Is now the time to make that change for better opportunities?
When is the right time to make that change or take advantage of new opportunities? Often change might be forced on us or it may seem that the timing might not be optimal. Those may actually be the best times to consider change. If you are currently a Mortgage Development Professional with a big brand, you may want to consider a few important factors.
Below, Prairie West Mortgage Group provides a look at factors to consider when looking to make a change.
Factor number one:
Ask yourself this question, does the big brand where you hang your hat, need you more than you need them?
This means, does the bulk of the mortgages you fund come from your own network. Do referrals connect with you directly or do they call a Call Center, or branch, and then forward to you? If your answer is they call or connect with you directly, then you’re not maximizing your earning potential and it may be time to become a Mortgage Broker.
Factor number two:
Has the big brand tightened their underwriting guidelines and now you’re seeing more declines then in previous years?
This is common with big brands as they mitigate their risks given the current economic times. The problem this creates is that you only have one lender source to send your deals. Spending time putting a deal together only to be declined, means you cannot help your client.. As they say, time is money, and if you spend 4 hours on a deal and it cannot be completed to funding, you have worked for free. If this seems to be happening more often, you may want to look at making the change to becoming a Mortgage Broker with Prairie West Mortgage Group Inc. As a Broker you would have access to many different lenders with different product solutions, allowing opportunity to help those challenging deals fund.
Factor number three:
Everyone is busy and does it feel like you are working longer for the same pay or maybe even less?
This can often happen when working for a Big Brand institution. Small refi’s or deals with very little new money, in most cases are files you cannot say no to. The challenge is to find the balance between the amount of time spent and amount of compensation. Long hours put into deals with very little new money, means the brand is getting a deal and the pay per hour is reduced and may be even less than that of branch staff working on the same deal. Becoming a Mortgage Broker, and having that choice, or having a higher compensation model, will make those smaller deals work in your favor.
Should any of these factors be present in your current career, we’d love to connect and discuss opportunities at Prairie West Mortgage Group.