Alt Lenders leaning on mortgage brokers when it comes to bruised credit
As more lenders move into the alternative space thanks to the current stringent lending rules, lenders are looking to brokers to up their game to ensure those clients with bruised credit are securing mortgages.
In recent years, the market share for alt lenders has soared to record levels, with a recorded 2.2 percent of all Canadian mortgages being underwritten by alt lenders.
Although the opportunity for alt lenders is ever present, the challenge for mortgage brokers to obtain approvals require more effort than traditional "A" or "B" lending. Brokers are encouraged to take a more active role in helping clients by following up on them on a regular basis. Broker can help developed a game plan which can help their clients move forward.
Mortgage brokers have been working hard to ensure our clients with bruised credit are able to secure mortgages. It is important to discuss all details of your mortgage with a professional. Contact one of our Mortgage Brokers for advice.
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