savings, have investments, have shown good credit behaviour,” he said.
