WhenCOVIDmadedigitalizationnecessaryforthereal estateindustry,itfueledasimilartrendinmortgage lending.Evenyet,inthemortgageindustry,therearestill practicesthataredecadesold,relyingheavilyonthe phrase"it'sjustthewayit'salwaysbeendone."Attheend oftheday,it'sallaboutthecustomerexperience,and moderntechnologyplatformsshouldservetobetterthat experienceandtheendresult.
Thankstotheabundanceofprop-techandfin-techapps available,homebuyersmayapplyforamortgagewhile standinginthepropertytheywishtobuy Theconsumer, asinsomanyotherbusinesses,isdrivingthedemandfor innovation.
Mortgagecompanies,ontheotherhand,mustevolvewith thetimes,adopttechnology,andimproveefficiency Furthermore,thedaysofhostingtraditionalrealestate openhousesarepassed.Virtualhousetoursareheretostay asastopgaptool,andpotentialhomebuyershavelearntto expectvirtualwalkthroughsandprecise3Dmodels.
Inthemortgagesector,recruitinghasalsogonevirtual, whichhasbeenandwillcontinuetobeasignificant transformationfortheindustry.Themortgagebusinessis builtonrelationships,andthebulkofthemaredeveloped andmaintainedinperson.Almostallofthatshiftedonline forthemostof2020,posingnewproblemsforrecruiting.
MortgagerecruiterscannowuseAIdatatoanalysesmajor playersintheindustrybasedontheirfitwiththefirm, culture,andleadershipasatacticalgrowthtool.
Companieswhocancombinetheirrecruitingpipelinesinto asoftwareplatformwithCRMcapabilitieswillbethe mostadaptable.
World'sLeadershonorsmortgageleadersandrecognizes theirvaluablecontributionstotheirprofession.Wehonor theaccomplishmentoftheseexpertsandpresenttheir journeytotheworldinourspecialmortgageedition, "World's Most Influential Leaders Making a Difference in Mortgage, 2021." Thisissuefocusesonsomeofthe best-performingmortgageexecutiveswhohavemade substantialcontributionstotheindustry.
ThecoverisfeaturingTracyValkoCVOandFounderof ValkoFinancialLtd.,anexperiencedprincipalmortgage brokerandarenownedmemberoftheMortgage ProfessionalsofCanada.Sheassistsclientsinobtaining mortgagefinancingforresidential,commercialproperties andinvestmentpropertiesaswell.Shehasspentthelast twenty-fiveyearsgrowingandadaptingherbusiness.
Also,whileyouflipthroughthepages,don'tforgettoread thearticlespreparedbyourin-houseeditorialstaffand industryexperts.
World's Leaders Magazine is a Media Company that covers stories of business leaders around the globe. Consistent updates to our online publication, internet based life and master sentiment give a substance rich pursuing knowledge loaded up with fascinating perspectives and remark on the issues of the worldwide business. World's Leaders Magazine inspires readers and users to think beyond traditional boundaries, lead conversations and create the future of business. Everyone wants to know the journey of a successful personality or a venture. They want to know more about the establishment, about the path that led them to the pinnacle, about the obstacles overcome, and the all hard work about the Success. World's Leaders Magazine is the platform, where we are unwinding the untold stories of business leaders and the stories of startup turning into the venture. World's Leaders Magazine is a trustworthy and honesty acquiringacknowledgmentfrombusinesspioneersuniversally.
EDITOR IN CHIEF STEVE SANCHEZ ART & DESIGN DIRECTOR JACK ANDERSON SALES MANAGER MEGAN MORGAN, KATE ANDERSON BUSINESS DEVELOPMENT MANAGER GRACE NELSON, ANNA CARTERFOR EDITORIAL ENQUIRES | info@worldsleaders.com
TheCovid-19epidemicwreaked havoconallareasofthe economy,andwhileonemight anticipatethemortgagebusiness tosufferaswell,thetruthwas quitethecontrary.In2020,the mortgagesectorwitnessedrecord lowinterestrates,whichdrove therefinancingboom,asmillions ofhomeownerswereableto reducetheirmonthlypayments considerably.Mortgagelenders wereecstatic,withplentyof volumeandhealthyprofits,and theironlymajorconcernwashow toexpandtheiroperationsto accommodatetheinfluxofnew business.
