June 15, 2020
We’re halfway through June, and Orion has been as busy as ever helping our brokers help their clients. So how do borrowers decide the source from which to obtain their mortgage? Depending on the broker or lender, a client may go for the best rate, the product that best fits them, the one with the best customer service, the name brand they recognize, or their local lender down the street.
As a lender, we know what you, as a broker, can do to help clients decide you are the right fit for them. Walk the client through the process, especially first-time home buyers. COVID has created a lot of uncertainty in the world, but the financial service sector is in the ideal position to help millions. This will also let clients know what loans they’re eligible for and what the basic requirements will be to obtain those loans.
Orion’s brokers know what specific documents your clients will need to provide in order to qualify. You knowing the local market, and having experience and connections with local people such as real estate professionals and appraisers, can make the process easier and less daunting for the borrower as well. Borrowers want to feel like their broker is knowledgeable in every area of the mortgage process.
In addition to being knowledgeable, clients want honesty. Discuss fees and rates upfront to ensure there are no surprises, and let them know the path ahead. Orion believes that a broker building trust is fundamentally important. That can also be done through showing the client reviews from those who have already gone through the mortgage process with the company.
Finally, cater your approach to the client. Orion’s brokers know that some may want a lot of communication and be “high touch,” while others likely only want to communicate electronically and not with constant phone calls. A good broker doesn’t rush their clients as they contemplate their choices, or put pressure on them to make a decision. Above all, a good broker will simplify the process and make it less confusing and complicated for borrowers. And that’s why brokers have seen their market share gradually increase.