Total Expert Founder and CEO Joe Welu was featured in MReport to share three strategies to strengthen relationships between borrowers and brokers and stand out as a competitor in the purchase market.
Mortgage brokers compete with retail loan officers for borrowers’ business. Retail loan officers, though, are increasingly supported by their employer with technology that utilizes data to identify loan opportunities and to engage past borrowers.
According to a 2020 research collaboration between Freddie Mac and Forbes Insights, 91% of lending professionals agree that technology played a key role in enabling their firms to meet the needs of customers and partners during the pandemic.
Now, wholesale lenders—especially those already using technology to fuel personalized communications with retail channel borrowers—can access a significant new opportunity: winning increased loan volume and loyalty by providing brokers the benefit of technology made to create customers for life.
Here are three ways wholesalers can improve the borrow/ broker relationship and strengthen their business for a far more competitive purchase market.
Borrower Retention: A Broker Pain Point Solved With Technology
Technology that drives borrower retention is a game-changer for broker-wholesaler partnerships.
Brokers, like retail loan officers, need to be free to serve borrowers in their pipeline. They benefit—usually experiencing a 2x increase in return business—when their wholesale partner engages past borrowers on their behalf.
With the right technology, wholesalers can identify, segment, and engage borrowers who might need a cash-out refinance or to purchase a new home. Lenders report that personalization increases email open rates by 3x compared to peers, lead-to-conversion rates rise by 50%, and borrower retention balloons by 50%.
Read the full article on themreport.com.