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At Spectrum-Canada we consider ourselves to have 3 clients:-
All companies these days claim to provide high levels of service but at Spectrum service is much more than a by line – it is at the very heart of the company’s corporate culture and we are extremely proud to boast the testimonials we have from both our Origination Partners and Borrowers – extracts of these can be see under the ‘Testimonials’ section on this site.
In fact, in a recent client survey 98% of client responses indicated Spectrums service as “That’s Brilliant” – the highest available category.
Few companies purporting high levels of service can substantiate the commitment in this way!
Spectrum has developed a unique origination system – specifically, the Banks and Credit Unions themselves – and has established formal arrangements with these institutions so that they send us clients they are unable to service themselves for their mortgage needs.
To date we have agreements with 80 Financial Institutions in B.C., Alberta, Saskatchewan, Manitoba and Ontario and we categorize them as our Origination Partners
Although the program is positioned by the Origination Partner’s Head Office to its branches as a program to capture mortgage decline business, branch networks have found that working with Spectrum allows them to maintain better client relationships, develop their own conventional mortgage business, develop their Realtor referral relationships and resolve problem client situations.
Following the Origination Partner’s Head Office due diligence and endorsement of the program – we embark upon an extensive branch training program to introduce the benefits of the program to the branch lenders and to address the client handoff process to Spectrum. Each Institution is provided with customized client consent forms to release information and mortgage inquiry forms to initiate inquiries via toll-free telephone and fax numbers. Electronic delivery is also available to those institutions requiring it.
On going support and training is provided at a branch level using a proven marketing sales cycle with each institution.
The benefits to the consumer of this arrangement are obvious – the ability to obtain financing denied to them by conventional lenders and they have the comfort of working with a credible organization recommended by their Financial Institution.
They also benefit from working with an extremely professional Mortgage Advisor who conducts extensive interviews with each borrower to determine their objectives, expectations and challenges.
Because the majority of our borrowers are experiencing challenges obtaining conventional financing it is important for our Advisors to educate them regarding their current mortgage options and offer advice as to how they can improve their circumstances in the future.
This advice is offered in an extremely non-threatening environment leaving our borrowers with a better understanding of their current situation, options available and guidelines moving forward.
While we hope that the net result will be our ability to provide a satisfactory financing option we recently surveyed the clients that we were unable to assist and received overwhelming confirmation (over 86%) that they would recommend Spectrum to their friends and had found the overall experience to be a positive one. These clients all stated that the Spectrum Program was a value-added resource provided by their branch and the fact that the branch had ‘gone the extra mile’ in helping resolve their challenge had engendered loyalty to the introducing Bank or Credit Union.
We value the excellent working relationship we have with our Lenders (both institutional and private) and structure our sales procedures to ensure maximum efficiencies for our Company and our Lenders.
Our Advisors follow proven, structured sales techniques and workflows to ensure efficient sales funnel ratios – one example of this is with our ‘Mortgage Illustration’ which allows the Advisor to obtain the clients commitment to rates and fees prior to obtaining the formal mortgage commitment letter from a Lender. This has been done to ensure that our Lender clients have high quality applications from Spectrum that fit their guidelines and have a high probability of closing.
At no time should our Mortgage Advisors ever have to submit an application to more than one Lender unless the initial Lender declines the application. If a Commitment Letter is provided the only reasons for the mortgage not funding would be an appraisal issue or a change of the borrower’s circumstance - both of which are outside of our control!
We have invested heavily in the training of our staff and in our own Lender Identification (LIS) technology to maximize this ‘pull-through’ because we recognise that everyone benefits from efficient and effective service.