Whileabankonlyoffersthe productsoftheirparticular institution,licensedmortgage professionalssendmillionsof dollarsinmortgagebusinesseach yeartothecountry'slargest banks,creditunions,trust companies,andfinancial institutions,offeringtheirclients morechoice,andaccessto hundredsofmortgageproducts.
Asaresult,clientsbenefitfrom thetrust,confidence,andsecurity ofknowingtheyaregettingthe bestmortgagefortheirneeds.
Whetherbuyingahouseforthe firsttime,pullingoutequityfrom yourhomeforinvestmentor enjoyment,orjustrenewingyour currentmortgage,it'scriticalto makeaninformedpurchase decisionbasedonexpertunbiased counsel.Onesuchprofessional advisorisTracyValkoCVOand FounderofValkoFinancial Ltd.,anexperiencedprincipal mortgagebrokerandarenowned memberoftheMortgage ProfessionalsofCanada.She assistsclientsinobtaining mortgagefinancingfor residential,commercialproperties andinvestmentpropertiesaswell. Shehasspentthelasttwenty-five yearsgrowingandadaptingher business.Shesays, "This was not a role I stepped into at some point in my career. It's been a very steady and dedicated dream to go from a one woman show who wants to help everyone, to a national brokerage that supports more than forty heart-centred and award-winning professionals." Asperher,thisiswhatshe alwayswanted,andeverything aboutitisveryalignedwithwho sheisasahumanbeing.
ValkoFinancialLtd.
ValkoFinancialLtd.caters towardsprovidingfinancial wellnesssolutionsforeach individualclient'sjourney.The
teamoffersHomePurchase Financing,Refinancing, Renewals,ReverseMortgage, DebtConsolidation,Mortgage LifeInsurance,Commercial Mortgages,aswellasLeasing anditsMoneyMatters®Credit Coachingprogramstoeducate, inform,andempowerclientsin thechoicestheymakeinlife goingforward.
Attheoffices,theteamisknown forheart-centredleadershipand service. Theyareallveryaligned invaluesandpriorities,andmuch ofwhattheydoisdesigned aroundtheirstrengths,heartsand naturalabilities.Tracysays, "My team of agents are all incredibly beautiful, ambitious and caring people who understand the true importance of homeownership and community. By surrounding myself with the right people, I don't have to manage, I only need to support and lead by example."
Tracyandherteamare professionallyandpersonally alignedwiththeircorebusiness valuesandpersonalvalues-their individualandcollective prioritiesarefocusedinthe communitieswheretheyliveand work.
Sheasserts, "Leadership isn't about standing out, it's about lifting everyone up and having a full-circle mindset about the entire process – we are always growing, myself included.”
Tracystatesthatshe'dliketoget backintodoingmoreCommunity Eventssincethat'swhereshe feelsmostsatisfiedandhappy. Throughout thepandemic,she didthebestshecouldtostayin contactelectronically,butit'sjust notthesame.Shesays, "We are very excited and hopeful for our th upcoming 8 Annual Family Day Skate where we'll finally get to see all our friends again from WWDSS, KWSPH,, The Food Bank of Waterloo Region, Family & Children Services of Waterloo, and many other amazing local organizations, businesses and people."
Tracylikestotrackandmeasure allresults,sosheisalways lookingtocompare,change,and improvetheprocessesandensure theteamisalwaysprovidingthe mostexceptionalexperienceand journeyfortheclient.Sheopines, "I will never stop striving for improvement; Ever. I would like to continue to improve the options and offerings we provide for our clients and for our agents. Change is good."
