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The value of mortgage brokers is clearly understood within the ranks of the mortgage industry, but the primary barrier to brokers achieving and sustaining substantial growth is the channel’s relatively unknown status among the general public. The fact that mortgage brokers possess advanced industry knowledge and offer borrowers access to a variety of the best rates in the country is meaningless if people don’t even know anything about them.
Quite simply, the majority of the general population – especially millennials, who continue to make up a bigger chunk of the home purchasing market – are not aware of mortgage brokers, let alone the value they offer. When pondering the concept of buying a house, the thought process of most casual people – as in, people who don’t work in the housing industry – includes watching HGTV, finding houses online, connecting with a real estate agent, visiting open houses, and going to their bank to get approved for a loan. That perceived order of operations really is such a simple concept – and that’s the challenge for mortgage brokers; disrupting that “status quo” mentality.
The first step in growing the broker channel has to be an awareness campaign. Before people will choose to work with a mortgage broker, and before people will understand the advantages that brokers offer over banks and retail lenders, people first have to know that brokers exist.
Once the home buying market is aware of mortgage brokers’ roles in the loan process, efforts can then be taken to highlight the financial advantages they offer borrowers. As the infographic shows, local mortgage brokers provide distinct financial advantages over mega banks and lenders, saving borrowers tens of thousands of dollars over the life of a loan.
-Brad Pettiford For www.uwm.com
[Be sure to share this infographic with your clients and people in your community to create more awareness around the benefits of obtaining a loan through a mortgage broker.]