What a time to be an independent mortgage broker!
As we kick off the second annual AIME Fuse national conference this weekend, it’s a good time to not only reflect on the successes that the mortgage broker community has achieved over the last 18 months, but also to fully assess our current status and focus on the responsibilities that still lie ahead if we want to reach and surpass our biggest goals.
The victories we’ve achieved, both individually and collectively, should absolutely be celebrated. Not only have thousands of loan officers left the retail side of the business to join mortgage brokers – or open their own businesses as entrepreneurs – but a countless number of existing loan officers and brokerages have seen business grow at an incredible speed.
Consumer awareness of the value that independent mortgage brokers provide continues to increase, and the proof is in the numbers. The third quarter of 2019 was the best quarter for brokers in funded volume and market share percentage in over 12 years. Mortgage brokers have been the fastest-growing channel in the mortgage business over the last seven quarters, notably producing greater than 100% year-over-year growth in loan volume compared to the third quarter of 2018.
With mortgage broker market share at nearly 16%, brokers have doubled market share in the 18 months since AIME launched in March 2018 – a monumental shift that I’m incredibly proud to be a part of.
But, in light of all the success that the mortgage broker community has worked so hard to accomplish thus far, our status is a very real reminder that there’s still a great amount of work left to do. Our growth is indicative of the progress we’ve made so far on our journey; our destination is still far ahead of us.
In a business environment where e-commerce giants like Amazon have used their distinct financial clout to consistently and methodically suffocate small businesses from the playing field, the revitalization of independent mortgage brokers bucks that trend. Entrepreneurs in the mortgage business are thriving, growing their businesses, growing their teams, and bringing investment back to their respective communities – all while best serving local consumers on their journey to affordable homeownership. Not only are we holding our own against the giants of the mortgage business, we’re beating them in many ways.
Mortgage brokers are more focused than ever on providing consumers the best and most trustworthy service by delivering the lowest interest rates available, the lowest cost to borrow, the widest selection of products and programs, and personalized service from true advisors. Our priority is protecting, educating and supporting our customers throughout their homeownership journey.
As the mortgage broker community continues to increasingly outshine our mega bank and retail lender competition by making best-in-class customer service – not profit margins – our primary objective, we’ll continue our rapid upward trend.
Mortgage brokers should take time to revel in what we’ve been able to accomplish thus far but, remember, we’re really just getting started. Several years back, the idea of the mortgage broker channel reaching 20% market share seemed out of reach, but here we are, knocking on the door.
Today, with our goal set at surpassing 50% market share, that milestone, too, is closer than you may think. At the same time, in true mortgage broker spirit, it’s not the destination of a 50% market share that we’ll appreciate the most – it’ll be the process of serving our communities, helping consumers achieve affordable homeownership, and growing our business with local jobs that will satisfy us the most. Just the way it always has been.