Mortgage Brokers – they gonna come back strong?
An ingredient missing from the recent training and educational regimen of most employers in our industry, is teaching the concepts of Integrity & Ethical behavior to all personnel. Sure, processors may get a small bit of it via osmosis; naturally underwriters and institutional investors should all be intimately familiar with this sort of thinking; yet it is my glaring observation far too many of them are not. All too regularly, unfortunately mainstream Loan Officers don’t seem to have the first clue what that’s all about. They see themselves as sales experts – closers, and regrettably not conscious loan analysts as they should be. Yet those very LOs have been the face of our industry to nearly everybody outside the business, and look at what a disaster that turned out to be!
After this mess out there begins to clear up in several months, are last year’s mortgage brokers gonna try and stage a come back? If they return to ‘busines as usual’ – they won’t make it very long because of the negative attitudes of wholesalers and customers toward them. If that’s you – you need to change the way you run your shop – actually operate it like a real live genuine small business; this observation of mine above on how you’ve dealt with your LO’s was a BIG part of the mortgage broker sector getting hammered down … time to mature and operate a ‘full-fledged’ company for a change!
