But he also highlighted long-held myths prominent within realtor circles in certain markets that can sometimes be propagated by the competition: one, namely, being that independent brokers have less control over the transaction than retail LOs. That, he said, is an “incredibly unfair characterization” of the broker channel.
That basic argument is that brokers aren’t in command of the transaction because the underwriter they’re dealing with works for a different company – whereas in retail, they’re under the same roof.
But McKay described that as a “surface-level” claim: a good broker, he said, has a level of professionalism and strong relationships with other parties in the mortgage transaction that gives them just as much influence as retail officers – if not more – throughout the process.
He used his own brokerage as an example. “We put together extremely clean underwriting packages and I think in general, lenders very much like working with us,” he said.
“As a result, I have the ability to reach out directly to any underwriter or any underwriting manager, and in many of the lenders we work with, to the people that run wholesale operations, if I have a problem – just the same that any retail loan officer would.”