Wholesalers are a crucial part of the mortgage industry, however, their experience can be improved. In a recent interview with Aaron Drago, HousingWire uncovered issues experienced by wholesale lenders and discussed potential ideas to enhance the brokering process.
• Qualifications: Drago expressed that requirements pertaining to qualifications, broker agreements, and certifications should become more standardized across the industry to make the brokering process easier.
• Resources: Building a brokerage not only relies on identifying the right lender partnerships but also has other requirements such as the resources needed to properly service the broker’s business.
• Market Share: One of the main challenges for brokers is making sure they stay competitive and retain their market share. Drago recommends that brokers educate themselves on the various available product options and take advantage of technology to better serve their customers.
• Online Platforms & Tools: Making sure that the broker has the right tools and platform is needed to increase efficiency and productivity. Drago encourages brokers to rely on online platforms as well as automation technology to simplify their workflow.
Wholesale brokers are an integral part of the mortgage industry, yet their experience can be improved. Aaron Drago discussed with HousingWire some of the challenges wholesalers face and potential ideas to enhance the process. These potential solutions included standardizing qualifications, improving access to resources, increasing market share, and utilizing online platforms and tools. It is clear that making these changes could vastly improve the wholesale brokering process.
You can read this full article at: https://www.housingwire.com/articles/enhancing-the-wholesale-broker-experience-key-challenges-and-solutions/(subscription required)
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