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Mortgage Solutions for the every day Canadian mortgage consumer. Are you thinking about becoming a mortgage broker learn first hand what you should look for in a brokerage and what you need to be successful.
Len 00:02
Welcome. My name is Len Lane, and I am the founder and president of Brokers for Life Inc. And we are Dominion Lending Centres in Western Canada. The topic of our podcast will be about what we consider to be Real Life Mortgage Solutions.
Len 00:20
Welcome to our podcast today, it's more than appropriate that you are our first live guest on this podcast as it is called Real Life Market Solutions. So, it's a slogan that you came up with 14 years ago, and it has definitely stuck. It is plastered on everything everywhere. So, and now it's the name of this podcast. Ladies and gentlemen, Amy Wilson, founding team member of Brokers for Life Inc.
Amy 00:46
Hello, everyone.
Len 0:48
How are you this morning? You're out in your spring part of the country they're in right now. Is it? Is it spring out there?
Amy 00:55
Yeah, we definitely have Spring, East of Sherwood Park, there's still snow because it's an acreage living scenario. And we're completely blanketed, still, we're in a protected area. But I'm hoping over the next couple of days, we get the melt, and I really get to enjoy spring.
Len 01:11
Well, today, we wanted to talk with you about several things, of course, I'm going to start that conversation is, why you became a mortgage broker, you can talk about how I saved you from going to the bank as well if you'd like.
Amy 01:26
I was working in the finance industry for years and I loved dealing with basically everything that finance had to do. I was constantly learning, it was changing, there was always new things that came my way. But I had decided to start a family and after I had kids, I needed to figure out a way to give me work and life balance, and yet still stay within the finance industry, which was always my passion. So, how do you make it so you can still work the hours and still balance and juggle, not only kids, dogs, but everything else, right? And I started looking into the mortgage industry. And I got a couple of different people who had said, this is where you should go or this is what you should do. And I ended up sitting down with someone from RBC with Royal Bank and they had offered me a position. And then in came someone else who said you should speak to Len Lane, he's a broker. And you should listen to what he has to say because it's different than working for the bank. And after I sat down with Len, I decided definitely that was the way to go. And he had presented me with an offer and I scooped that up and I've been with him ever since.
Len 02:39
And 14 years later, you remember who that person was–
Amy 02:44
–from Royal Bank.
Len 02:47
No, that told you to come talk to me.
Amy 02:48
That was, actually, it was my husband, along with Ernie Capella, who at the time was a sales manager at Daytona Holmes.
Len 02:57
Yes. And as some of you know, listening to some of my other podcasts. My background was in homebuilding before mortgages, it was kind of that next step for me as well to get into that. So, you're actually in the box, right? At a finance, at a car dealership?
Amy 03:13
I was, Yeah, so I started out working with Ford credit. I was an auditor that worked on the road, and I would go and audit the financial statements of all the dealerships, and determine, you know, if their floor plan, so the amount of vehicles they had, etc, was correct on their lot and that the books were balanced and in place. And then from there, I started being an underwriter with Ford credit. And what an underwriter does is they look at everybody's credit and they determine ways of affordability so that they can own a car. Naturally progressed over to a car dealership, team Ford at the time, and they asked me to be their finance manager. So, I was in the car industry as a finance manager for years. And then I went on maternity leave and I wanted to go back to finance but I worked basically I worked seven days a week from sunup till sundown and that wasn't something that was going to be feasible. So, I then decided to take my schooling from Nate, from business and apply it to something new and that was where I met Len and went from there.
Len 04:27
Excellent. Yeah, it's definitely work-life balance still gets a little out of line I guess sometimes. We have busy seasons and slow times, so you got to take advantage of those when they actually show up, I guess right? Somebody asked me a while ago what, how we did that how Margie and I did that because we work together of course. Right? And we just basically the idea around our houses that weekend is the state of mind is not necessarily a couple of days on the calendar for you know there's a slow spot coming up where rollin extend long weekends and things like that too so to try and balance out all the other hectic things that go on. There's been ups and downs in our industry, you and I have been through a lot of them together, it's maybe talked about how you've managed to survive that I guess or to work through those periods. I know, you've kind of rebuilt your business a couple of times now, as have I. Just kind of, maybe give some idea of what the industry is like when that happened.