Tracybelievesthateverywoman shouldtrustherself,hergut, intuition,andinstincts.Shewas toldseveraltimesearlyinher careerthatshewouldnotbe(as) successfulsinceshedesireda family and acareer.. Don'tlisten
toadviceyouhaven'taskedfor andtrustyourselfwhenitcomes toyourlifeandpath..
Shedescribesthattherehavebeen manyrisksandrewardsalongthe way,butthegreatestriskshetook ofallwasentrepreneurship. She madethedecisiontoleaveher verysafeandstructuredfull-time jobwhereshewentfromhaving onlyto'showup,workandleave' toowningallthedangers,
liabilities,responsibilitiesand difficultiesalongtheway. It's true,though,whattheysay, "with great risk comes great reward", and "without risk, there can be no growth".
"Our corporate responsibility is very clearly mandated in all that we do – not just in our actions
and words, but in our philosophies, our branding, our community involvement, and our community partners. We built this organization on honesty, integrity, commitment, and professionalism. There are no exceptions to the above, " saysTracy
Sheaddsthateveryoneneedsa roofovertheirheads.Asa company,ValkoFinancialLtd. wantstohelpmorepeople
becomehome-ownersandoffersmanywonderful waysforthemtoachievethis. Byincreasing homeownership,theteamincreasesthestrengthof thecommunity. Bygivingregularlyandgenerously tothecharitiesandorganizationsthecompanyhas alignedwith,itissupportingthecommunity'smost vulnerablemembersaswell.
Tracywantedtohavemorefreedominhowshewas abletohelppeople. Shesays, "Choice is power, and I wanted to give my clients more choices than banks could offer them. Now I'm able to give my entire
organization choice, and it's a pretty wonderful feeling."
Tracy'sadvicetoemergingmortgageleadersisto 'followyourheart'. Shestates, "If something doesn't feel right, it usually isn't. Don't be afraid to do the right thing. You'll never regret doing the right thing. Lastly, I would say, You're amazing.”
Tracydoesn'tactuallybelievein"competition". By that,Imean,shedoesn'tcompareherselftoothers. Shesays, "I do my very best and that's all that matters. The same goes for the team and the organization as a whole. We spend zero time comparing ourselves to anyone else, but with that said, we whole-heartedly celebrate the successes of others in our industry and business. Success does not depend on the failure of others. "
Tracyseesthecompanyservingclientsnationally andcontinuingtoraisethebarasfarastheservices, standardsofservice,andproductsitoffers.She asserts, "We are people helping people. If right now, owning a home is not possible for someone, we work with them until it is." Thecompany'sfinancial educationandcoachingprogramsareanabsolutegame-changerforconsumers,andforthosewanting tojoinValkoFinancials'teamofEliteMortgage Professionals.
Tracy'sproudestmomentasaleaderwasvery recently. ValkoFinancialLtd.wasfoundedin2018
andin2020itwasnamedBestNewBrokerageofthe YearbytheMortgageAwardsofExcellence. The writtenconfirmationwasincrediblybittersweet, havingattendedandenjoyedsomanyprestigious eventsandcelebrationsovertheyears,butthis/our bigmomentwasmid-pandemic.
WiththehelpofTracy'sleadershipteam(whowere sworntosecrecy),thecompanyhostedaspectacular virtualawardsnightandcelebrationfortheentire brokeragesothattheycouldallstopforamoment andapplaudtheirownhardworkandsuccesses.
Tracysays, "It's not been an easy year for any of us. Everyone received a surprise gift box to be enjoyed during the event. They were thrilled to be given their gourmet and decadent treats, and even a little bottle of bubbly. Some fun and not-so-official awards were given out that night along with the formal ones."
Shealsoadds, "It was during this virtual award celebration with my team that I sat back for a moment and realized that absolutely no fancy awards night or dinner could have topped what we created together, and that I couldn't be prouder to have the people that I have by my side."
