Talk to the Right People

This week I’ve been working with mortgage advisers for smaller building societies. Something shone out to me when working with smaller firms. Flexibility and I liked it. Let me explain how this will benefit you as a mortgage broker.

You see, brokers like yourselves, can pick up the phone and speak directly to an underwriter at the building society, to chat through a case prior to submitting an enquiry. They even had direct lines and a dedicated underwriter to take their calls. Now that’s nirvana when it comes to your job because you’re dealing with the person who makes decisions. You’re a VIP.

That’s vital in business. As a mortgage adviser, here’s some ideas to chew over when it comes to dealing with decision makers:

  1. When advising clients, ask if there is anyone else involved early on. A partner or spouse is usually quite easy to ascertain in mortgage enquiries. I’m referring to a parent who happens to be lending the deposit or a brother who is really interested in how his sister is looked after. The children of someone who is borrowing way into retirement, perhaps releasing equity (this is a requirement). These people are referred to by your client before any decision is made, so it’s ideal if you can find out if there is anyone influencing the proposal so you might be able to make contact with them.
  2. As a broker, you’ll be dealing with Business Development Managers (BDMs) and the like. These people vary in their expertise and experience. Assess this first before you embark on a relationship since you’ll have all manner of questions to ask and you need an instant decision. Ask if they have access to an underwriter direct or can you speak with them yourself. Does the BDM have the ability to flex the criteria?
  3. Network people vary also. Does your supervisor have flexibility in the way you’re supervised? Is compliance rigid or flexible? Does your network supervisor have the ear of others in the network, it’s not always the case, so ask before you sign up with a network.

Being treated like a VIP by lenders is paramount to your success as a mortgage broker/adviser.


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