Amy 05:30
For me, when I first started, I was very young, very excited to try something new, I had gone and talked to a number of different contacts that I had. And I was I felt that I was ready to start my business with supportive brokers for life. And when I first got into the industry, there is the schooling that you take in order to get licensed. And that is, it teaches you a lot, but you don't even scratch the surface until you are licensed and you're working with, in my opinion, you need to make sure you're working with a broker that is there to support you in growing your business. And that's what I did, I relied on land and the initial training, I was in an environment where pretty much if you wanted to get someone financed, as long as you had the correct paperwork and the information, and they hit a small list of things to qualify, you could do that. And then as the industry changes, which it does rapidly. And as we adapt to what's going on in the industry, and what's going on around us with just economic factors, all the rules, constantly change with mortgages, so you have to continually be willing to adapt yourself and your business to make that work. And by that I mean, there is no mortgage that is the same. All of them are different. You have to be willing to listen and understand your customers. But you also have to be willing to take the time to focus on all of the lenders that we have access to, there's a lot of information that's always coming at you. There's a lot of information that's changing, and you need to stay on top of that in order to represent your clients as best you can. And what I did find is, there's also the part of how do you manage what you were saying is, you know, is it a weekend? It is it an evening, is it yours? You have to make sure that you're setting up time for yourself in order to give the best service to your customers because everybody does need downtime. But you also have to make sure you're there for them. So, I learned that my business where I thought I would work the usual eight to five was not how things worked. So, then I adapted myself and I changed how my schedule worked based on when my customers were available. From there, I learned that you do not miss out on training, regardless of what it is, you attend anything that you can get your hands on, the training that is available to brokers is incredible through our team. Every week, we get to sit with somebody else and learn something new. We get to stay focused on what's going wrong with fraud awareness, we get to stay focused on products that are being offered, on what's going on in rates, who's the most popular lenders, how we take someone and help them with their debts. We're aligned with even car companies on how to get your car payment down in order to make it your home more affordable to you. Those are all things that you learn and you take in over time, you may not have that information right out of the gates. And then the other thing I learned is how your business changes. I've had many ups and downs, but I was extremely successful. My business was running great and then I realized that maybe I focused 100% in one area which was home builders because that is what I knew. And I realized over time that that wasn't a way to sustain a successful business. So, then I had to revamp, start over, go back through my processes and figure out okay, who do I need for referral sources? My customers are phenomenal. They've been with me since I've started. I'm doing their kid's mortgages now or their aunts or uncles and the referrals are phenomenal. But you also need to have referral sources such as realtors, lawyers, accountants, financial planners available, because all of that helps your customers in their success in their journey once they purchase a home. And so I did that, I started all of that over and then rebuilt my business again. And then as I got more and more familiar with the business, I realized how you stay in touch with your customers. How do you stay on top of that part of your business and how do you be successful in that area? So, then you learn about what they call a CRM, which is your customer retention. So, how do I stay in touch with those customers and make sure that they know that I'm available? And so then I learned how to build that part of my business and start to improve upon that. And then we have things like, you know, the qualifying rates change. So, how do you adapt your customers to being stress-tested for a mortgage? When we never had to do that? How do you adapt your customers to today, where you're qualifying at a rate much higher than what people have been used to over the last 10 years? How do you work with them and let them see that really, the rates today aren’t a challenge, we need to focus more on, what is your budget? And what can you afford? You're taking a mortgage over 25 years, today's rate is a small blip on a 25-year path. So, what else can we offer our customers that make sure that yeah, this is your rate. But let's look at your payment. Let's look at your budget, let's look at what you are doing for your future, and what the long-term goals and plans are. And so that's the newest thing that I'm working on now is how to develop that part of my business with my customers. And I think in the short time that I've been doing this, 14 years is a long time. But when I looked at it, it's a short time because I'm still learning, changing, adapting and it's great. Definitely, you have like your downtimes, where you worry and you're like, oh, I need to be busier. And I want more people to be calling. And why are the phones quiet? And then you learn that okay, this is okay, take advantage because now you have two days where like Len said, you can take a little bit of a break or a breather, and then you gotta ramp up and you have to be ready to go. Customers say to me, I can't believe I'm talking to you this late at night. Well, that's the only time that they're available, I'll make myself available. And that is what our team does. The Brokers for Life team, we have an entire support system that helps you continually build your business, adapt and change with what's going on in the industry. So, we're always at the forefront in serving customers.
Len 12:14
Excellent, ever-changing is an understatement. If you think of where it was in 2006, or 2008 and what we have today, it was about half the lenders for one, and 10 times the amount of paperwork, right? So, speaking of that, you're my wife, and my business partner's favourite person when it comes to compliance. So much so that we named it an award after you the Wilson and we really haven't had anybody else to give it to since since we brought it in. So. So, how do you keep yourself so organized? I know it's I think it's perfectly natural. But there has to be other things as well.
