Market factors creating ‘beautiful whirlwind’ for brokers and consumers: AIME CEO
This article was produced in partnership with AIME
After a rough two years for originators, there is finally light at the end of the tunnel — how are you planning to capitalize on it? That should be the question on everyone’s mind as a multitude of market factors come together in “a beautiful whirlwind for mortgage brokers and consumers alike,” said new chairman & CEO of the Association of Independent Mortgage Experts (AIME) Jonathon Haddad (pictured).
“Interest rates are starting to come down which in turn helps bring in business, but it’s capitalizing on this and making the best of it that we have to be most cognizant of,” Haddad elaborated. Learning from missed opportunities during the COVID-19 pandemic — many brokers report doing very well during that time and wish they’d done more while they had the chance — AIME is promoting a different mindset coming into this current shift. It’s not clocking out and wondering, what did I do today? It’s about being exhausted at the end of the day and saying, I cannot believe how hard I worked.
“That’s the approach we want people to take, and we’re making it easier by leveraging technology and AIME itself to help brokers close more loans,” he said. “That’s our mission, and we’re not going to stop talking about it until we’re blue in the face.”
A new captain at the helm
With turmoil in Japan, US job claims not as strong as previously believed, and inflation beginning to level off, “interest rates are for sure on the downswing,” Haddad noted, adding data indicates two more rate cuts this year. But although the current rate environment is the hot topic, it’s missing the forest for the trees. Take AIME’s data as an example: in 2023, there were more than 650,000 cash-out refinances in the US. Of that number, brokers accounted for just over 120,000 while one retail company did more than 130,000.
“We have to get out of the mindset of just interest rates, and get more into the mindset of opportunity,” he said. “We’re coaching members of our community to navigate this environment with that approach.”
With Haddad at the helm, AIME is laser-focused on sharing practical, on-the-ground strategies and skills — and he’s well-equipped to speak to both. Haddad is himself an originator, or “still in the trenches” as he likes to say. Coming from almost seven years with one of the largest retail companies in the country — during which time he “kept his head down and absorbed everything,” powering up through the ranks to attain a leadership position at 22 years old — Haddad learned a lot about the industry, including that what’s best for the consumer really is in the hands of a mortgage broker.
AIME is urging the broker community to leverage the resources at their fingertips — for example, CoreLogic is now available not only to those in retail, but in the broker space as well — so they’re not left behind. Those in retail haven’t been twiddling their thumbs, Haddad warned, and now’s the time for brokers to grow market share on a more even playing field. Currently sitting at around 25%, he has the goalposts set at a hard 50% in the next 5-7 years.
“Change is painful, but the truth is technology makes life easier. We’ve got to keep challenging people to adopt it, putting it in front of them, having conversations,” Haddad said. “The advantage with my background is I can show brokers how to sell these tools to real estate agents and how to talk to consumers about it. That’s what we’re showcasing to the community: the more we buy into the technology, the faster we grow, and the more opportunity we capture.”
Advancing, educating, and celebrating
Haddad’s more tangible approach was on display at this year’s National Mortgage Brokers Day (NMBD), his first in his new role. Being able to talk to the community with experience at high levels on both sides of the industry is something AIME hasn’t had before, and it’s a differentiator Haddad leaned into during the celebration.
“I shared that insight and saw massive traction,” Haddad said, adding that the association did one of its first-ever webinars “on the fly,” teaching loan officers about a product for veterans and another from the Federal Housing Administration. While tougher in some instances, they also present a huge opportunity that AIME was keen to share. Within 24 hours, the webinar had over 800 registrants from across the country.
“That shows our focus is the right one, and we followed it up with another webinar on technology which was also a huge success,” he said. “We’re listening to, and delivering on, what brokers want.”
Looking ahead to the Fuse National Conference — a
Fuse was easier than ever to plan given AIME’s weekly Mortgage Mornings where the team connects with brokers across the country to field questions, offer support, and most importantly, take in feedback as to what the community wants to learn about. Those interactions helped build this year’s agenda, and Haddad looks forward to continuing to improve year-on-year.
With a promising market emerging and a wealth of new and evolving technology — and of course, AIME’s support, education, and celebration of the broker community — the future is bright under Haddad’s reign.
“How do we get brokers reengaged? How do we get them excited?” he asked. “You show them how to do it on a day-to-day basis and that’s what I bring to the table.”
