Are Brokers Going the Way of the Dodo Bird?
Doom and gloom, doom and gloom… If I have learned nothing else from the last 18 months, it’s that things will be changing dramatically on a constant and regular basis, and that the doom and gloom broker-Armageddon scenarios tends more toward hype than reality.
Rather than polishing my resume I’m polishing my performance with my prospects, loans in process, and referral partners. With 65% of loans funded in the US are originated by mortgage brokers, it is, in my opinion, realistic to expect that many banks and wholesalers are going to find ways to continue to profit from that very, very large stream of business. Let Bank of America and Chase and anyone else exit the wholesale business. There’s still plenty of great lenders who are still growing their wholesale platform.
My humble suggestion for dealing with this type of news is this: If I read these articles and find myself spending one minute wallowing in the mire of despair, that was one minute I could have spent calling a prospect, a referral partner to pass on the great news on a loan opportunity for them or their clients (i.e. 203-k loans for foreclosed properties, USDA financing for rural areas, Municipal grant programs for qualified buyers, etc.). So every time I catch myself wallowing, I make at least one call to a prospect or referral partner to seek new business. So far, so good.
