4 Ways Prepaid Programs Help Mortgage Lenders
Looking for a better way to pay Brokers?
PREPAID.. the Better Way to help manage payments for Mortgage Lenders!
Attracting new business can certainly be a challenge for Mortgage Lenders due to an extremely concentrated market. There has been a significant rise in the amount of broker traffic over the last year, it is estimated that broker submissions have increased by 11.7% since last year (Canadian Mortgage Trends, 2015). In order to get a grasp of this extra business, Mortgage Lenders must improve their service to maximize convenience and compensation.
Mortgage Brokers are always on the hunt for Mortgage Lenders that offer the best solution for their clients as well as for themselves. They want to ensure that the client is receiving the best mortgage rates while adhering to a healthy return in compensation.
Currently, Brokers receive a portion of compensation through a cheque as well as EFT. For Mortgage Lenders this is a quick method to ensure brokers are compensated correctly. Unfortunately, the cheque method of payment limits both the Mortgage Lender and Broker in terms of convenience, communication for future business and potential long term loyalty.
Prepaid Compensation Cards
One quick and efficient solution is to implement the use of prepaid compensation cards. Prepaid Cards offer many benefits that allow the compensation process to be effective and convenient.
Money saved on fees & distribution
When cashing a cheque, there are numerous associated fees to the Broker. For the Mortgage Lender, cheques result in additional expenses as a result of increased labour and production costs. With prepaid cards, your compensation happens immediately with minimal fees added when accessing your funds.
When cashing cheques, there is a inconvenience and time factor when waiting for a cheque to be mailed or picked-up. By utilizing prepaid cards, the Mortgage Lenders can directly deposit money onto Brokers cards immediately wherever the Brokers are by using their online card management account. Once the money is loaded, Brokers have immediate access to funds.
Create a line of communication
Many brokers deal with multiple mortgage lenders when finding a solution for their client. The industry landscape is such that Brokers often switch Mortgage Lenders depending their client’s situation / best rate. As a result, Mortgage Lenders do not have consistent business due to the competitive nature of the industry. By using a customized prepaid solution to compensate Brokers, Mortgage Lenders have created another avenue to initiate communication as well as added value to Brokers.
Creating Broker loyalty it critical in forming a solid foundation with Mortgage Brokers. Through prepaid compensation cards mortgage lenders provide brokers with a secure, convenient way of transferring funds without the hassle or additional costs.
Let us help you create a program of your own. For more information on broker incentives, lender incentives, or any other type of promotion strategy contact DCR Strategies Inc. by clicking here.