Mortgage brokers and agents make the biggest career choice of their lives when they choose which mortgage brokerage/principal broker they are going to align themselves with. Everything doesn’t always boil down to basis points and when you choose your broker you are choosing your path – hopefully towards success, never failure.
Yes, as a mortgage agent or broker you are independent and in effect run your own little business within a business. However, there are certain benefits you should look for in a brokerage that you are entering into a long-term partnership with. Here is what to look for in a broker principal/parent broker.
More than money, by far one of the most important things you should be looking for in a broker is support. Support, in any way you need it: with underwriting, with questions, with resources – your broker should be available and capable of supporting your needs.
Another critical factor when choosing a brokerage is the ability to help you source funds. Not every mortgage is a cake walk. Depending on your client’s credit and the state of their finances, you may need access to private money and investors to finance those deals. Especially as a new broker, your broker being able to assist you to develop those relationships will be essential.
Diverse Product Range
Like your broker being able to support you when sourcing funds, another major factor when choosing a broker/brokerage is their product range. Do they offer a large and diverse range of mortgage products through different companies? Your clients/deals will be all different shapes and sizes and likely won’t be one size fits all so you will only be as competitive as the range of products and services that you offer!
A good brokerage will maintain a strong commitment to supporting your ongoing professional development and training – whether it is continuing education, licensing, new products etc.…
Whether you have realized it is time for a change in your career path or you are a new broker entering the industry, the best way to vet a potential broker or brokerage before you join is to research them. Check them out on Google and LinkedIn, check their reviews (if they don’t serve the public well, will they serve you well?) and don’t be afraid to ask for references! Speak with other agents/brokers and even lenders and you will be able to determine if the brokerage is the right choice for you. You can also contact FSCO to ensure that they are fully licensed and in good standing.
If you are a new agent or broker and are investigating brokerages, consider us!
Visit me online to book a meeting, participate in free training at paulmangion.com or tweet me @joinpaulmangion.