Why the reputation of mortgage brokers is steadily on the rise

In
the
aftermath
of
the
subprime
mortgage
crisis,
negative
perceptions
of
brokers
were
a
“big
stumbling
block”
to
growing
the
profession’s
market
share,
according
to
Harish
Tejwani
(pictured,
top
left).

The
entrepreneur,
who
helms
ARIVE
–
a
mortgage
broker
platform
provider
–
said
those
preconceptions
are
rapidly
changing,
with
efforts
to
get
the
word
out
about
brokers
helping
no
end.
“Consumer
education
is
very
important,”
Tejwani
told

Mortgage
Professional
America.

When
it
comes
to
tackling
negative
views
of
the
profession,
“that’s
where
organizations
like
AIME
[the
Association
of
Independent
Mortgage
Experts]
and
some
other
great
lenders
have
created
this
awareness
that
brokers
are
best
for
consumers,”
he
said.

Mortgage
rates
trended
down
this
week,
with
the
30-year
fixed-rate
mortgage
(FRM)
dipping
to
its
lowest
level
in
two
years,
according
to

Freddie
Mac’s
latest
Primary
Mortgage
Market
Survey
(PMMS).https://t.co/X29SkuulKH

—
Mortgage
Professional
America
Magazine
(@MPAMagazineUS)

September
28,
2024

Highlighting
potential
savings
a
crucial
strategy
for
mortgage
brokers

Advances
on
the
technology
front
have
also
boosted
the
effectiveness
of
the
space.
“The
other
challenge
in
the
broker
world
was
that
there
was
no
seamless
software,
and
that’s
where
we
come
in,”
Tejwani
said.
“Brokers
were
always
kind
of
held
back
because
retail
has
pretty
good
software
platforms
to
do
loans
–
and
that
does
not
exist
in
the
broker
channel.
That’s
the
gap
ARIVE
is
fitting.”

Among
others,

United
Wholesale
Mortgage
(UWM)
is
bullish
about
the
future
of
the
broker
space.
The
wholesale
lending
giant
believes
brokers’
share
of
the
market
will
jump
to
33%
by
2026
–
fueled
in
part
by
a
growing
belief,
its
executive
vice
president
Alex
Elezaj

told

Mortgage
Professional
America
last
year,
that
brokers
can
help
clients
save
much
more
than
in
the
retail
arena.