Mortgage brokers and lenders often receive little if any base salary. Primarily mortgage brokers must compete with other brokers and lenders for mortgage loans and close some of those loans to receive any income. Mortgage brokers normally do not have a natural base of clients, like a mortgage banker. The mortgage broker’s main advantage is the number of programs and lenders available for her clients. The mortgage broker enters into agreements with several lenders and may choose the best one for a client.
Real Estate Agents
Real estate agents and mortgage brokers often have many goals in common, notably selling and financing homes for new homebuyers. Real estate agents need their clients to have the money to purchase the home, and most homebuyers do not have enough cash assets to buy a home outright, so they use a mortgage lender. Create relationships with real estate agents, present your offerings and prove to them you can close on time. This will encourage them to send you more clients.
Homebuilders usually need financing for their clients as well. Homebuilder business usually comes more slowly because the home must be built before being financed. Small homebuilder firms that require their buyers to obtain construction financing may be a source for two loans per client, one to build the home and one to permanently finance the home. Visit homebuilders in your area and work to build a relationship with them.
Networking With Other Professionals
Investment advisors, insurance agents and tax professionals also advise people to buy homes. Often their clients consider them trusted advisors and listen to their advice. If you prove to these referral sources that you have their clients' best interest at heart, they could prove to be a strong source of clients in the future. Meet with these professionals and show them your advantages over the bank mortgage loan officers with your vast array of lending solutions.
Phone and Internet Leads
Many companies sell phone and Internet leads. Some companies specialize in selling leads gained by telemarketing. These leads can be expensive to obtain so you must closely track your returns on them. Some lead companies require you to work as a lender, and not as a broker. Often these leads are sold multiple times so they are time sensitive. These leads can provide immediate income while you develop the relationships needed for long-term success.
David Rouse, currently residing in Raleigh, N.C., has been writing and teaching home owners about the mortgage industry since 1997. Rouse has written training manuals for mortgage professionals and conducted informational first-time home-buyer seminars, providing make-sense answers for a long and confusing process. He studied at Western Kentucky University.