Imagine an association/lender partnership that would inject thousands of dollars into the industry with the intention of helping it grow
The broker industry in another country is about to receive an injection of cash from a partnership between its national association and a lender in a bid to help grow its influence.
The National Association of Mortgage Brokers (NAMB), together with United Wholesale Mortgage (UWM), the America’s largest channel lender, have partnered together to launch the KickStart program with the intention of helping to grow the broker channel.
The initiative will grant originators up to $10,000 to help them open their own brokerage.
“At NAMB, our mission is to grow the mortgage broker channel, and the KickStart initiative shows how committed we are to putting our money where our mouth is,” Don Frommeyer, CEO of NAMB, said. “We value the industry leadership and sponsorship UWM has provided to get this program off the ground, and we hope other lenders will participate in the program as sponsors as well.”
For its part, UWM has dedicated $500,000 to the initiative.
To put the partnership into a Canadian perspective, imagine Mortgage Professionals Canada and any one of the Canadian monoline lenders partnering with the intention of injecting some capital into the industry.
Of course, NAMB’s membership at 27,000 is very large. Attempts to confirm MPC’s figures were unsuccessful.
Howver, UWM’s annual originations of $12.957 billion in 2015 make it smaller than some Canadian broker channel lenders. To put that into perspective, First National -- one of Canada's largest broker channel lenders -- had total originations last year of $17.2 billion.
Differences between the American and Canadian mortgage industries notwithstanding, this dedication to the channel from an association and a lender shows a great deal of confidence in a channel whose reputation has taken a hit since the financial crisis of 2008.
It also proves its association is in tune with members’ wants and needs.
“In a survey that NAMB distributed to approximately 200 loan originators around the country, roughly 70% of respondents reported an interest in owning their own shop,” NAMB said in a release. “In the same survey, 44% of respondents indicated money as their main barrier to opening their own business, but 60% said they would be more inclined to take the chance if given seed money.”
But could a similar program work in Canada? And would it help grow the industry? Have your say below.
The National Association of Mortgage Brokers (NAMB), together with United Wholesale Mortgage (UWM), the America’s largest channel lender, have partnered together to launch the KickStart program with the intention of helping to grow the broker channel.
The initiative will grant originators up to $10,000 to help them open their own brokerage.
“At NAMB, our mission is to grow the mortgage broker channel, and the KickStart initiative shows how committed we are to putting our money where our mouth is,” Don Frommeyer, CEO of NAMB, said. “We value the industry leadership and sponsorship UWM has provided to get this program off the ground, and we hope other lenders will participate in the program as sponsors as well.”
For its part, UWM has dedicated $500,000 to the initiative.
To put the partnership into a Canadian perspective, imagine Mortgage Professionals Canada and any one of the Canadian monoline lenders partnering with the intention of injecting some capital into the industry.
Of course, NAMB’s membership at 27,000 is very large. Attempts to confirm MPC’s figures were unsuccessful.
Howver, UWM’s annual originations of $12.957 billion in 2015 make it smaller than some Canadian broker channel lenders. To put that into perspective, First National -- one of Canada's largest broker channel lenders -- had total originations last year of $17.2 billion.
Differences between the American and Canadian mortgage industries notwithstanding, this dedication to the channel from an association and a lender shows a great deal of confidence in a channel whose reputation has taken a hit since the financial crisis of 2008.
It also proves its association is in tune with members’ wants and needs.
“In a survey that NAMB distributed to approximately 200 loan originators around the country, roughly 70% of respondents reported an interest in owning their own shop,” NAMB said in a release. “In the same survey, 44% of respondents indicated money as their main barrier to opening their own business, but 60% said they would be more inclined to take the chance if given seed money.”
But could a similar program work in Canada? And would it help grow the industry? Have your say below.
