Market Update: The Wholesale Lending Industry Continues to Grow
If 2020 has taught entrepreneurs anything, it’s that the business landscape can change overnight. Business owners in every industry are adjusting to the “new normal” and the unique challenges it presents. Not only are they charged with changing the way they operate their business, but they also need to adjust the way they connect with clients.
While businesses in other industries struggle in this new climate, the wholesale mortgage industry continues to thrive. With more homebuyers seeing the value in working with independent mortgage brokers instead of banks or online lenders, wholesale lending has shattered loan volume records. In fact, the wholesale industry grew 10% in the last quarter and is the highest its ever been since before the 2008 housing crisis.
Why does the wholesale industry continue to grow? Let’s take a look.
More Options and Lower Rates = Happier Homeowners
Banks and online retail lenders limit their loan officers with their lack of flexibility and product offerings. Even the most accomplished retail loan officers lose would-be clients because they simply can’t help them due to higher interest rates and loan limitations.
Wholesale lenders do the opposite. As an independent mortgage broker, you can work with multiple lenders and shop loan products that best fit your client’s financial needs. The ability to shop multiple lenders empowers mortgage brokers to find the best home loan available for their clients, as opposed to settling for what their employer can offer.
If one lender doesn’t offer the loan type that’s best for your client, you can move on to the next lender. No harm, no foul, no hassle.
Digital Mortgage Tools For an Online Loan Process
In the past, the mortgage industry faced paper applications and slow processes due to technical complications. As technology continued to evolve, convenience became an expectation for borrowers who were looking for a simple and fast home loan solution. Even with better rates and more options, competing with the client tools and investment dollars of the big banks was borderline impossible.
Today’s top wholesale mortgage lenders offer ground-breaking technology that far exceeds retail counterparts. From online mortgage applications and digital document gathering to automated marketing technology, independent mortgage brokers have the tools they need to compete and earn new client business.
Mortgage Marketing Materials to Drive New Business
Effective marketing is a key component in any successful business to drive brand awareness and conversions. While many banks and retail lenders have employees working in hundreds of branches across the country, independent mortgage brokers run smaller shops and oftentimes juggle multiple roles.
However, several wholesale mortgage lenders offer free customizable marketing materials, as well as access to discounted marketing services that brokers can use to grow their business. With endless marketing at their fingertips, independent mortgage brokers can fill up their lead pipelines without damaging their bottom line. Independent mortgage brokers have leveled the playing field by:
Being active on social media
Earning 5-star review ratings
Developing an engaging website
Staying in touch with leads and past clients
Without the hassle of marketing holding them back, independent mortgage brokers are free to focus on what matters most — their clients.
The Wholesale Mortgage Industry isn’t Slowing Down
The wholesale mortgage industry is growing in both market share and loan volume—and it shows no signs of slowing up. With this continued momentum, there’s no better time to join or become an independent mortgage broker and take advantage of all the benefits.
Are you ready to jump-start your career in the mortgage industry? Our team at BeAMortgageBroker.com is here to help you every step of the way.