What Do You Value in a Good Mortgage Broker?

If you are a lender who works closely with mortgage brokers then you know that lender/broker alignment and a strong relationship can make or break the mutual success of both.

The best way for brokers to know what lenders value in brokers and vice versa is for both sides to gain a better understanding of expectations.

What are your expectations?

·         Do you prefer that you brokers take increased measures to perform due diligence?

·         Do you prefer that your brokers take particular steps when packaging a deal for submission?

·         Are there documents that they can gather upfront that aren’t mandatory but if gathered would make the closing process a smoother one?

·         Do you prefer that brokers you deal with use the same tools that you do, with the same data sources, so that you are dealing with the same information?

The broker’s relationship with their lenders is as important as that of their borrowers. No customer = no deals and no lender = no $$. That said, what a lender values in a broker is different from consumer expectations. Brokers are charged with the delicate task of building policy and procedure that leaves both groups happy.

Communication. Communication. Communication. This is crucial.

If you don’t share with your broker partners what you value, then, when underwriting, they may not be not be proving documentation that is up to your standards. What do you expect of your brokers? Maybe they would present more value to you performing more searches when underwriting a deal to submit to you. The key to getting the most from these relationships is being able to express your expectations to your partner.

Many lenders now mandate that brokers meet minimum closure rates as a result of brokers who submitted too many deals that failed to close. Showing your brokers how to present an extremely strong deal makes them more effective when qualifying and structuring a deal for you.

Likely your company has BDMs out on the road visiting brokers and emailing out rate sheets to keep the applications rolling in. Here is an idea: how about making the most of your visit and spending some time educating your brokers about the tools that you use when underwriting deals and what they can do to present even stronger deals?

Broker/lender alignment is critical for mutual success and your relationship with your broker will be as strong as you want it to be.

For more about the tools that make broker/lender alignment strongest, please contact Purview For Lenders by calling 1.855.787.8439.