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Mortgage Brokers: Strategic Partnerships That Help Grow Your Business

Posted by Ken Meyer on Thu, Mar 29, 2012

Mortgage Brokers Private Money Lenders

The most successful mortgage brokers have a large pool of strategic partners to help them grow their business. To grow your business, you will need to not only know a number of different lenders, but also have a diverse pool of vendors who are committed to helping you succeed.

Private Lenders

All mortgage brokers need a wide range of lenders in their back pocket. In today's challenging environment, you should get to know as many different types of private lenders in order to seek out all the different rates and terms being offered. For your clients who are willing to put significant equity down, your strategic partnerships with private lenders will benefit your business because of favorable rates & terms, solid loan-to-value ratios, and most importantly – easy execution.

Further, the relationships you develop with your lenders will allow you to become a more valuable resource to your prospects and clients. Turning down your prospect business due to tight credit with banks will no longer be an issue because of the options available with private lenders. Options like flexibility with smaller assets, non-traditional assets or non-traditional clients can all be at your disposable when partnering.

Lastly, don’t forget about the commissions on loans that close fast and require minimal work on your part.

Vendors

Although everyone expects mortgage brokers to have access to capital, without a team that can facilitate the process of closing the loan, you will not succeed. Here are some of the vendors with whom you should also form strategic partnerships with:

  • Appraisers. As regulations change, your ability to ethically influence an appraiser could change. Regardless of this, having relationships with a few good appraisers will help you to get loans closed with predictable results.
  • Insurance Agents. Many of your borrowers will not have strong relationships with insurance professionals. Having your own vendors can not only help your client get a good deal, but also help you to get what you need when you need it to close the loan on time.
  • Closers and Title Professionals. Finding a good closer and title team will not only make the process of closing a loan easier, but will also make it easier for you to foresee issues and solve them before you get derailed.

Mortgage brokers who develop strategic partnerships are the ones that have the tools for success. To build a strong business, you should go beyond bank and insurance lenders and get to know lenders of every type, as well as a wide range of vendors.

 

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