The real estate information firm Inman recently released the results of a study that has confirmed what I’ve been preaching for quite some time: Mortgage brokers lead all other lenders when it comes to being real estate agents’ preferred partners.
As reported by National Mortgage News, mortgage brokers were the preferred choice of 47% of real estate brokerage executives and agents, followed by banks (31%) and nonbank lenders (22%). When it comes to choosing a partner, real estate professionals cited cultural fit and range of products as the top considerations, according to the survey.
Still, barriers remain for lenders looking for real estate partnerships. Over 40% of respondents said current regulatory changes made it less likely for them to pursue a new partnership. (For more details on these regulatory challenges, read my article, ATTN Realtors: Is Your Company’s Marketing Agreement RESPA Compliant?)
And for those real estate agents and brokers who have a partner, chances are they’re not looking for another. More than three-quarters of respondents said they only refer clients to one lender partner.
Is it time for you to reconsider your strategic partnerships? Contact me to learn more about our strategic partnership programs. Let’s schedule time to discuss how we may work together in ways that are fully compliant with the CFPB’s new rules.
Warren Goldberg is President of Mortgage Wealth Advisors, a Certified Mortgage Planning Specialist®, and a published author. His interviews include Blog-Talk Radio, Newsday, and the Long Island Herald. Since 1992, he’s been sharing his financial knowledge and wealth-building strategies, including how to properly use your mortgage as a financial tool. His clients regularly express their trust and appreciation by recommending friends and family call when in need of mortgage, real estate, and financial guidance.