Phillip Cantrell has recently shared his insights on changes seen in the mortgage industry recently, and why there may be more changes coming. He suggests that the practice of guaranteed shared compensation may be a thing of the past due to increasing competition in the mortgage market, and the impact of regulatory environment. In order to keep up with these changes, Cantrell recommends that mortgage brokers should:
• Expand their product portfolio: Adapting to available products and services, such as realtor services or financial solutions.
• Develop their skills and digital capabilities: Investing in training and technology in order to remain competitive.
• Remain aware of the regulatory environment and industry trends: Keeping informed of new legislation, and how it changes their practices.
In this ever-changing market, Cantrell recommends that mortgage brokers must remain flexible and adjust their business model accordingly. He also stresses the importance of staying connected to industry news, and staying abreast of the changes and regulations impacting the industry. Despite the challenges, Cantrell sees room for growth and puts value in being adaptive and creative.
Phillip Cantrell believes the ability to adapt and adjust to changing market demands is essential for mortgage brokers to remain competitive. He encourages expanding product offerings, developing skills and digital capabilities, and remaining aware of regulatory environment and industry trends so businesses can remain profitable and competitive. Cantrell sees the changing market as a positive, as it offers mortgage brokers the potential for growth, and believes by staying informed and vigilant, business owners can ensure they remain successful despite the ever-changing conditions of the mortgage market.
You can read this full article at: https://www.housingwire.com/articles/opinion-prepare-for-a-future-without-guaranteed-shared-compensation/(subscription required)
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