How our new service model will benefit mortgage brokers

Blog-Date-1Jan 09, 2019

In 2019, we are addressing some of the challenges that the mortgage broker community has expressed with regards to more effective and efficient service with the introduction of our new Tier A, B and C Programs for brokers.

Our new approach is designed to offer:

  • priority support to brokers
  • reduce application review times
  • increase closing rates
  • provide additional incentives to brokers knowledgeable with Pillar’s solution based lending.

One thing that will not change, however, is our commitment to offering flexible mortgage solutions. Our versatility and emphasis on possibilities rather than pitfalls will remain at the core of what sets Pillar apart from other lenders.

New incentives and benefits for mortgage brokers

As before, we will remain open to doing business with all mortgage brokers in the province. However, brokers who meet specific criteria regarding their number of funded deals and closing rate will enjoy priority service and other incentives through our new Tier A , B and C Programs.

Under our refined service approach, mortgage brokers will benefit from streamlined service:

  • Faster turnaround times for deals:
    • 24 hours for Tier A
    • 48 hours for Tier B
    • 72 hours for Tier C
  • Mortgage brokers in Tier A will be able to submit deals directly to Filogix, while all other brokers will need to submit deals to a Pillar Business Development Officer (please review your BDO team here) for review before it can proceed to underwriting.
  • Access to our programs is based on brokers’ closing ratio and volume of deals, with membership reviewed quarterly.

Our new approach will streamline our internal operations so that we can support Ontario’s mortgage brokers with better results.

DOWNLOAD:  Tier A Package and  Tier B Package to learn more about the criteria and benefits of our new service models.

Why are we updating our service model?

Our previous first come, first serve approach was resulting in an increase in applications but a decrease in our closing rate. This caused inefficiencies in our operations and frustration for our broker network.

We feel our new service approach will provide an enhanced experience for the mortgage brokers working with us. By streamlining our internal processes and incentivizing higher closing rates, we will be able to deliver more effective and efficient service and faster turnaround for funding applications.

How will this change the way brokers work with Pillar?

Under our new service model, for brokers in our Tier B and C Programs, the main difference is that all applications will be reviewed by a member of Pillar’s business development team prior to submission via Filogix. Brokers in our Tier A Program will continue to be able to submit application directly to our underwriting team via Filogix.

We greatly value the strong relationships that we have built up with the brokers in our network, and we look forward to working with you more closely going forward to achieve the best possible outcomes for both you and your clients.

Learn more about our new service model:

Connect with our Business Development team! We welcome you to contact us if you have any comments or questions in regards to our new service approach.

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