PaulMeredithbeganworkingasa mortgagebrokerin2007,atatime whentheAmericanrealestatemarket wasfalling.Heenteredtheindustry followingaseriesofunpleasant experienceswithlargebanks,which encouragedhimtopursueacareerin thisprofession.Today,Paulisa successfulmortgagebrokerat CityCanFinancial,whereheis leadingateam(thePaulMeredith Team)thatisknownforproviding excellentmortgageadviceand customerservice.Heasserts, “I figured there had to be a better way. I came into this industry to ensure people got the same level of service and advice that I would have wanted when I needed a mortgage for my first home. I've treated all my clients since family ever since and have never looked back.”
UndertheumbrellaofCityCan Financial,PaulrunsthePaul MeredithTeam.Pauldoesnotalways gettodealwitheveryoneofhis clientsdirectly.Butheisalways thereinthebackgroundensuringthat everythingrunssmoothly.The talentedteamofmortgage professionalshasbeenextensively trainedbyhimtoensurethatallthe clientsgetthesamegreatexperience dealingwiththemastheywouldif theyweredealingwithPaul.
Paulaimstokeepafunworking environment,bothwhenworking fromtheofficeandduringZoom
meetingswhenworkingremotely.He says, “Just as my clients are like family to me, my team is as well. We're not only co-workers, but we're also good friends who are all committed to one common goal: To ensure our clients receive a better experience with their mortgage than they will get anywhere else." The wholeteamiscommittedto deliveringthisexperiencetoevery client.Hementions, “Our clients mean everything to us, so we do everything we can to ensure they feel like family during the process. There is no bigger reward than delivering a great experience to a client. The happier we can make them, the happier we are, which is what motivates us to continue delivering on this promise day in day out.”
It'sallaboutthefamilycarethat CityCanFinancialprovidestoallof itsclientswiththePaulMeredith Team.TheteamatCityCanFinancial isdedicatedtoensuringthat everyonereceivesthesameguidance. Paulopines,"We'recommittedto ensuringeveryonegetsthesame advicewewouldgivetoourown
mothersifweweredoingtheir mortgages.Oneofthekeyreasons foroursuccessisbecauseweputthe clientsaheadofourselves."We believeinbuildingclient relationshipsforlife,andtodoso, werealizewemaynotgettheir businesseverysingletime.Wewill alwaysgivetheadvicethatisbest suitedtoourclients.”
Healsobelievesingivingbacktothe communityanddonatesaportionof allmortgageproceedstothe CanadianAllianceToEnd Homelessness.Lastyear,Paul donatedover$25,000.
Withaccommodatingmorestaff, CityCanFinancialhasseenexplosive growthoverthelastseveralyears. Themanagementexpectsthisgrowth tocontinueforyearstocome.The companyhashiredtwonewteam membersinthepastcoupleof monthsandisstilllookingathiring more.
Withlargerofficesthebusinesses startingtore-openinOntario,the companyisplanningonreturningto itsofficeworkenvironmentsoon. Paulsays, “We'll be looking for a larger space to accommodate expected growth.”
Also,thefirmisaimingfora significantlystrongeronlinepresence whilethePaulMeredithTeam currentlyhasone. "There is always room to grow it even further. This is a never-ending work in progress," says Paul.
Paulbelievesthatthegreatestriskhe hasevertakentobeenteringthe mortgagesectoratatimewhenthe UShomemarketwascollapsing.He recalls, “I left a stable, salaried job for a profession that pays 100%
“I THINK WE'RE ONLY LIMITED BY OUR MINDS. IF WE CAN GET BEYOND OUR SELF-IMPOSED LIMITATIONS, THEN THERE IS NO LIMIT TO HOW FAR WE CAN GO; IN BUSINESS, AND LIFE.”
‘‘
With over 10 years of experience in the mortgage industry. Paul has made many achievements demonstrating how efficient he and the team are at delivering exceptional advice and care.
commission and has a failure rate of 90%. I took failure out of the equation, however. I did not make it an option. I was 100% committed to success, and I have not looked back since. It's this level of commitment that has led me to become one of the top mortgage brokers in Canada.”
