Founder & CEO Supports Trent University Nursing Students

Gavin Marshall, Magenta’s Founder & CEO, is also the leader of the Campaign for Momentous Change at Trent University. Gavin gifted $207,000 to Trent University with a significant portion supporting Nursing students who travel to remote villages in Central America to support vulnerable populations through health promotion and nursing education. This most recent gift brings Gavin and his wife, Susan Marshall, to $1 million in lifetime gifts. To learn more about Gavin’s involvement with Trent University, please visit: https://www.trentu.ca/news/story/36605.

 

 

 

 

Magenta | Women in Mortgages – Her tomorrow matters

At Magenta, our goal is to create a work environment where everyone feels welcomed, valued and supported to thrive in their careers and reach their professional goals. We are proud to share that our Senior Leadership team is comprised of 43% women and that women make up around 68% of our employees.

This year, we are pursuing our first ever Women in Mortgages campaign! We encourage you to keep an eye on our social media channels and upcoming blogs to learn more about how we are contributing to uplifting women within the mortgage industry. As part of this initiative, we will be a silver sponsor at CMP’s (Canadian Mortgage Professional) Women in Mortgage Summit! On June 1^st, CMP is hosting their inaugural event to amplify the careers of women within the mortgage industry through panel discussions, keynote speakers and fireside chats to create dialogue around some of our industry’s most pressing issues and discuss potential solutions.

Why support Women in Mortgages?

We believe in celebrating the positive impact women at Magenta have had on the company and our industry. We want to lead by example in hopes that our peers feel inspired to pursue their own initiatives and recognize the phenomenal contributions of women on their own teams. We strive to leverage diverse perspectives to achieve our corporate goals and find actionable ways to support the women within the mortgage industry, whether they are new or seasoned in their careers.

When presented with the Women in Mortgage Summit sponsorship opportunity, Our Chief Operating Officer, Greg Sinclair, confirmed that supporting this campaign was an easy decision: “Quite simply, Magenta would not be what it is today without the strong women that have contributed and continue to contribute to the Magenta story. By sponsoring this event we get to support the continued growth of women in mortgages and celebrate their accomplishments.” Studies have shown that when men are deliberately engaged in gender inclusion programs, 96% of organizations see progress.

CMP’s event provides us with an opportunity to highlight our female broker network and what they have accomplished. This event also allows us to acknowledge the challenges faced by women in the mortgage industry. We are thrilled to be a key sponsor for an event designed to break down barriers and level the playing field for long-term success because her tomorrow matters. 

Allyship

At Magenta, we create a culture that exhibits allyship and provides a safe space for people to express ideas, feelings, challenges, and opportunities regardless of gender, race, orientation, or background. We’re at our best when we collaborate and leverage the diverse perspectives and knowledge of our team. If we limit any one person’s ideas, we’re limiting ourselves.

Our Founder & CEO firmly believes that “we find the best people and hire them. [He] believe[s] passionately in equality of opportunity.”

We create collaborative teams and encourage our employees to commend work well done while respectfully challenging one another to produce the best possible results. To achieve this goal, we first acknowledge that everyone has unconscious biases.

Unconscious bias is sneaky and affects our day-to-day interactions and decision- making. Even those with the best intentions can be swayed by assumptions shaped by external factors like the media or life experiences without knowing it. To overcome unconscious bias and be true allies, we should accept that we all have biases, listen carefully to the individual perspectives of others, make informed decisions, and recognize the influences in our own backgrounds, both personally and professionally, that may have given us advantages that weren’t available to others. The end goal is to ensure that everyone, regardless of who they are, has equal opportunities to contribute and succeed in the workplace.

Tips on how to be an Ally

Here are some actionable items we try to exhibit in our day-to-day:

Listen. Don’t just hear: Listen carefully to what your colleagues are saying, and asking for, in order to properly address what they want or need.

