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Frequently asked questions

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Getting Started

Getting Started

Q: How do I get started with Broker Scout?

A: Step #1: click the button at the top right of the screen and fill in your details: 

 

Step #2: When you first log in, you’ll need to decide if you want to upload your historic mortgage portfolio data in bulk, or start fresh by entering new deals as they come in.
 

TIP: Maximize value by uploading your existing data so we can start monitoring immediately and uncover those buried opportunities! You'll only need to do this once.

Step #3: take a few minutes each time you get a new mortgage deal to enter the details and hit save. 

 

You'll never have to re-enter data and you can come back and run scenarios anytime your clients call.

 


How To

 

Q. How do I login to Broker Scout if I already have an account?

 

A: Simply select Login at the top right of the Broker Scout website. Enter your email and password and select the Login link and voila, you are in!

 

Q. Can I bulk upload all of my deals at once, rather than one deal at a time? 

 

A: Yes, you can upload one deal at a time as they come in, or you can start by uploading all of your existing client deals in bulk to get started using the platform quickly.

 

Q. How do I sign up for Broker Scout updates?

 

A: Simply add your email address to the sign up box in the footer of the Broker Scout website homepage, select the check box with your agreement and select Subscribe.  You can unsubscribe at any time.

 

Q: How do I use Broker Scout?
 

A: To use Broker Scout, you only need to input a small amount of information per mortgage. The platform will do the rest of the work for you, alerting you to opportunities for refinancing and identifying clients who may be impacted by rate changes.

Q: How long does it take to onboard my data onto the platform?

A: If you choose to do a bulk upload, the Broker Scout  team will work with you to ensure that the process is completed quickly and accurately. Each case is unique.

Q: What happens if I want to cancel my subscription?

A: You can cancel your subscription to Broker Scout at any time. Simply contact the company here to cancel your subscription.

 

Company

 

Q: What is Broker Scout?

A: Broker Scout is a platform designed to help mortgage brokers manage their entire book of clients by searching for opportunities for refinancing by comparing a client's mortgage balance against both bank rates and comparison rates set by the broker. It alerts the broker to opportunities for refinancing and helps identify clients who may be impacted by rate changes.

Q: How does Broker Scout work?

A: Broker Scout is a platform designed to help mortgage brokers manage their entire book of clients. It searches for clients who may benefit from refinancing their mortgage, including those about to receive a renewal notice and those who may be able to save money with the broker's assistance. The broker inputs a small amount of information per mortgage, and Broker Scout alerts the broker to potential refinancing opportunities and helps them find clients who are most impacted by changes in interest rates. It also calculates a client's current balance and penalty to help the broker explain the opportunity to the client.

Q. Is there a Broker Scout app?

 

A: No, Broker Scout is designed to be used on a desktop.  It can however, still be accessed on your phone or tablet by using a browser, but we recommend desktop access for the best user experience.

Q: Is Broker Scout only for Canadian mortgage brokers?

A: Yes, Broker Scout is specifically designed for Canadian mortgage brokers to help them manage their entire book of clients and identify potential refinancing opportunities. It takes into account Canadian interest rates and the specific needs of Canadian mortgage brokers.

Q: Who created Broker Scout?

A: Broker Scout was created by a team of Canadian mortgage brokers, finance officers, banking analysts, and fintech leaders who saw the challenges and inefficiencies in the industry. They designed the platform to help mortgage brokers save time, increase efficiency, and succeed in any market by analyzing potential refinance deals and identifying the best options for clients.

Q: What services does Broker Scout offer?

A: Broker Scout offers a range of software solutions designed to help mortgage brokers and financial advisors streamline their operations and find opportunities for their clients to maximize their home equity and minimize interest costs.

Q: How does Broker Scout prioritize customer satisfaction?

A: Broker Scout is committed to delivering cost-effective, reliable products and services with a focus on customer satisfaction.

Q: How does Broker Scout support the growth and development of its employees?

