Executive urges brokers to double down on client service
Amid a mortgage market that continues to present its fair share of challenges for borrowers and homeowners alike, a leading Texas-based executive says now more than ever is the time for mortgage professionals to know their “why”: being in the industry for the right reasons.
Jennifer Gormer (pictured top), president, chief executive officer and broker at Integrity Home Lending, told Mortgage Professional America that dialing into the fundamental purpose of being a broker should be top of mind for all employed in the profession at present.
“I compare it to teachers and medical professionals,” she explained. “I firmly believe if you’re in the medical profession, if you’re a teacher, you’re an educator, you have to have a passion. You have to have a gift.
“You’re either saving people’s lives and healing people or you’re training the next generation. If you’re in it for the money – wrong field. I believe the same thing for mortgage. We’re helping families get a roof over their head. We’re helping families change their generational wealth. We’re helping families build generational wealth.”
Making a difference and enacting a fundamental positive change in the lives of borrowers and clients, she added, should be core reasons for working in the mortgage sector.
“For many first-time homebuyers, they’re the first [buyers] in their families. Now you’ve changed the trajectory of an entire family for generations to come,” she said. “So I believe mortgage professionals really should be thinking about their ‘why’: What are they doing, and why are they doing it?”
Client service a key focus – as ever – for top brokers
The US mortgage market has far from cratered, although activity is certainly ticking along at a slower pace thanks to affordability challenges for many homebuyers and higher borrowing costs compared with during the COVID-19 pandemic.
Interest rates hit a five-month high last week, according to the Mortgage Bankers Association, jumping for the fourth consecutive week and reaching 7.17% with no sign yet of imminent rate cuts by the Federal Reserve.
Mortgage applications dipped as long-term rates rose for the third straight week, hitting levels not seen since late 2023.https://t.co/owU9E3yret#mortgageindustry #mortgageapplications #economy #mortgage
— Mortgage Professional America Magazine (@MPAMagazineUS) April 25, 2024
A surprisingly strong economy and persistent inflation have caused many analysts to push back expectations of a cut in June, with some suggesting that the Fed may decide not to lower interest rates at all in 2024.
Against that backdrop, doubling down on customer service should be a top priority for brokers, Gormer said – focusing not just on rate, but also on the specific circumstances of each client and the type of solution that makes the most sense for them.
“It’s about what’s best for the customer,” she said. “This year is going to make a lot of new homeowners… again, think about your ‘why’. Why do you do what you do? What is your focus? As mortgage brokers, we know that we save borrowers on average $9,400 on every loan.
“We know that we have better products, better service, we know that we can close loans quicker, and we have more products. All the data shows we are for the customer – but I think as we do our day-to-day jobs, we need to be focused on service, serving our customer, and serving in excellence.”
Brokers poised to continue growing market share
A recent McKinsey & Company study shone a light on the growing prominence of brokers in the mortgage market, both in the US and elsewhere – and Gormer said the future of the profession is bright, even with the number of originators across the country appearing to have dipped somewhat after the market cooldown.
“I just think that we’re going to see more changes in the industry. I think the broker channel is going to grow even more,” she said. “We’ve been growing exponentially. We’re making an impact. We’re helping buyers buy homes.
“I think that we’re going to see more changes for the good. As we go into 2025 and 2026, I think that we’re going to [see fewer] people that shouldn’t be in the industry, and that’s going to leave us professionals that are here for a reason: to serve our customer. I’m looking forward to the changes, to the future, and looking forward to making new homeowners.”
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