When the mortgage business slows down and volumes drop, which is happenning now, albeit slowly, the brokers are among the first to be affected. Many will leave the business to move back into other sales-related fields. Those that stay will need to get better at what they do in order to be successful.
A new white paper penned by Lisa Schreiber, Executive Vice President of American Brokers Conduit, talks about one way brokers can do that.
In this paper, Schreiber says that brokers need to increase their use of technology if they hope to be more effective in the future. The key, she says, is for brokers to ensure that the technology they use allows their wholesale lending partners to be embedded.
"When a mortgage broker opens their LOS each day they need to have a direct interface with their wholesale lending partner," she writes.
Two of the benefits she mentions are ease of marketing and consumer education, both critical success factors for loan originators.
To find out more about the white paper, check out ABC's website.