A: Broker Scout nurtures a balanced environment for the mental and physical wellbeing of its employees, and is committed to enabling its employees to reach their full potential through support, education, and opportunity.

 

Q: How often is Broker Scout updated?

A: The platform is regularly updated to reflect changes in the market.
 


Pricing

 

Q: How much does Broker Scout cost?

A: Pricing information can be found here on our website.

Q: Is there a fixed contract for using Broker Scout?

A: No, there is no fixed contract for using Broker Scout. You can cancel your subscription at any time.

 

Technical Specifications

Q: What file format should be used to send my data in bulk?

 

A: You will need to create a .CSV or .XLS file with the fields listed and then drop it in the designated file upload area. The Broker Scout team will securely receive it, and then add them to your deals list for you.

Q: Can my data come from any CRM? If not, specify which CRMs.
 

A: Broker Scout can accept any .CSV or .XLS file you provide it, so it doesn’t matter what CRM you are using. Since most CRM’s are polluted with incomplete data, it’s best to download the file of your data and then securely transmit it to us. Our team will take care of any clean up and will load the quality data into the system for monitoring. After that, you can add individual deals in anytime you’d like.

Q: Is training available
 

A: Broker Scout is simple to use, so no training should be required. But if something happens that you have a question, just use our contact form and we’ll get back to you quickly with assistance.
 

Q: How long will it take to get my data bulk uploaded to Broker Scout?
 

A: Once we receive and verify your file, we can usually have your data up in one or two business days. That time might change depending on the volume of new accounts we are opening at that time.

 

Q: How frequently will new features be added to Broker Scout?
 

A: Broker Scout is constantly evolving and improving. In fact, we are known as the fastest innovating platform for Mortgage Brokers looking to find more deals, save time and increase profitability. We are releasing updates every couple of weeks.

Q: Is Broker Scout compliant with regulations in the industry?
 

A: Broker Scout follows Canadian Privacy laws and guidelines, in addition to some of the industries most trusted security standards.

 

Q: Is Broker Scout scalable?  Ie, can I start with 200 deals, and grow to 6000 over time for example?
 

A: Of course! Broker Scout is built to grow with your business. No matter how large or small your organization, we can handle it.

 

Q: How do I access technical support?
 

A: Technical Support is available by emailing us at info@brokerscout.ca.  We will get back to you within one business day. 

 

Q: What information do I need to provide to create an account?

 

A: When you sign up, you'll be prompted to enter your first and last name, contact number, and an optional company name. You'll also need to provide credit card details to complete the registration process.

 

Q: How can I upload all of my deals at once?

 

A: After you've added your credit card details and they are confirmed, you'll be given the option to upload all of your deals at once. To do this, you'll need to create a .CSV or .XLS file with the fields listed and then drop it in the designated area. The Broker Scout team will then add your historic deals for you.

 

Q: What fields do I need to include in my .CSV or .XLS file to upload all of my deals at once?

 

A: The required fields for uploading all of your deals at once are: Mortgage Balance, Interest Adjustment Date, Rate, Loan Type, Term, Amortization, Payment Frequency, Lender and File Reference Number. This is subject to change as the product evolves.

 

Q: I don't want to upload all of my deals at once, can I add them one at a time?

 

A: Yes, you can add your deals one at a time. Simply select "Add a Deal" at the top of the screen and fill in the required fields.
 

Q: I've signed up, but I haven't received a confirmation email. What should I do?

 

A: If you haven't received a confirmation email, please check your spam folder. If you still can't find it, please contact the Broker Scout team for assistance.

 

Q: Can I change my credit card details once I've added them?

 

A: Yes, you can change your credit card details at any time by logging into your account and going to your account settings.

 

Q: Why is my go-to mortgage calculator or app giving me different numbers than Broker Scout is showing?
 