Amy 12:49
Yeah, definitely. I'm definitely an A-type personality. And I think that that definitely helps me. But I also am a person who, I just can't tolerate chaos. So, for me, everything has to be meticulously set up. I am a person that follows a process every single time and I review my process, and then go back onto my process and say, Okay, how can I fix it? What can I change? I am a person who fully believes that you ask your customers for feedback, what could have I done differently? How could I have improved? I am someone that sitting at the fire and I will ask my friends that are sitting around the fire. You know, someone approached you as a first-time buyer, what are things that you don't quite know or how to ask because sometimes I think in our industry, we get, I guess we get stuck in our terminology. And we forget, it just seems like it's second nature and we forget that someone else's, that's way over our head, we don't know what you're talking about. I always go back on that. But where processes and that kind of follow-up come in is that your paperwork is always aligned. And if you're on top of your paperwork, and you're on top of your process, then the end result is 100% a five-star review from your customer. And honestly, that's my goal. I won't ever let that ball drop because that is what I always want to maintain.
Len 14:13
It's funny because, of course, we've hired and trained a lot of people over the years and the one I was asked the question, what did you get out of the course? And the answer is always the same. I got enough to get 70% on this exam. And, you know, having no idea how much more there is to learn after that, right that they have no idea what's coming down the chute behind them for sure. So.
Amy 14:40
Definitely not and you guys make it so they can learn it, which is, as far as I'm concerned, the biggest asset to get you going. I mean, I started out with a lot of people that were licensed and they're gone because they didn't have that support system at all and you need to have a support system regardless
Len 14:59
Yeah, and not just gone from brokerage, but gone from the industry in total, right? So.
Amy 15:05
Oh, completely, I mean, Margie, she is absolutely incredible. Because when you do your paperwork, she's back to you very quickly, you're not waiting, you're not questioning. And if there's something that you've missed, or you've done incorrectly, she will walk you through it, she will get you up and running. And as long as you are willing to adapt that to your process, and always improve, it's game-changing.
Len 15:27
So what would you tell someone who's starting in the industry today other than to come work for me?
Amy 15:32
Well, 100%, I love my team, I'm sure you can hear that through anything that I say. I have been with Len and Margie, since the beginning, and I just simply will not go anywhere else. I think that if you are coming into the industry, I love the path that I took. I looked at working for banks, and I investigated that side of it. And then I also looked at what is it to be a broker through you know, someone like Len or Margie, where you're not just working for one thing where you can offer all kinds of products and options to your customers, I think it's important to do that initial research. And once you determine that the broker channel is the direction that you want to go. As far as I'm concerned, you need to sit down with Len, you need to have a meeting with him because the support that you have in a team is going to be essential. So, what I mean by that is, you know, things come up in your own personal life. So, even if you look at, I need to take time off, you have to have customers that are always taken care of, when you have a team that's behind you that can pick that up and support you. It's 100%. And when you have a team, that all works together that has plans in place, you know that that customer is going to get the same level of service that you are getting. So, I think that's really important. The other thing is training and accessibility to training. If you are looking to get into being a mortgage broker, you need to constantly train, you need to constantly update yourself, the things that I have learned over the years, and that I'm still learning today. Today, I still am asking questions, we have an entire team where you can say, hey, this is what I'm dealing with, what are your guys's suggestions, and our entire team works together in order to help all of us be successful in our businesses. It's a very positive team, it's a very positive environment. And on top of that, all of our training is done online. But one of the big things that I like as well that you should look into is we do in-person training and the things that you get out of coming together and sitting down and putting your heads together and learning together. It's to me that improves your business tenfold. So, if you are thinking of becoming a mortgage broker, that's where you need to look, it's not about just writing a license and getting 70% on a test. It's your support system. It's we have velocity with DLC, we have a CRM with DLC, and we have people that we can call and talk to whenever we need help, or we have to run something by them, there is a lot of gray areas, there's a lot of changes that come your way. And you need to have people that give you that advice or that help. And the other thing is, is that this can be an isolating job, it's just you, you work home-based or you have an office somewhere, you're meeting with people, you're setting up appointments, etc. But the rest of it, you're on your own. So, if you can be on a team like I'm on and the reason one of the other reasons I'll never leave is that it takes away your isolation. You're always in contact with people, you have Office camaraderie, and that makes all the difference as well. So, make sure you do your research and that you look into those things. It's very important for you to start a successful and continue on having a successful business.
Len 19:03
Yeah, like you say you work by yourself. But there's a bigger picture, right? And I think that even just the Facebook team page, there is always a question being asked on there and you know, somebody's willing to answer to and in one form or another is not always me, thank God because some days I have no idea what they ask. Anyways, Amy, I want to thank you for your time today. This was great. You were like I said, you’re the OG and the first podcast up live. So, thanks for taking your time today and we will talk to you soon.
Amy 19:38
Wonderful. Thank you.
Len 19:03
Thanks for listening today. I hope you found the information that we provided to be useful in your mortgage journey. And remember, you can always find our associates at www.brokersforlife.ca/associates. Have a great day.