2020 was a record year for many brokers. Low rates and workforce mobility have led to a housing boom. It has also led to new brokers getting licensed to be a part of this successful industry.
We recently spoke with some of Homepoint’s experienced Account Executives to get their best tips for new brokers. Leveraging years of mortgage experience, they shared advice new brokers should know as they start on their new career journey.
Here are the top five tips for new brokers, according to Homepoint’s Account Executives.
1. Don’t Assume Every Lender Works the Same
The mortgage lending space is a competitive one. Brokers have a variety of options when it comes to who they will do business with every day. With so many options, it can be easy to assume that each one works the same way. That is just not the case, though. The tools and processes that each lender uses are unique to how they do business.
Homepoint Account Executive Brook-Lyn Hibbs recommends that new brokers do their research and pick three lenders they want to work with for the long haul. She says that going with a top-three approach instead of signing up with every wholesale lender makes it easier to understand a lender’s process and get the most out of the relationship.
“Really knowing how to do business with somebody is going to make their life easier as a broker and give their borrowers options,” says Hibbs.
2. Take Advantage of Training and Lender Support
One of the great things about working with top wholesale lenders is that you can use their insights and support to get the most from your business. Some of the best lenders provide training options so you can understand their processes and the wider industry. For example, Homepoint provides training on its different platforms and has a speaker series called Elevate LIVE, where broker partners can hear from some of the top thought leaders in the industry.
Account Executives at Homepoint like Kelley Sweetin also pride themselves on always being available to help brokers with any questions. Sweetin has a diverse career in the mortgage industry and uses her knowledge to help brokers get an edge.
“I’ve done every single job in my career,” says Sweetin. “I’ve been in this industry for a long time, so I know the quick tricks to get you to where you need to go.”
3. Don’t Be Afraid to Fail
The best way to learn something is through experience, and you will never gain that experience without trying new things. Account Executive Bryan Ravitz finds that new brokers sometimes need to make mistakes to learn and grow in the industry.
“My best advice to tell everybody that is new is you can’t be afraid of failure,” says Ravitz. “Nobody learned anything doing it right. You got to make mistakes, and you got to be willing to make mistakes.”
Working with a wholesale lender you can trust and lean on will be critical.
4. Build Trusted Relationships
The mortgage industry is a people business at its core. Successful brokers have gained the trust of their borrowers and have found a lender they can depend on with each loan. The process to earn that trust takes time, but it will help your business for life.
Homepoint Account Executive Brook-Lyn Hibbs says that her success in the industry has been because she knows how to build relationships. She sees part of her job as proving how much she truly cares about her broker partners and their borrowers.
“There’s got to be a partnership; there’s got to be trust,” says Hibbs. “You have to know that I want your loan closed just as much as you do.”
5. Diversify Early
New brokers need to manage the complexities of the mortgage industry. The competitiveness of the sector means you must be a jack-of-all-trades. Whether looking to close a VA IRRL or completing paperwork for an FHA 203k loan, it is essential to understand and work with all kinds of borrowers.
Homepoint Account Executive Bryan Ravitz says new brokers need to be ready to diversify early on in their careers. He finds that if you learn early, it will pay dividends well into the future.
“Your key is to diversify,” says Ravitz. “Make sure that you not only are versed in doing refinances, but try to get involved with every aspect of the mortgage industry, so you’re never caught off guard.”
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