28 Apr
If you have just become licensed as a mortgage broker, it is important to note that there are a variety of factors in this business over which you do not have control. There are various economic forces that cause mortgage rates to fluctuate over time. But the one thing that you do have control over is your business process.
For new brokers, it is essential to establish a strong business process as it will assist you in improving all aspects of your business. By having a strong business process, you will have more time to grow your business, and service your clients. Moreover, with a strong business process, underwriters will reward your accurate submission with faster responses and quicker approvals.
Following are some tips that should be followed by new mortgage brokers to further enhance their mortgage business:
Define Your Mortgage Process
A well thought out process will allow you to quickly and efficiency process your client’s applications. A typical mortgage process would look like:
- New lead
- Discovery call
- Document collection
- Qualification
- File submission
- Receive commitment
- Satisfy conditions
- Solicitor instructions
- Funding
- Receiving commission
- Renewal
It is recommended that you write down your business process so that it can be remembered easily and carefully outline the tasks involved in each stage so that you can complete them quickly and accurately.
Figure Out Your Booking Process
Each successful call can turn into an application which can turn into a mortgage. As such, significant effort is required to ensure that you are always taking calls and receiving new applications.
The speed and efficiency of your responses to inquiries demonstrates to your clients how thorough you will be with their applications. Your clients will appreciate fast responses and regular updates on the status of their applications.
Keep Track of Your Clients
During the sales process, it is essential to keep track of your clients so you’re ready for the next stage of their application and what documents or information are further required for their application. Moreover, you will need to obtain a proper customer relationship manager (CRM) To help you stay organized and in constant contact with your clients.
It is important to note that you only need to track essential information and activities which can further improve your business or will enhance your customer service and lead. The remaining analysis of company data should be done by your CRM or your assistant.
A Database for Lender Rules
Mortgage rates and lender specials change on a regular basis so we recommend having a database where you can store a list of lenders, their rates, their products and their guidelines.
Over time you will internalise most of the rules, but it is still a good idea to develop a database of your knowledge as you grow your business. With your database in hand, you can quickly decide if a lender is a good fit for a client.
