One man is nine months into being a broker and loving it
Amid challenging times in the US mortgage market, an increasing number of people have left the retail side of the lending business in favor of the broker channel. Michael Most (pictured), senior loan officer and vice president of Most Home Loans, is one who’s made the leap.
“I’m one of those guys,” he told Mortgage Professional America during a recent interview. “I left a big bank in March and have been doing this for nine months as a broker. It’s working out well for me. But it’s a big transition – volume has gone down and there’s not a lot of refis.”
As a freshly minted broker, Most attended the FUSE conference earlier this month – an annual gathering of professionals organized by the Association of Independent Mortgage Experts (AIME) that took place in Las Vegas. MPA caught up with Most there to hear of his new undertaking as a broker.
Entering the field in a turbulent market
Although he entered the field in a time of abundant challenges – what with high mortgage rates, inflation, low inventory, soaring property rates and other factors – he said there are tools that can be utilized to close deals.
“There’s temporary buydowns and long-term buydowns,” he said. “Those who are seasoned have been doing monthly payment budgets with clients. So between temporary buydown and long-term buydowns, adjustable rate mortgages, seller concessions, there’s enough creativity and it really comes down to the math making this affordable for the client willing to get into a house now at a good price and know they’ll refinance in the next 12 to 24 months, depending on whenever rates do drop back down.”
By the end of this year, according to statistics, the number of loan originators will be half of what it was last year. Most agreed this poses an opportunity to gain market share among those left standing.
“The challenge has been that the mortgage broker community, until AIME came around, was never really supported properly,” he said. “Now with the current support and the growth that’s going on with the channel, there’s tons of opportunities.”
The value of positive reviews
In his nascent turn as an independent broker, Most has managed to secure dozens of positive reviews from customers. MPA asked him to describe the value of those reviews.
“I wear it like a badge of pride,” he said. “In 24-plus years of doing this, I’ve always concentrated on getting half my business from my client base. So the way to do that is develop strength in relationships with my clients. After I close a loan, I immediately reach out and say ‘hey, I just helped you with one of the biggest financial decisions of your life. Would you mind spending 10 seconds on a review?’”
Those reviews become a selling point, he said. “It’s amazing. You read through my reviews you see ‘he’s honest, he had a cheaper rate, had a great product, was there to deliver.’ Every client is looking for one thing – someone to deliver on the actual promises you make them. So when someone asks why they should work with me, I can say ‘well, here’s 75 reasons why – just look at my reviews’.”
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