If you are making a living by issuing new mortgages, I don’t need to tell you that the business is changing. You probably already know that the latest MBA mortgage forecast places the purchase money at 75% of all loan volume. You are probably already feeling it in your business.
If you plan to stay in the mortgage industry in 2022, you are probably already changing your strategy to better enable you to create loans for the purchase of money next year. It means that you have thought about real estate agents a lot.
The purchase money mortgage transaction begins with the real estate sales contract and it is not something our industry controls. It is the real estate agent who has the consumer’s confidence at this stage. They control that business and they have a lot to say about where the buyer goes for financing.
Smart loan originators are now building relationships with these essential business partners. But they don’t use outdated tactics because they don’t work anymore.
In the old days, people looking for a new home would walk around town to the real estate agent’s office and look at photos, then roam around town looking at properties all day. Those long days are over. Real estate agents, like mortgage loan officers, work wherever they are today. They don’t even come to the office anymore.
This means that the old tactic of driving around town with a box of donuts will no longer work. We have nowhere to drop them off, by the way, too many agents have responded to the trend for illustrated business cards but by cutting out junk food. Who saw this coming? We need a better way to form those connections and build those relationships.
Be where agents are for better connections
Recently, I met with Manny Morales, president of the California Association of Mortgage Professionals (CAMP), to discuss the future of the mortgage finance industry. He sees a very different future from the world we work in today.
Borrowers don’t visit branches as often and don’t expect a loan officer to meet them in person. Today, they expect to transact online. If mortgage brokers want to stay relevant in the future, this is where they need to meet their potential borrowers. The good news is that real estate agents are already here. Now all we have to do is put our mortgage brokers in the same online space.
So Manny and I have reflected on and announced a new partnership with CAMP that will provide a new member benefit aimed at preparing California mortgage originators to be more competitive, both today and in the mortgage market today. purchase to come. CAMP is now working with SRE to create a new online marketplace that will connect consumers with CAMP’s mortgage originators.
I also recently met NAMB President Kimber White. He is of the same opinion and he and I subsequently announced a partnership that will provide a similar benefit to NAMB members, which will prepare them to be more competitive, both now and in the next mortgage market in the United States. purchase.
Under the new deal, SRE will work with these fantastic organizations to create a new online marketplace that will connect consumers with the real estate agents they depend on to find a new home and the mortgage originators they need to fund it. . This work has already started!
The new way to collaborate with real estate agents
Consumers are already going online to find their next place to stay, and real estate agents are meeting with them there to start new relationships. If mortgage originators want to stay relevant in the future – well, let’s be honest, next year – they have to be online too.
The SRE Marketplace will include profiles for mortgage originators across the United States. Consumers can create search terms for property type and mortgage expertise, such as a condo, second home, investment property, single family home, or any other type of mortgage. The research results put them in touch with mortgage advisors who have been reviewed by former borrowers.
If you are a mortgage broker I hope you are a member of NAMB. If you work in California, I hope you are a member of CAMP. But you don’t have to be a member of either of these organizations to get your free profile on SRE.com.
For as long as I have been in this industry, loan originators have struggled to find good new business leads and forge strong relationships with their real estate sales partners. We’re changing that by putting consumers at the center of the transaction and giving loan originators the ability to easily build strong referral relationships. You can be a part of it.