Prepare and be informed: Before presenting to your team, or leading large group discussions, prepare with colleagues and talk about the approach you’d like to take. It will help you recognize and unlearn unconscious biases. It will also give you the opportunity to recognize intersectionality within your team.

Respect your colleagues’ time: No one likes to be told what to do.  No matter their position in the organization, they have commitments, and they need to deliver on them. Ask them how you can support them to achieve what needs to be done.

Communicate clearly: Don’t assume that what you know is what your colleagues know. Explain and share your rationale without being condescending.

Uplift your colleagues: Find opportunities for everyone to be acknowledged through forms of recognition, promotions or highlighting them in other ways.

 

The Future of Women in Mortgages

We are committed to recognizing women in mortgages throughout the year. We encourage our broker community and industry partners to engage with us on our social channels and share how they acknowledge and celebrate women in our industry, because #hertomorrowmatters.

For more information on CMP’s event, please visit: https://womeninmortgage.ca.

Five Discussions to have with your Clients

As a new Mortgage Agent there is a lot of information to take in including processes and regulations. Learning how to conduct a thorough client interview and submit an application in good order is key to hitting the ground running. Successful Mortgage Agents provide full, detailed applications and clearly demonstrate that they know their client. How do you do that effectively? You ask the right questions, listen and take notes.

Here are 5 basic conversations to have with your client to help you gather the information you need:

Question 1: “Tell me about your credit history.”

Your follow-up questions should cover:

• How long they have had credit
• How they pay their credit, i.e. paying minimum payment or full balances
• Whether they have missed payments
• If they have co-signed any loans
• If they have had any collections, judgments, support payments, bankruptcies
• Whether they have filed/paid their income taxes and are they up to date on property taxes

Question 2: “Tell me about your income.”

Your follow-up questions should cover:

• All sources of income
• If they are self employed, how the business is set up, i.e. sole proprietorship or incorporated
• How long have they been at their current and previous jobs
• How stable and consistent is their income?

Question 3: “Tell me about your property.”

Depending on whether it’s a new purchase or refinance, your follow-up questions should cover:

• What type of property is it, i.e. owner occupied, rental, mixed use
• How long have they lived there
• Any improvements they have done or improvements needed
• Unique features of the home
• Known negatives, e.g. previous fire or flood damage

Question 4: “Tell me about your future plans and goals.”

Your follow-up questions should cover:

• How long they intend to stay in their home
• Whether they expect lump sums of income, e.g. work bonuses, inheritance etc.
• Any anticipated job changes
• Expected changes to family, e.g. newborn children or college costs

Question 5: “Tell me what’s important to you about your mortgage.”

Your follow-up questions should cover whether their priorities include:

• Flexible payment options
• Prepayment penalties
• Portable/assumable
• Lowest payment vs quickest payoff

An effective Mortgage Agent will take the time to have a thorough conversation with their clients, personalize the experience by asking the right questions, and then listen. Once you have a complete picture of your client’s situation, you can readily place them with the lender with whom they have the best fit.

Three tips to packaging your deals

Are you doing all that you can to package your deal for success?  Making your deal ‘lender friendly’ is the easiest and quickest way to get an approval.

Here’s what your lender wants to see:

• Documents up front. Sending most of the needed the documents right after you hit submit is one of the best things you can do to make your deal a success. This is especially true if you’re submitting a purchase.
• Clear broker notes. By telling the underwriter exactly what you’re sending and requesting exactly what you need on a submission, you’re more likely to get the answer you want.  What’s more, you’ll probably get a faster turnaround time too! Want a rate special? Ask for it! Have unusual income? Acknowledge it in the notes!
• Accurate details. Ensuring that there are no typos in the borrower names or property address is crucial to putting together a successful package. For instance, a typo in a postal code can mean your deal is rejected for being outside a lender’s preferred lending area.  The details definitely matter, so take the time to get them right!

Lender Top Tip:  Use the borrower’s ID to enter their details into your system. This will minimize any spelling or numeric errors.

