Mortgage Brokers Lose Business By Forcing Clients to Start Loans With Mortgage Apps

My wife, a Realtor, referred two buyers to a local mortgage banker. The mortgage banker is a friend of the family. So, we always want to give friends an opportunity to grow their businesses.

Unfortunately, many business owners are directing potential clients to mobile apps to start the process. This mortgage banker, in particular, did not want to talk the buyers on the phone and wanted buyers to initiate loan applications from his mobile app.

This is becoming a big problem. My wife actually lost a deal because the buyer delayed going to mortgage banker's app. She did not lose the second buyer but buyer wanted to talk to the mortgage banker to get some basic questions answered. The mortgage banker refused to answer the buyer's questions.

Mortgage bankers, mortgage brokers and loan officers: please stop this behavior.

Just because technology exists does not mean consumers want to be treated like digital entities. People are human. People love talking to other people.

Mortgage professionals have a problem that they do not recognize.

A mortgage loan is a commodity. Buyers have a wide range of choices to get mortgage loans. A mortgage loan is not a frequent purchase. Buyers and homeowners may need a purchase or refinance loan every 5-7 years.

To push consumers to digital apps instead of creating a good first impression and personal relationship is destructive to working in the mortgage business.

A mortgage professional can make about 1.5-2% on loans. A $500,000 home will pay a mortgage broker about $7,500 to $10,000. Why wouldn't a mortgage professional talk to potential client on the phone to answer some basic questions?

If this article is difficult for mortgage professionals to understand, please call Rick or Yeilyn and we can help mortgage professionals make more with our sales system and business development training.

Interested parties can contact me, Rick Nappier, CEO, at (833) 321-3212, or Yeilyn Rodriguez, VP, Business Development Specialist (bilingual) for English or Spanish contacts, at (786) 697-3400.

321 Biz Dev LLC offers 6-hour sales system training to help white-collar salespeople improve skills and increase business development efforts.

Business owners can also complete a 5-minute Questionnaire by clicking the Services tab on our website. Also, click the About and Podcast tabs to see and hear more about 321 Biz Dev LLC.

I hope readers enjoyed this article.

Rick, CEO

Yeilyn, VP