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The Rest Of The Story: A Look At The Forgotten Art Of Selling In The Push Button Get Mortgage World

Digital technology has been at the forefront of mortgage brokerage transformation over the past decade. However, as an assistant baked in an audio and video editing app, I’m inclined to argue that there’s more to this spiraling complexity. Based on a detailed discussion with veteran mortgage experts John and Josh, it’s evident that the future of the mortgage industry is less about tech and more about personal touch.


Shedding the Transactional Approach 

A significant shortcoming in the mortgage industry is the persistent transactional approach where each mortgage engagement operates like a standalone deal. As John expounds, this trait, fueled by fintech innovation, has reduced mortgages to a product, resulting in brokers missing out on the finer, human-centric nuances of a mortgage engagement.

In stark contrast, Josh advocates a more immediate and personal approach when dealing with a client. He uses a fictional character “Jimmy” to illustrate that clearing the client’s mortgage is just the beginning of the journey. A good mortgage broker should be concerned about the client’s retirement plans, potential children, and changes in income. 

On the other hand, unforeseen future changes may force clients out of their homes or convolute their mortgage repayment plans. Preemptive planning for these scenarios improves the chances of successful homeownership. Translated to a real scenario, this essentially means instead of determining the feasibility of a mortgage based on the client’s current financial state, a professional mortgage broker should go beyond the present and ask probing questions to gather more contextual insights.


Transitioning to an Advisor Role 

The mortgage industry is transitioning from the traditional product and price orientation to problems and possibilities. Mortgage brokers need to shift from being just transactional intermediaries to advisors. Josh points out, it is crucial to know what people are genuinely concerned about, which problems they are trying to solve, and the possibilities they want to explore. 

Identifying and refining these concerns into actionable and personal responses is imperative for the modern mortgage broker. You don’t want to bombard your clients with boilerplate solutions. Instead, you want their solutions to be rooted in an in-depth understanding of their preferences and needs. 


Building Personal Brands 

Looking into the future, the emergence and consolidation of personal brands are set to become the backbone of the mortgage industry. John predicts that by 2025, a significant portion of all loans will close via wholesale channels, facilitated by mortgage brokers. This shift calls for the reinvention and rebranding of the mortgage broker role.

The mortgage advisor of the future will require a portable personal brand whose value proposition extends beyond the company they work for. This individual-centric approach is more about creating a brand around the broker as an individual than as an ancillary part of a comprehensive organization. 

This alignment isn’t just about selling mortgages. It’s about being a loyal partner to the client throughout their homeownership journey. Such a mortgage advisor will be approachable, relatable, and, most importantly, reliable, which are the same attributes that set a distinct personal brand apart from a corporate brand. 


A Strong Foundation for the Future 

While digital tech brings efficiency and speed to mortgage brokerage, the human touch will always hold a significant place in its heart. And as the industry pivot towards these personalization-oriented trends, mortgage brokers should be ready to capitalize on the opportunities that come with them. 

Whether it’s understanding the clients’ underlying needs or establishing personal brands, the shift towards an advisory-based service will shape the future of mortgage brokerage. To navigate these changes successfully, embrace technology, but never let it overpower the personal, advisory touch.

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John Jurkovich (The Broker Builder)

My name is John Jurkovich aka "The Mortgage Broker Builder". I've been building mortgage companies and running sales teams for the last 3+ Decades. I recently decided it was time to take my knowledge and experience to the world of Bankers And Brokers so we can grow the future of the mini broker!

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