HomeEquity Bank was invited to participate in the recent Canadian Mortgage Summit held by Canadian Mortgage Professional (CMP) – a well-known publication that delivers mortgage industry news, information, and resources.

Alongside a bustling Expo Hall that allowed attendees to connect with mortgage lenders, industry peers, tech companies, and more, the one-day event brought experts and leaders from across the country to discuss topics that matter most to those in the industry.

Here, we’re highlighting some of our most memorable insights and takeaways from the speakers, including the Lenders Panel (a look ahead to 2023) that Vivianne Gauci, HomeEquity Bank’s Senior Vice President, Customer Experience, and Chief Marketing Officer, spoke on.

The future looks bright

Although some believe that the Bank of Canada’s interest rates will go up again next month, there is light at the end of the tunnel. Many speakers agreed that by the end of 2023, rates will begin to come down. Brokers should continue to nurture relationships, find ways to provide value to their clients and source new avenues to grow their businesses. If rates decline, as some predict, and more Canadians are ready to begin the home-buying process, you will be prepared for the influx of new business.

Communication can help keep business flowing

While business typically slows down the mortgage industry towards the end of the year, it’s a great time to reach out to clients. During the Lenders Panel, Vivianne Gauci shared three tips (and one bonus tip!) for keeping the conversation going and staying top of mind with clients:

1. Check in on your clients. At HomeEquity Bank, we make “warm hug” calls to check in with customers and let them know we’re thinking of them. Now isn’t the time to sell; it’s simply a touch-base to keep the lines of communication with clients open. These calls can be especially meaningful for clients who do not have a regular social or support network.
2. Mine your database. You likely have a robust contact list you’ve been building for years. Make use of your downtime and reach out. You may be surprised to learn about potential deals or referrals you wouldn’t have otherwise known about if you hadn’t picked up the phone.
3. Get social. In times of uncertainty, people look to sources of authority to help with decision-making. They also tend to buy from those they know, like, and trust. Show your personality and expertise on your preferred social media channels. You will not only reach new potential audiences, but you’ll also start to stand out as a leader and authority in the mortgage space.
4. Bonus: Ask, “How are your parents doing?”. This simple question could open up a conversation about your clients’ parents’ situation and a potential new lead.

Technology will continue to play an important role

The Internet of Things may have helped to modernize the financial services industry, but it was the COVID-19 pandemic that catapulted the mortgage industry into embracing technology, from adding more robust mobile capabilities to enabling digital signatures to a more efficient funding and adjudication process.

In the face of the pandemic, older Canadians have become more tech-savvy. An Environics Research poll conducted in July 2020 showed that 65% of Canadians aged 65 and older own a smartphone, a 7% jump from 2019. The poll also showed that video calling doubled, 19% of Canadians 65+ do online shopping for essentials, and 72% say they feel “confident” using current technology.

With more and more Canadians making technology a part of their day-to-day living, financial services companies continue to invest heavily in technology. With the introduction of better automation, brokers can leverage technology to help streamline their business processes, allowing them to focus on other areas, such as business development and marketing.

Regulations keep everyone safe

Although one speaker believed regulatory requirements should ease up a bit, most agreed that rigorous guidelines benefit everyone involved in the home-buying process. As a Schedule 1 Bank, HomeEquity Bank follows and adheres to all regulatory guidelines, and we firmly believe it helps us all. Guidelines help protect home buyers, and we feel it allows mortgage brokers and lenders to elevate their games.

At HomeEquity Bank, we value our referral partner relationships, so we work hard to offer the tools, resources, and support you need to nurture and grow your business, especially during uncertain economic times. Subscribe to our Broker Launchpad, our exclusive broker portal that has what you need to promote your business and educate your clients. And when you’re ready, search for a BDM near you to learn how the CHIP Reverse Mortgage from HomeEquity Bank can be an ideal solution for your 55+ clients.