A broker's guide to growth amid today's mortgage market dynamics
The evolving mortgage market presents a golden opportunity for brokers to claim their stake.
Now is the moment, industry stalwarts chorused on a recent roundtable hosted by MPA TV, for brokers to solidify their roles as indispensable advisors and seize market share.
EPM Wholesale chief lending officer Kevin DeLory sees the departure of many originators from the business as an opportunity for mortgage advisors to strengthen their position.
“With rates low, it was easy for originators, but now, to survive, you need to be a true advisor,” DeLory said.
He encourages mortgage advisors to maintain contact with customers. “This is a great opportunity for the strong to get stronger,” DeLory added.
To win, you must be reliable and build a reputation through performance rather than just online presence. John Tallinger, chief growth officer of Class Valuation, highlighted the importance of being available and responsive to clients’ needs.
“No matter what, answer your phone. Think about reliability. There’s plenty of competition. There are plenty of people out there,” Tallinger said. “So, answer your phone and be available. That’s the biggest thing you can do. You don’t have to be talented. You don’t have to be good at many things in this world. That’s what your team is there to support you with. You don’t have to know every pricing scenario, but answer your phone, respond, and be there. Make sure your client has the trust that you’re going to be there when they need you. You’re going to take care of them.”
Chelsea Balak, VP of operations at wemlo, believes that wholesale brokers who are already embedded in their communities and have built strong relationships are particularly well-positioned for the current market.
“We’re gonna continue to see them grow, especially as we come into the back half of this year and beginning of next year,” Balal projected. “It’s tough out there. So if they’re already in the community, they have relationships, they’re going to be able to prosper, and they’re going to be able to grow our broker community to even larger than what it is right now.”
Read more: Mortgage pros’ guide to lead generation
Porch Point Mortgage CEO Darius James drew on his experience and the wisdom of his mentors, stressing the importance of persistence and commitment. “When markets compress, that’s when market share can be gained,” James said. He encouraged brokers to remain steadfast and committed, especially in tough times.
Want to get more insights and tips from successful mortgage professionals? Read our exclusive feature on how brokers can win in this challenging market.