Phil Grossfield's Blog

A LITTLE EXTRA…

Broker Packages Are Fun, Right?!

paperworkBroker Packages Are Fun! Right?  You won’t hear this from Ethos, “All we need is a hair follicle along with a blood and urine sample, okay?

Nothing is more pleasurable than getting a call from an AE and hearing, “Hey, want to fill out my broker package?!” After all, completing a broker package is fun, right? According to every single broker I have ever worked for my entire career, the answer to that question is a resounding”NOOOOOOOO!”

Maybe that’s because it takes forever or maybe it’s because the paperwork is such a pain in the you know what. And then, after you finally complete it and send what you think is everything to the lender, they almost always come back to you needing more.  In fact, it’s such a pain that one company emerged (get it?) whose sole purpose is to streamline the process.  But from what I hear that’s not a well-accepted nor entirely desirable process either.

I actually pitched to a couple of lenders that we should streamline the process ourselves. I told them that as long as the broker has recently been approved or re-certified at a few other large and well established institutions, whom we know perform all kinds of checks and balances during their approval process, that we should be able to simply get a Broker Agreement, run a background check and forego all the other minutia. But that argument has never been accepted or even given more than a fleeting thought, presumably because the warehouse lenders and other investors would never agree to it.

So what if I told you that completing Ethos’ broker package was fun? Would you believe me? No, I didn’t think so. But what if I told you it would take just 20 minutes or so online including electronic signatures. No, really?  What would you say?

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