A peek into an independent mortgage broker's success story
The road to success for independent brokers is packed with twists and turns.
Brokers grapple with the ups and downs of a shaky economy, ever-changing interest rates, a maze of regulatory requirements, and the relentless march of technology reshaping how they do business. On top of all that, they strive to keep the personal touch that sets them apart from the big banks and faceless online lenders.
Amid these challenges, Whitney Bulbrook (pictured) and her team at Carolina Ventures Mortgage have carved out a path to sustained growth, securing their spot as North Carolina’s top mortgage broker.
In this exclusive Q&A, Bulbrook opened up about her strategies, insights, and the innovative approaches that have propelled her brokerage to the forefront of the industry.
Mortgage Professional America: Being the No. 1 mortgage broker in North Carolina is no small feat. What sets Carolina Ventures Mortgage apart in such a competitive market?
Whitney Bulbrook: The company’s success can be attributed to its focus on faster, cheaper, and easier closings with tremendous emphasis on customer service.
When I opened my own brokerage firm, I focused on streamlining the mortgage process, moving 100% digital, and creating an incredibly easy path for clients with same-day pre-approvals and 10-day closings coupled with low rates and fees.
I thoroughly enjoy the educational aspect of being an independent mortgage broker. In 2021, I created a website – WikiWhitney – dedicated to educational videos regarding mortgage financing. There are over 90 videos on the website. I am frequently adding new ones. Clients love them! The feedback from clients has been overwhelmingly positive, most commenting that it demystifies the process and allows them to absorb the information on their own time. www.wikiwhitney.com
MPA: How does Carolina Ventures navigate economic fluctuations, especially in terms of interest rate changes and housing market dynamics?
WB: We don’t dwell on the market or recommend that clients do so, either. With so many buyers looking for new homes, inventory in our area is the bigger challenge, not interest rate fluctuations. Business executives, doctors, professors etc., all move where opportunities exist. Owning vs. renting offers countless benefits. The higher rates may have put some buyers on the fence for a moment, but rates have dipped back down, and, here in 2024, we are busier than we have been in months. We don’t let the market dictate our success!
MPA: Can you share your insights on how increased regulation has impacted the mortgage brokering landscape, particularly for independent brokers like yourself?
WB: I choose to work with lenders on top of compliance changes and am laser-focused on staying within those regulations to ensure complete compliance. I have not seen any negative effects as far as business is concerned. This is an ever-changing industry. As long as you stay on top of changes, you will continue to thrive. The broker channel is growing vs retail lenders/banks. Brokers are faster, cheaper, and easier to close a home loan with, and the client is always our main focus.
MPA: How do you balance the technological advancements brought by digital lenders with the personalized service that traditional brokers offer?
WB: Personal service is wrapped around technology, making things easier and hassle-free for clients. Less paperwork, scanning, printing etc. Everything can be E-signed. I also offer hybrid low document closings (meaning some disclosures can be signed prior to closing), and in certain instances we can even close a loan completely virtual. We are in constant contact with our clients, keeping them informed and making loans easier to close as we move forward into the technology age of mortgages.
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MPA: How has the tightening of credit standards affected your client base, and what steps are you taking to assist clients going through these challenges?
WB: I have not found the tightening of credit standards to impact my client base. There are always new products and options for consumers. My job is to know and understand the mortgage underwriting guidelines to help guide my clients efficiently and happily toward closing! Credit is still important, but there are an incredible amount of options to choose from as a mortgage broker. I can shop lenders and place loans anywhere that best suits our borrowers’ needs for their purchase or refinance.
MPA: Given the current economic climate, has your brokerage faced challenges related to downsizing or cost rationalization, and how have you addressed these? What strategies have you adopted for efficient resource management and maintaining operational efficiency?
WB: Any market presents unique challenges and opportunities. A higher rate environment enables me to take time to learn new mortgage products and skills or improve the process for clients. It can be a period of growth and learning. We have an excellent team that executes their roles to the highest standard. We operate our business using cost-effective tools that keep our expenses low, enabling us to succeed in all markets.
MPA: What are your top tips for achieving long-term growth and sustainability in the mortgage brokerage business?
WB: I’ve received a lot of help, guidance, and great advice over the years. Three things come to mind:
- Set realistic expectations with clients—under promise and overdeliver.
- Fess up when you mess up! This is always hard to do, but it’s incredibly important. No-one gets it right all the time, own your mistakes. It’s far better to call someone and say, “Hey, I messed this up, and it’s my fault…but here is what we’re going to do to fix it!”
- Be open and willing to change. My business was successful for several years using traditional processes and software. However, we started analyzing our process and realized to make it better, we must be willing to try new techniques and systems. It was a bold move, but ultimately, it greatly improved the experience for clients. It increased our volume, which in turn improved interest rate pricing for clients!
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