A: The discrepancies in numbers between your go-to mortgage calculator or app and Broker Scout's mortgage calculator can be attributed to Broker Scout's commitment to unparalleled accuracy. Unlike other calculators, Broker Scout's advanced calculator accepts decimal points when entering data from mortgage statements and uses actual historic rates when performing historical calculations. This precision, especially for variable and adjustable rate mortgages, ensures more precise calculations and a true representation of your client's mortgage progress. Trust Broker Scout for accurate and reliable mortgage calculations that empower you to make informed financial decisions. Learn more from our blog post here.

 

General FAQ for Brokers

Q: How does Broker Scout help me find opportunities for refinancing?

A: Broker Scout continuously searches for opportunities for refinancing by comparing a client's mortgage balance against both bank rates and comparison rates set by the broker. It also alerts the broker to opportunities for refinancing and helps identify clients who may be impacted by rate changes.

Q: How does Broker Scout help me explain refinancing opportunities to my clients?

A: Broker Scout calculates a client's current balance and penalty, making it easier for the broker to explain the potential benefits of refinancing to the client.

 

Q: How can I generate consistent revenue as a mortgage broker?

A: One way to generate consistent revenue as a mortgage broker is by identifying potential refinance deals and outlining the best options for your clients. By doing so, you can make more money and generate more referrals for new clients. Brokerscout.ca can help you grow your business.

Q: Why are refinancing deals important for mortgage brokers?

A: Refinancing deals are important for mortgage brokers because they provide opportunities for consistent revenue and growth, regardless of housing market conditions. In addition, happy clients are more likely to refer new business, which can also contribute to consistent revenue.

Q: What tools are available to help mortgage brokers find refinancing opportunities?

A: Broker Scout is a tool available to Canadian mortgage brokers to help you identify potential refinancing opportunities. This tool can help you win more refinancing deals and make more money.

Q: How can I ensure that my clients are happy and more likely to refer new business?

A: To ensure that your clients are happy and more likely to refer new business, it is important to provide excellent customer service, provide lucrative opportunities for them, and be responsive to their needs. By doing so, you can build trust and strengthen your relationships with your clients, making them more likely to refer new business.

Q: Why is Broker Scout useful for mortgage brokers?


A: Broker Scout helps mortgage brokers save time and increase efficiency by searching for and identifying potential refinancing opportunities for their clients. It also helps brokers stay competitive and provide value to their clients by alerting them to changes in interest rates and identifying the best options for each client's unique situation.

How To
Company
Pricing
General FAQ for Brokers
Technical Specifications

The "What If" Game

Q: What is the "What If" game in Broker Scout?

A:  The "What If" game in Broker Scout is a valuable tool to strategize and plan ahead for your clients’ best financial interests. It can be found in the “Comparison Rates” section within the platform. It is a simulation tool based on the comparison rates you set. The “What If” game allows you to adjust comparison rates to prepare for various potential market changes. 

Q: How can I use the "What If" game to uncover additional opportunities?

A: To use the "What If" game, navigate to the “Comparison Rates” section within Broker Scout. Then adjust the comparison rates to reflect your predictions on future interest rate changes. For example, if you think that today's news on inflation coming down in Canada is going to result in a future drop in longer term fixed rates, you could adjust your comparison rates down a bit. The dashboard will then show some of your deals in Falling Rate Leads, all based on if your prediction comes true. So then your client conversation would be "You shouldn't move right now, but we're going to watch the bond yields and get ready. Once that long term rate moves below X, then you'll be able to save some money!"

Q: How does the "What If" game benefit client conversations?

A: The "What If" game empowers you to engage clients in meaningful conversations. You can inform them about potential savings opportunities in the future based on your rate predictions. For example, you can advise clients to wait for a specific long-term rate to drop below a certain level before considering refinancing, which could help them save money.


Q: How can I access the "What If" game in Broker Scout?

A: The "What If" game is accessible through the Broker Scout dashboard. You can find it under the "Comparison Rates" section, where you can adjust the rates according to your predictions and explore potential opportunities.

The "What If" Game
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