Develop These 5 Habits For Success As An Independent Mortgage Broker
The mortgage industry is a fast-paced, competitive field. To be successful, it’s imperative to develop and adopt positive working habits, especially at the beginning of your career.
We know that finding a great independent mortgage broker is the most important step for a borrower to take, so it’s up to you to stand out among all the clutter and noise. This will build credibility so your client knows they’ll be able to trust you throughout the life of a loan and beyond.
Let’s take a look at some habits you can develop in your career to stand out from the competition.
1. Stay current as the industry evolves.
The mortgage field is always changing, and the learning never stops. Whether you’ve been in the industry for one or 10 years, there will always be new trends to study and news to catch up on. Having a genuine curiosity to continuously learn is crucial to your success.
To ensure you have a well-rounded knowledge of the industry, attend trainings and seminars offered by professional organizations and lenders, subscribe to industry publications and keep up with financial news, such as the economy, taxes, appraisals and alternative lending.
2. Develop strong lender relationships.
Having a strong relationship with the lenders you work with can make a huge impact on your business. For example, the more familiar you are with a lender and their processes, the quicker you’ll be able to get your borrower to the closing table by anticipating their next steps and needs.
3. Be transparent with your borrrowers.
It’s safe to say that not every single loan experience is going to be easy. And while some loans may be more difficult than others, quick and effective communication can make all the difference.
It’s also important to know how to set expectations. Ensure you’re effectively communicating timing, cost and other details throughout the process so your borrower never feels blindsided.
4. Know your community.
One of the biggest advantages you have as an independent mortgage professional is being a member of the local community, which gives you specific knowledge of the market large banks and online lenders likely can’t match.
Consider taking some additional time to get involved in your community to make connections and share your expertise with your clients.
5. Be proactive, not reactive.
The more proactive you are with your loans, the quicker you can get your borrowers to the closing table. While there will be times you’ll have to roll with the punches and deal with delays, there will be more instances where you can stay ahead of the game.
In other words, don’t wait for information to come to you. Instead, be proactive and obtain it so you can be prepared to help your borrowers as quickly as possible.
At the end of the day, a great independent mortgage professional is always looking for ways to improve. Whether you’re currently implementing all or none of these habits, take some time to self-reflect. How can you be more proactive for the next loan that comes through your door? What can you do to strengthen your relationship with your top lenders? There’s always room for growth, and with growth comes more success.
Are you interested in starting a career in the mortgage industry? It’s easier than you might think, and our team at BeAMortgageBroker.com is here to help you every step of the way.