1. More product
We can do just about anything. And if there’s a product out there that we don’t have, we can usually get it. Try doing that at a bank.
2. Lower Rates
almost always. Whether a new client, previous client, family or friends, it’s a great feeling to be able to say “feel free to shop around if you’re concerned about your rate.” They always come back. Things like overhead and loan loss reserves are significantly less as a broker. Bottom line: We don’t need to make as much per transaction.
Whether a Realtor needing a Pre-Approval immediately or a busy client that expects a Loan Approval the first day we talk, we can accommodate. I know banks that can’t close a loan in less than 60 days. We close almost every loan in 30 days or less.
We get paid by the lenders that we sell to and the amount we make is clearly defined from the very beginning. Clients actually appreciate this straightforward and honest approach. Plus, I’ve found that when our rates are lower and our fees are lower, they really question how much the bank or mortgage lender must really be making that they don’t show you!
I know being licensed and going through continuing education every year and taking tests to ensure product knowledge, ethics training, compliance, etc. can feel burdensome, but clients that understand that brokers go through a significantly more difficult process truly appreciate the professionalism they receive. Plus I love pointing out that Bankers do NOT have the same set of standards and are often NOT licensed!
6. Relaxed work environment
Not to be confused with unprofessional, but most people today view bankers as uptight and stiff, wearing suits and ties to work everyday. We prefer a much warmer and inviting environment. (Although we do typically rock a nice suit at closings. After all, it’s a celebration.)
7. More experience
Pretty simple, bankers hire rookies with no experience (and not licensed, see #5), we do not. Our President for example has been Originating mortgage loans for 23+ years!
8. Top sales guys in the industry
Let’s face it, most bankers are at banks because they need help getting clients. Brokers typically are seasoned and have their own book of business. Brokers’ clients are used to a level of service a bank simply cannot match over the long haul.
I’ve heard it so many times: “Another mandatory meeting at the bank.” Or mandatory this or mandatory that… All we do is get together as professionals and brainstorm about how to continue to be the best in our industry.
This could easily be #1 and probably should be to most individuals in our industry, but the bottom line is brokers make more per transaction, period. Quality brokers at Gateway Mortgage can make as much as 150 bps. I’m yet to hear of a bank that pays that much. And with the experience, top sales guys and work environment Gateway provides, we can show you how to do more business than you’ve ever done before. And then the best part of it all:
You’ll make more money than you ever have!