Why should a Mortgage Broker be knowledgeable about traders’ behavior…how does that relate to your business? Well, let me start by answering that question with some questions.
Have you ever had a borrower that wasn’t interested in rate?
How often does your borrower say, “I don’t care about my rate”?
How often does your borrower ask, “so, what do you think rates are going to do?”
How about this one, “should I lock or wait?”
So what do you say? Uh…I don’t know? Uh…I can’t predict rates so it’s a crap-shoot? Uh…me donut know what going to happen to rate? Simply put, the more information you can give your borrower, and the more knowledgeable your borrower perceives you to be about the market, the more trust you will instill.
And borrowers that trust their mortgage professionals will not only continue to do business with you, but they will tell the entire world how wonderful you are. Now, I’m not suggesting you need to be an expert on market transactions and get an economics degree like me (I also have a law degree and practiced law for many years but this isn’t about me so I’ll shut-up about me now since you already know I’m awesome). But I am saying that having a basic understanding of how the market works and how world economies, news, and politics affect trading behavior will give you excellent talking points with your borrowers. Talking points – that’s the key.
Many of you call me and ask me what I think is going to happen in the marketplace…I always
provide an answer. I’m not always right, but I always have talking points as to what’s going on and how I might advise you. My clients find that valuable…do your borrowers find you valuable? If you want to learn more, let’s get together…I have a lot to share…