Use Case: Jane's Story: How Broker Scout Helped Her Save Thousands on Her Mortgage

Feature Focus: Forecasting/What-If Scenarios

Meet Peter, a Canadian mortgage broker from Kelowna, who has been forecasting falling rates for some time. He knew his clients could benefit from his insights, but by the time rates dropped, they had already found better deals online or been approached by their bank.  Peter realized he needed a way to approach his clients with personalized information about how much they could save well in advance of the competition from the banks. And this is where Broker Scout's forecasting functionality became the hero of the story.

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Peter signed up for Broker Scout and was impressed with its forecasting functionality. He entered his market predictions into the platform, and Broker Scout immediately evaluated his entire client portfolio, identifying which clients would benefit from his predictions, and by how much savings they could gain. Broker Scout even gave Peter insights into his clients’ eligibility so he knew if he had room to add anything to their mortgage, or if he would struggle to get the client approved for the mortgage product he knew he wanted to recommend.

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One of Peter's clients, Jane I., had been struggling with high interest rates on her variable rate mortgage for some time. Using his experience and expertise, Peter predicted that future rate changes were on the way down, in particular for fixed rate mortgages. He entered his prediction into Broker Scout, and it immediately identified Jane's mortgage as one that would benefit from refinancing, even taking into account the penalty she would need to pay.

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Armed with this valuable information and a solid comparison of Jane's current situation against his prediction, Peter approached her with a highly personalized and detailed solution to help her save money. He recommended refinancing her mortgage to a fixed-rate, consolidating the credit card balance, and locking in a lower interest rate. Thanks to Broker Scout's forecasting functionality, he was able to provide Jane with a proactive solution that met her specific needs, resulting in a significant reduction in her monthly payments and long-term savings on her mortgage.

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Jane was impressed by Peter's proactivity money-saving solution he provided. With plenty of time to spare before her renewal date, and no competition from other brokers, Peter was able to spend the necessary time packaging her application properly, ensuring it was successfully approved. With her new fixed-rate mortgage, Jane's monthly payments were reduced from $2,400 to $2,100, resulting in a total savings of $36,000 over the course of her mortgage, and she stopped paying high interest on her credit card balance.

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Broker Scout's forecasting functionality and ability to run what if scenarios enabled Peter to provide personalized solutions to Jane and his other clients and gain a competitive edge in the market. By leveraging technology to identify opportunities for his clients to save money, Peter was able to bring a proactive and effective solution to Jane's specific needs, resulting in significant savings and a satisfied client. If you're a mortgage broker looking to stay ahead of the game, Broker Scout's forecasting functionality is the way to go.