Questions to ask Mortgage Brokers as an Agent

[Allyssa Compton]

Hello follow agents,

I recently listened to an episode of Super Agents Live that featured Stephanie Weeks who discussed the importance of finding a mortgage broker that you can confidently recommend to your clients. I feel like she had a very valid point and, since I am just starting out as an agent, I now am making plans to go meet with a couple of the "recommended" mortgage brokers in my area to evaluate who I can recommend. 

As someone who has a big focus on working with investors, I want to ensure I am able to gauge who will be most helpful in dealing with unique situations, creative financing, etc. Can you please suggest some key questions that will help me evaluate mortgage brokers? Maybe even some talking points or resources I should look into before going into these meetings? I want to be well prepared and knowledgable to evaluate such a position. 

Thanks!

[Mike Cumbie]

Hi @Allyssa Compton,

I am with you on not using the brokerages preferred vendors. I was with a different broker and they pushed their vendors hard on us. While they were decent, I never got referrals back from them. The people I recommend now send things back the other way too and that is important. I recommend them and they in turn recommend me back when someone contacts them asking for an agent.

Also the recommended ones seem to really be locked into a nice and slow process. The main one I recommend had a client of mine and it took the client 3 weeks to fill out the application (missing paperwork). It was a Thursday and our commitment was due on the following Monday... an FHA no less. This rockstar got an FHA appraisal done on Saturday, the report and the commitment out at 8:32AM that Monday. I send a text I get an answer, I can pick up the phone and call he answers.

I don't have any specific questions to ask but communication is key and a broker with a lot of relationships at different banks so they have access to a wide range of products. I hate to say it but it is kind of trial and error.

Best of luck!