Can you close more loans by becoming an expert in a niche mortgage market?
Can you generate additional loan volume by becoming an expert in a niche mortgage market? How can transitioning to a mortgage banker help you expand your niche loan product offerings?
Speaking from experience, becoming the expert in a niche market can open the doors to additional loan opportunities and establish yourself as the go-to source for certain loan products.
In today’s short video, I will share insights on the benefits of establishing a niche market that will help expand your business and generate additional loan volume.
Now, if you have not yet done so, remember to take advantage of our complimentary 30-minute strategy call where we analyze your situation and discuss whether a banker transition process is right for you!
During this call, we will provide practical expertise and understanding of the process from investor approval, warehouse bank selection, third party fulfilment providers, E&O and Surety bond companies, origination strategies, coaching, consulting, and more!
SeanS@BrokerToBankerConsulting.com
Call/Text: (714) 844-7146
With the mortgage industry experiencing significant margin compression, expanding into a niche mortgage market can be a way to create additional loan opportunities and separate yourself from the competition.
Upon transitioning to a mortgage banker, this will provide not only improved pricing, but more control over the process which allows you to gain valuable purchase money market share and brand yourself as an expert in one of the many specialty areas listed below.
- FHA 203K
- USDA Loans
- Condominiums
- Jumbo Loans
- Non-QM Products
- Construction Loans
- Manufactured Homes
- First Time Home Buyer Programs – Which also include many of the available state bond and local down payment assistance programs.
Having increased control and faster loan cycle is critical for converting purchase money business, because as we all know, time can kill both deals and those valuable referral relationships. As the lender, you have more control over the process and are not subject to the same turn times as you would be in the broker channel.
Additionally, once you become the expert in your market, this will then allow you to earn other business from referral sources because if you can close the hard deals, why not be the source to go to for all of the transactions!
However, be cautious! You must carefully analyze your current lending platform to ensure that it is compatible with the niche product you are trying to offer.
For example:
- Does your organization have underwriting experience in the product you want to offer?
- Are there any secondary market concerns with salability of the loan?
- If you have warehouse lines, will they permit this particular type of product to be funded?
In summary, establishing a niche can be a gamechanger for your business and help give your homebuying clients a distinct competitive advantage in today’s market, but be careful, do your homework, and understand any potential lending limitations your organization may have.
Now, wouldn’t it be nice if there was a blueprint available that would walk you through the steps on ho
w to climb the mortgage banker ladder!
Well, that is where we step in to help with our practical expertise and understanding of the process from investor approval, warehouse bank selection, third party fulfilment providers, E&O and Surety bond companies, origination strategies, coaching, consulting, discussion of niche lending opportunities, and more!
You can simply use our online scheduler to select a convenient consultation time and let us show you the Path to Prosperity!
Sean A. Stephens, Esq., CMB®
Broker to Banker Consulting, LLC
SeanS@BrokerToBankerConsulting.com
Call/Text: (714) 844-7146
Toll Free: (866) 989-0564 Ext. 419
Sean A. Stephens, Esq., CMB®
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