Time for brokers to focus on finding their ‘why’, says CEO

Mortgage
applications
dipped
as
long-term
rates
rose
for
the
third
straight
week,
hitting
levels
not
seen
since
late
2023.https://t.co/owU9E3yret#mortgageindustry

#mortgageapplications

#economy

#mortgage

—
Mortgage
Professional
America
Magazine
(@MPAMagazineUS)

April
25,
2024

A
surprisingly
strong
economy
and

persistent
inflation
have
caused
many
analysts
to
push
back
expectations
of
a
cut
in
June,
with
some
suggesting
that
the
Fed
may
decide

not
to
lower
interest
rates
at
all
in
2024.

Against
that
backdrop,
doubling
down
on
customer
service
should
be
a
top
priority
for
brokers,
Gormer
said
–
focusing
not
just
on
rate,
but
also
on
the
specific
circumstances
of
each
client
and
the
type
of
solution
that
makes
the
most
sense
for
them.

“It’s
about
what’s
best
for
the
customer,”
she
said.
“This
year
is
going
to
make
a
lot
of
new
homeowners…
again,
think
about
your
‘why’.
Why
do
you
do
what
you
do?
What
is
your
focus?
As
mortgage
brokers,
we
know
that

we
save
borrowers
on
average
$9,400
on
every
loan.

“We
know
that
we
have
better
products,
better
service,
we
know
that
we
can
close
loans
quicker,
and
we
have
more
products.
All
the
data
shows
we
are
for
the
customer
–
but
I
think
as
we
do
our
day-to-day
jobs,
we
need
to
be
focused
on
service,
serving
our
customer,
and
serving
in
excellence.”

Brokers
poised
to
continue
growing
market
share

A

recent
McKinsey
&
Company
study
shone
a
light
on
the
growing
prominence
of
brokers
in
the
mortgage
market,
both
in
the
US
and
elsewhere
–
and
Gormer
said
the
future
of
the
profession
is
bright,
even
with
the
number
of
originators
across
the
country
appearing
to
have
dipped
somewhat
after
the
market
cooldown.