The mortgage broker channel will be alive and well after the
If I left the New York Association of Mortgage Brokers annual convention with any one thought in mind, it comes from Art Saitta, the residential business development officer at Ridgewood Savings Bank.
“We have to protect what is ours. Take pride in what we do and protect our industry,” he states.
There is an opportunity for mortgage brokers to grow their business, adds Deborah Robertson, sales manager at Plaza Home Mortgage. However, the learning curve will be steep when it comes to implementing QM.
When it comes to creating relationships, the most important thing is the law of caring, Eric Janeczko, CEO of Maximum Acceleration says in his presentation during the NAMB National conference.
People won’t care about how much you know, until they know how much you care. And the follow up is people don’t know what they don’t know unless somebody shows them, he continues.
On the practical side, while at the Mortgage Bankers Association convention, I had the opportunity to meet with Joe Puthur, the president of Mortgage Coach. The latest offering from the company is a mobile app for loan officers to use to discuss products with their clients in a real-time manner. The free version has been in the top 30 most mortgage-oriented downloaded apps for iPad and iPhone. It is also available for Android.
“We can convey a much clearer message if we can create, not a quote, but an experience,” with the aim of teaching the client rather than just discussing price, Puthur says.
The client can contact the loan officer as they are viewing a property and get some real time data regarding a potential mortgage.
But the lender does not have change its own technology in order to communicate with the consumer’s mobile device.
In the new mortgage world, the app also helps on the compliance side as well when it comes to making an offer to the consumer, he adds.
Originators have to be service-focused to have the best interests of the customer in mind; otherwise they are violating the rules. The Consumer Financial Protection Bureau is looking over the loan officer’s shoulders and Mortgage Coach wants to make adhering to best practices “so easy and obvious that any originator can do it,” says Puthur.