Taking the time to cover these 3 steps for every deal should mean the pathway to a successful closing is smooth. Try it!

Talking to your client about Damaged Credit

Buying a home can feel like a scary process for some. In all the hustle and bustle of the housing market, brokers need to remember to take a step back and empathize with their clients. This means having difficult conversations.

You may feel your questions to your clients are intrusive or confrontational. You are careful not to offend your clients by asking tough questions that could make them defensive. The reality is that this is the exact information you need to get the best possible deal for your client.

Questions to Ask:

What caused the bankruptcy/consumer proposal?

Bankruptcy is a very difficult experience and it is usually the end result of an arduous period in someone’s life. The circumstances leading to this outcome are important to know because it allows you to provide the lender with the details and determine whether those same problems are likely to reoccur.

Why did they change jobs so often?

Frequent job changes could be a sign of your client taking advantage of better opportunities. It can also be a sign that they cannot hold a job.

Understanding the reasons for job changes and knowing how long the periods of unemployment were between them is a key part of you better understanding your client’s current and future income sources.

Why are they behind on credit card/loan/cell phone payments?

Was it forgetfulness? Is there a dispute with the credit provider? Is this a shared or co-signed account?  Or perhaps this is an early indication of larger financial problem that is just beginning to surface…

It’s best to ask for an explanation for all trade lines that are currently R2, R3 or worse. Don’t ignore past arrears. 

Just because everything is current today does not eliminate the need to explain what happened in the past. You need to know if this is reoccurring or simply a blip.

What is the status of their legal separation/divorce?

You need to understand your client’s legal marital status because if they recently separated or divorced, they may be required to provide additional documentation. For example, they may be asked to provide a separation agreement or seek independent legal advice.

It’s important to know up front what you are dealing with and the level of cooperation that a separated applicant is expecting from their ex. Non-cooperative ex-partners may derail a mortgage application.

Staying Top of Mind with Clients

An agent or broker like yourself is the bridge between a client and a lender. That is both a rewarding and time-consuming position to be in whether you’re using your customer service skills or tackling your administrative tasks.

As a lender, we understand that you are sometimes swamped. Here are some tips we’ve learned along the way to nurture client relationships and stay top of mind, with the goal of always being your client’s first call!

Client-Centricity

“The most important single thing is to focus obsessively on the customer. Our goal is to be earth’s most customer-centric company.” – Jeff Bezos

Leverage Social
Keep in touch in creative ways like following and engaging with your clients on social media. Post relevant topics to spark discussions on your social media! Have a TikTok account yet? It’s a top social media trend in 2022. Click the links below for current trends and best practices.

Lend an ear
People need to tell their story and love an active listener. Active listening is a crucial part of building relationships and is rare in the hustle and bustle of our busy society. Let your client tell their story and take lots of notes!

Evolve
Chat with your clients so you’re always finding opportunities to better yourself and keep their business. If you’ve lost some clients, simply ask why

Follow up strategies to stay top of mind

Deals

Past Deals
Review your files from the past year or two. Check your calendar for files that may be renewing and reach out to those clients to help them make their next move.

Deals that didn’t close
Understand why your deal didn’t close so you can grow professionally. Reach out to the lender’s BDM and ask them why your deal wasn’t processed so you know what to look out for next time. Understanding what makes the lender unique is key.

Future Deals
Remain diligent! Continuous communication with the client and the lender is vital to the success of future deals.

Funding

Before Funding
Talk to your clients about exit strategies. As your deal is being processed with the lender, it’s important for your clients to know their options for the medium to long term. Do a pulse check with them: Is your client happy? How do they feel? Are they nervous?

After Funding
Follow up with your clients after funding is completed. This is a great way to find out what went well, as well as, an opportunity to address any outstanding concerns. Send them a housewarming gift! This can help you grow the relationship. It also creates an opening to ask for a recommendation!