By creating a product that integrates with other products, a mortgage broker can process both loans simultaneously without needing a separate loan process.
“We’ve structured it like a traditional wholesale channel so that it’s easy to understand, easy to get on board, and easy to pitch,” he said. “They’re just brokering a bridge loan on top of what they’re already doing, and there’s no additional work to do other than sign a few extra disclosures. I think a key to the growth that we’ve seen over the last couple of years of launching this channel.”
The PUFF method
Richards said for brokers who might be struggling in the battle against larger competitors, he offers a simple solution: making some phone calls.
“I heard an acronym the other day called PUFF, and it stands for pick up the freaking phone,” he said. “Essentially, the idea of just picking up the phone and making a phone call, or picking up when someone calls, if you can do that consistently, time after time, day after day, week after week, that is by far the best way to build a business.
“Especially in the era of AI, when so much is automated and so many of those phone calls, even in the near future, are going to be with AI agents. The value of talking to a human and building relationships, but doing so with consistency and with tenacity, I think, is the secret to winning in this space.”