Paulseeshimselfaspassionateabout hiswork.Heasserts, “I am a workaholic, so the work never stops, but I also believe in balance at the same time.” Hefurtheradds, “Withouttakingthetimeouttoenjoy thethingsyoulove,theworkstartsto becomelessenjoyable.Weallneed torefresh,andbymaintaining somewhatofabalance,webecome evenmoreproductiveandcan accomplishevengreaterthings.It's whenwemakeitallaboutworkthat wecanburnourselvesout,which thenleadstonotonlypoor productivity,butalsotopoorhealth.”
Bothworkandlifebalanceare equallyimportantinPaul'sthinking. Hesays, “Make the work fun, and maintain a balance in life. This is what allows us to be both successful and fulfilled. Success without fulfillment is a recipe for misery. Who cares how successful you are in that case? A work-life balance is important to become successful not just in your career, but in life as well.”
Inthenext5years,Paulexpectsto increasethevolumeandthestafffour timesthanpresent.ThePaul MeredithTeamhasshownan exceptionalamountofgrowthover thepast5yearsaloneandhasdone fivetimesthevolumeitwasdoing backthen.Paulsays, “There is no reason why we can't do the same over the next five years.”
Changes in the mortgage business tend to parallel similar trends in the entire real estate market, for better or worse. When it comes to the impending environment for the remainder of 2021, there are a few key items to keep an eye on many of which carry over from a tumultuous 2020 and early 2021:
Following the epidemic, the first half of 2021 revealed record low housing inventories in numerous markets across the United States. The construction of new homes, like so many other production processes, was hampered by shortages in building materials such as concrete and timber, resulting in a considerable reduction in the number of new homes available for purchase.
Furthermore, in 2020, the great majority of individuals spent more time at home than at any other period in human history. Many people are looking to relocate as their houses have turned into workplaces and schools over the previous year, understanding that they may need additional room.
Due to a shortage of availability and high demand, buyers are competing for houses, giving incentives and asking prices much over the asking price. Due to heightened competition, most buyers wind up making numerous offers and dealing with brokers for longer periods of time.
Typically, this dynamic favours the seller since purchasers are ready to borrow more and pay less interest throughout the life of the loan because interest rates are lower. The present
market price for homes and interest rates are influenced by a lack of housing inventory and overall economic uncertainties.
The lack of inventory may have prompted a dip in new loan originations, but that lull was mostly compensated for by a significant rise in refinancing loans until approximately midyear, owing to some very low interest rates, which are expected to continue in the low 3's throughout the year. The chance to lock in a cheap interest rate proves to be a fantastic opportunity for homeowners. With fierce competition and, as a result, sky-high property costs, potential homeowners can mitigate this by locking in a low rate.
When COVID made it mandatory for the real estate business to go digital, it poured gasoline on the similar trend in mortgage financing. Even yet, there are still procedures in the mortgage sector that are decades old, relying largely on the slogan that "it's simply the way it's always been done." In the end, it all boils down to the customer experience, and the fact is that advanced technology platforms should help to improve that experience and ultimate outcome.
Homebuyers may apply for a mortgage via mobile applications while standing in the property they want to buy, thanks to the plethora of proptech and fintech apps available. The consumer, as in so many other businesses, is driving the demand for innovation.
Mortgage firms, on the other hand, must adapt to the changes, incorporate technology, and increase efficiency. Furthermore, the days of merely holding traditional open houses in real estate are over. The stopgap technology of virtual house tours is here to stay, and potential homebuyers have learned to anticipate virtual walkthroughs and accurate 3D models.
Recruiting has also gone virtual in the mortgage market, which has been and will continue to be a huge change for the industry. Relationships are at the heart of the mortgage industry, and the majority of them are formed and maintained in person. Almost all of that shifted online for the most of 2020, posing new problems for recruiting.
