"We rely on the expertise of our broker partners to the market to educate those borrower"
A broker that offers an equal focus on closing a transaction and enlightening the client is the professional that offers the most value in the current market, according to Jason Kennedy, vice president of residential mortgages at Marathon Mortgage.
“Focus on educating the consumer [on] the products that they’re applying [for] to ensure that they’re applying into the right product,” Kennedy said in a recent Top Lenders Power Panel by CMP TV.
This ensures that the consumer ends up in the home that best fits their needs and purchasing power, in turn providing the broker with steady business from that client.
“It’s a matter of an opinion, but we rely on the expertise of our broker partners to the market to educate those borrowers when they’re coming in to Marathon,” Kennedy said.
Read more: Why is identifying an ideal client so important for brokers?
Cultivating positive client relationships ultimately benefits both sides of the transaction.
“You have borrowers that are reliable and showing that they’ve proven the ability to repay their debts on time,” Kennedy said. “Why penalize them any further in an affordable market?”
The industry as a whole should seriously consider perks like extended amortizations on insurable products for such customers, Kennedy argued.
“We as a lender, we’re in the market for lending money and we’re not really in the market for taking back homes,” Kennedy said. “So really it’s making sure that borrowers are placed in the proper product and that they have the sustainability to stay in that home, and really just building our partnerships through our broker care.”
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