What business are mortgage brokers in?

And the answer is...

 

Remember our recent giveaway for a $10 Starbucks gift card? ☕️  If you could answer ‘What business are mortgage brokers in?’ correctly, you had a chance to win it.

Before we tell you the correct answer, let us please tell you that it is based on a torrent of inputs and trends.

Specifically on these three:

1. The ‘demonstrated,’ not just ‘stated,’ preferences of actual mortgage shoppers.

2. Industry-based research, like the findings of that digital mortgage conference in San Francisco in Dec ’16. Among other things, that conference suggested that top digital mortgage providers have these things in common:

✅ Simplified online applications
✅ Continuous updates for clients
✅ Easy-to-access human support (when needed)
✅ Electronic signing

3. Our daily, hands-on experience with mortgage brokers and their clients.

Takeaways:

Specifically, because the perception is that the banks did not manage to get their surfboards on one of the biggest waves in our society, the wave called ‘simplicity’ and ‘convenience.’

Mortgage brokers who have their surfboard on that wave are winning. Case in point: Rocket Mortgage.

Its parent company Quicken doesn’t promote the lowest rates via Rocket Mortgage (which is often what sooo many folks in the mortgage industry think mortgage brokering is about). Rocket Mortgage seems so simple, fast, and convenient that mortgage shoppers “put value in that.”

If you read this far, here’s a hug.

Finally, here’s our 2¢ re the correct answer: Mortgage brokers are in the convenience business.

Over to you: Comments, questions?