It’s hard to imagine being a mortgage broker without a website.
Websites are the business cards of the 21st century and essential marketing tools for lenders and brokers. Argentum Mortgage CEO, Albert Collu, explains why:
“An overwhelming percentage of borrowers will seek out mortgage information on the internet before making contact with a mortgage professional,” he says.
The data backs that up. Over 80% of first-time buyers use the net to research mortgages, according to CMHC’s Mortgage Consumer Survey. It’s probably even higher than that.
What’s more, “the largest demographic using mortgage brokers are between the ages of 25 and 35 (the Google generation),” adds Collu.
But despite the importance of websites, brokers often fail to invest in a top-notch Internet presence. Collu cites two reasons for that:
Less Broker in Your Broker
The face of mortgage brokering is changing. Lender policies meant to drive efficiencies are impairing brokers from doing their jobs.
This is no more evident than with volume minimums. More and more, lenders are electing to cut off brokers who don’t send them a minimum volume of business (such as one deal a quarter, $2.5-$5.0 million per year, etc.).
Lenders do this because they don’t want to expend limited resources on non-producing brokers. On the face of it, it makes sense. But it’s having undesirable effects.
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Posted at 02:46 AM in Mortgage Broker News, Mortgage Commentary | Permalink | Comments (21)