Monthly Archives: October 2009

How Can We Co-Opt the Competition?

Making the transition from a decade of work as a mortgage broker to a fresh start working for a banking direct lender could have been a real challenge. Instead, it was an opportunity to grow market share.

The Fed   After working for mortgage brokers from Chicago to New York, I recently started a new contract for an entity I had never worked for directly as a loan officer before: a bank.
While in most arenas, being promoted to Euro Mortgage Bankers was a step up for me— lower pricing, faster closings, direct access to underwriting and lenders— in another way, I was unsure. How could I go to loyal clients and Realtors who had known my dedication to my previous mortgage brokerage?
The answer came in a way I couldn’t have expected: working for  the bank meant I could sell loans not just t o my end consumers buying homes, refinancing their property, and not just through Realtors who could recommend me, but also sell our loan products to my competition!
The very mortgage brokers I had competed with for so many years, and many homes, could now purchase directly from me at a discount and I could be rewarded for setting up the relationships! This was a true win, and more than a third of my initial success stories have been in this manner.
To think, I could have continued only direct selling and not even noticed!

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