Wednesday, January 3, 2018

Developing Relationships With Lenders

Click Here! One of the most important components of getting started in the mortgage broker business is developing relationships with lenders. To become successful and offer the best possible service to borrowers, the mortgage broker must work with many mortgage lenders. If the mortgage broker has good relationships with underwriterst and processors that work for the lenders, his job can be much easier. The lender/mortgage broker relationship is mutually beneficial. The mortgage broker gets paid when loans close. The more loans that close, the more money the broker makes. To close more loans, the broker needs lenders or access to other lead generating tools at their disposal. The more lenders the mortgage broker can cultivate relationships with, the more programs and choices he is able to offer his clients. The lender’s benefit from the relationship as well, as they have a product to sell. To attract borrowers, the lender has to spend money on advertising and marketing. A broker makes the job of the lender much easier. He brings borrowers to the lender. Since the mortgage broker spent his own money to find his client, the lender has saved both time and money. This relationship is so profitable that mortgage lenders have departmentsdedicated to working directly with mortgage brokers. This department offers mortgages at wholesale rates that offer better deals than customers get when they contact the lender directly. This results in a lower interest rate for the borrower. There are two basic ways to get started in the mortgage broker business. You can work for a company or start your own firm. There are benefits and drawbacks to both options. These will be covered in the next topic. Click on link below for more Real Estate related topics... www.fullcirclehousing.com