Mortgage recruiters can now leverage passive recruitment as a tactical growth tool by using AI data to analyse important players in the sector based on their fit with a company, culture, and leadership. Companies who can integrate their recruiting pipelines into a software platform with CRM capabilities will be the ones that succeed in adapting.
As the economy continues to recover in the post-COVID-19 environment, we will see a healthy housing market for the remainder of the year. The real estate and mortgage sectors, as well as individuals who work in them, are always changing. We should keep in mind that "in the heart of every crisis lies immense potential," which includes the vast real estate and mortgage markets.
Lending institutions
are under more strain than they have been in decades. Low interest rates have fostered a refinancing frenzy, and the ensuing epidemic has pushed up purchase volume and property prices. Lenders must control purchases as the market shifts, with new, well-funded mortgage fintechs nibbling at their heels.
"Humanizing" the mortgage industry is sometimes regarded as a moral duty — rather than a nice-to-have in the absence of a one-on-one interaction with loan origination. The exact reverse is true. Humanizing interactions has become a tangible boost to the bottom line thanks to technological advancements.
The power balance between lenders and referral partners is shifting as a result of data collection. It's improving lenders' ability to generate high-quality leads for loan officers, and it's becoming their single most effective defence against hypercompetitive market circumstances.
What if lenders were aware of borrowers looking for a property before real estate agents? This is now achievable thanks to consumer
intelligence.
Before beginning the house-hunting process, consumers should speak with a mortgage lender. Before a realtor can set up search parameters, borrowers must know how much they can afford. A credit check is required for preapprovals. Credit checks for lenders' previous borrowers are now monitored by mortgage tech stacks. A lender may detect when a previous borrower is getting ready to buy a property with the right tech stack — even if the borrower doesn't come to them first. The recommendation is now owned by the lender.
When a lender learns that a borrower is looking for a property, automated processes must take control. A borrower might be approached by a loan officer or engage a marketing nurturing programme. Customer intelligence must be transformed into a humanised borrower engagement.
This type of access to lending staff's experience will protect lenders from disruption from exclusively digital mortgage firms.
It's critical to begin this customer experience (CX) journey as soon as possible in order to reap
the greatest benefits, yet many lenders don't have the resources to build out CRM and customer interaction systems from the ground up. There are two major barriers to improving CX using technology: The first consideration is the logistics of constructing a platform. The second step is determining what they want to do with their platform.
While many generic platforms leave both difficulties in front of institutions, search for purpose-built platforms that can solve lenders' challenges with personalising the mortgage experience and can assist institutions outline their goal for better CX.
As we monitor the sector, we see enormous potential for lenders who are first to market with these updates — all of which are now available in customer-for-life technologies.
The mortgage industry's future success stories will be lenders who migrate their procedures, technology, and go-tomarket teams in the manner stated. In every market, the ideal strategy is to serve people well, especially while others are still competing only on price.
World's Leaders Magazine is a Media Company that covers stories of business leaders around the globe. Consistent updates to our online publication, internet based life and master sentiment give a substance rich pursuing knowledge loaded up with fascinating perspectives and remark on the issues of the worldwide business. World's Leaders Magazine inspires readers and users to think beyond traditional boundaries, lead conversations and create the future of business. Everyone wants to know the journey of a successful personality or a venture. They want to know more about the establishment, about the path that led them to the pinnacle, about the obstacles overcome, and the all hard work about the Success. World's Leaders Magazine is the platform, where we are unwinding the untold stories of business leaders and the stories of startup turning into the venture World's Leaders Magazine is a trustworthy and honesty acquiring acknowledgment from business pioneers universally.
www.facebook com/Worlds-Leaders-Magazine-109441804688489 www.linkedin.com/company/worlds-leaders-magazine/about/ www.instagram.com/worlds_leaders_magazine/?r=nametag www twitter com/worlds_leaders
