“From a broker perspective, I think they need to continue to focus on where their competitive advantage has always been,” Gehrke told Mortgage Professional America. “And I think that’s more local, that’s more personal, face-to-face with the borrower. I think that’s still an advantage that they have. And I think that the key part for them is to find lending partners to work with that can give them other advantages.”
The survey identified three findings that brokers can use to drive more business.
Early contact is key
When a lender or broker contacted customers before they began searching for a home, the overall satisfaction was 32 points higher. When that contact didn’t occur until the mortgage application stage, satisfaction dropped 64 points. Early contact is key, which comes down to existing relationships and referral partners.
“Consumers have this perception going in that this wasn’t as simple as it was once before, where you just kind of walk in, find the house you want, put down an offer, go back and forth, and you’re ready to close,” Gehrke said. “That was the traditional kind of approach and the model, the way it worked. Lenders got referrals from real estate agents who were at that pointy end of the spear.
“Now you have this perception that there are more complications involved. I want to know more about the affordability issues. What can I afford? Not just what will I qualify for, but what fits into my lifestyle?”