your sales approach. That may take some tweaking on your
end, but it will be well worth it in the end. In short, get a CRM
and make sure you understand all the bells and whistles. Once
you do, customize it to your own needs.
Q: HOW YOU DO YOU USE YOUR POSITION AS
AN INDEPENDENT MORTGAGE BROKER TO YOUR
ADVANTAGE?
A: There are two broad categories to the lending business:
wholesale and retail. As a broker, you can work with multiple
lenders, which provides for a major advantage. We, as a
company, can be a direct lender or a broker. However, 98
percent of loans are brokered.
We don’t use our direct lender channel much at all. As a
broker, you have a vast selection of different lenders who
all specialize in one niche or another. This gives you a diverse
menu of products, loans, and rates. The key word here is
options. Options make clients happy; options allow for you
not to turn away a client due to credit score or high Debt To
Income. Go out there and find a lender that has an appetite for
your client’s scenario. We try to help everyone, and if we cannot
finance them at that moment, we’ll assist in charting out a path
for financing into the future [i.e., suggestions on credit repair].
Direct lenders don’t have vast market access. The majority
of the time, their loan officers are restricted to a very tight
range of products and services. In addition, since they cannot
service as many clients, they must increase the revenue made
on the people who do choose to use them. This restrictive
business model leads to the consumer paying a much higher
rate and closing costs […] than they would if they simply
shopped around with a broker. The undeniable fact is no one
knows the lending market and options better than the broker
community. They will always get you the absolute best deal!
That’s why my company still brokers 98 percent of our loans.
The proof is in the pudding.
Q: WHY ARE YOU SUCH A BIG SUPPORTER OF AIME?
A: The mortgage industry is very challenging for people just
getting into the business. You have to do all the licensing, which
isn’t easy. Even then, they don’t have customers. How do you
get them? I did a lot of trial and error and analysis. That’s a very
difficult—but still rewarding—path.
Support groups like AIME try to reduce that trial and
error and friction. They lower the bar for individuals to get
the tools they need to get in. They connect the practitioners
with the different companies that can help them do better at
their own jobs. They connect them with lenders for different
products, connect them with CRMs, etc. AIME has made a ton
of progress and grown a lot in a short period of time as a voice
and advocate for brokers, helping bring customized solutions
to the market.
Q: WHERE DO YOU SEE THE FUTURE OF THE BROKER
WORLD GOING?
A: The financial crisis substantially reduced the number of
brokers. They got a bad rap, regulations changed, and many
other changes rapidly occurred. Brokers were blamed for a
lot of that. A big resurgence is happening now, mainly due to
supply and demand. Brokers in the mortgage industry can
deliver better rates and service than direct lenders can. Better
access to more products is better for the consumer.
Q: WHAT ADVICE DO YOU HAVE FOR SOMEONE
STARTING OR TRANSITIONING TO A BROKER?
A: There is no reason to be a broker and not understand
a large array of products. Use the power of being a broker to
your advantage. Educate yourself on multiple products from
multiple lenders. You are the encyclopedia of programs. In
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