Only mortgage brokers with the highest ethics and best track-record are likely to attract clients these days. Many associate the current economic calamity as a direct result of predatory lending. The fact is that no matter where you place the blame, borrowers are much more cautious about where they get their loans from and the lending industry is likely to change forever. Many states already have new legislation in the works that will hold mortgage brokers to the same “client-first” standards as many other service professionals i.e. lawyers, financial planners and real estate agents.
According to MSNBC, “While mortgage regulations vary dramatically from one state to another, the new system creates a uniform application for mortgage brokers and a database that banking regulators, and eventually consumers, can use to track down brokers who try to work in one state after being banned from another. Consumers should have access by next year.”
Putting your clients first has always paid off in the referral networking world. Part of maintaining a strong referral network lies in understanding that no single sale is an isolated transaction. This means, sell someone a bad loan to make a quick buck and you’ve seriously injured your relationship with both your client and the associate who referred that client to you.
If you are a potential client looking for mortgage referrals or you’re a professional looking for a broker to exchange referrals with, do your homework. Testimonials and recommendations are reasonable expectations before perusing any professional relationship. You can find many peer and customer rated mortgage brokers in the small business directory on referralkey.com.