What actions help brokers build stronger bonds with lenders
Being a mortgage broker is a relationship-driven business, and those who are the best at it build strong bonds with both customers and lenders.
The broker/client relationship is the most straightforward and easiest to understand. Brokers do what they can to help the client, whether it's by getting a deal done or giving them the tools so they can get a deal done in the future.
Meanwhile, the bond between mortgage brokers and lenders is similar in some ways. Not every deal will work with every lender, but brokers want to put their deals in a position where the right ones get to the right lender and get funded.
But what separates the good brokers from the great ones? One lending executive offered his thoughts on what allows the very best brokers to separate themselves from the rest of the pack.
Michael Fuller (pictured top), vice president of wholesale at Constructive Capital, said the first thing is obvious: they go above and beyond to get a deal done.
“They're very diligent,” Fuller told Mortgage Professional America. “They're very on top of the loan. They know the loan inside and out. They’ve really spent time reviewing it and understanding it. If they get a call from me or my processor, whether it's a condition or getting an entity doc or something else, they're right on top of it.”
Staying even-keeled
Fuller said when working with his busiest brokers, it’s not unusual to be on calls late into the evening reviewing files.
“I have one of my busiest brokers, and we could be on the phone at 8:00, 9:00, 10:00 at night, going over files,” he said. “We discuss what's coming in tomorrow. We all have a limited time in our day. We all have loan processors who are in direct contact with the brokers. It's our job as the account executive to work and have that relationship with the brokers.
“I think that’s what sets us apart as a firm, is the fact that we really take our partnership with the brokers very seriously. We work hard to educate them, and we work hard to keep them happy. There are times we’ll make a business decision just because we want the broker and the client to be happy.”
Just because Fuller hopes to keep brokers happy doesn’t mean that they don’t have to deliver bad news sometimes. He said the best brokers are the ones who take that news in stride.
“Almost all of our brokers want to get better,” Fuller said. “The better ones understand that if something does go sideways, the better brokers take it in stride. They understand that’s the nature of the business. Sometimes these things happen, and you can't get too emotional.
“I tell my fellow loan officers, don't get too happy when you know you've got 10 $500,000 loans that fund in a day. And don't get so sad when five of those all of a sudden we can't do them because there was a problem. You always want to try to keep an even keel, and the best brokers also have that attitude.”
Building a strong relationship
Fuller said brokers must be as honest with lenders as possible from the outset of the loan. He said the best brokers are the ones who lay all their cards on the table and don’t hide anything from them.
“The best brokers are the ones who are upfront with us,” Fuller said. “They don't try to hide something. We don't see many of those because at the end of the day, most brokers understand that's the way to ruin a relationship.”
That honesty is a two-way street, because Fuller wants to keep the very best brokers wanting to work with his company.
“The hardest thing to do is to call a broker in the morning saying, ‘Sorry, this one isn't going to go,’” he said. “But you've got to learn to make those calls. You can't hide that call to the end of the day and then run away or hope that they don't notice. But the better broker partners are the ones who understand it.”
The goal for brokers and lenders is to get deals done and make everyone look good in the process. The more that happens, the stronger the bond becomes between all parties involved.
“I'm grateful that I don't deal with the clients directly,” Fuller said. “My hat's off to the brokers who deal with them, because it's their money. It's very important to them, and the relationship is important to them. I tell my brokers that if there's a problem, you can feel free to throw me under the bus to save your relationship with the client.
“Honestly, that's what it's about. It's about them. If we make the broker look good in front of the client, they feel like a champ. I know they’re bringing me the business. That's the bottom line. My goal is to make the broker look good, feel good, and be happy that they’re sending me the business.”
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This article is part of our Monthly Spotlight series, which in March focuses on broker/lender relationships. Full coverage can be found here.
