December 21, 2020
Three Reasons Why Mortgage Specialists Make the Move to Brokering
There are the three primary reasons why Bank Mortgage Specialists decide to move to mortgage brokering - more income, independence, and a better service experience for your customers. Let's look at each.
1. How much more can you earn?
A good rule of thumb is approximately $10m funded = $100k in income. There are splits to Invis MI, but they are considerably less than your current bank compensation grid. You'll also get paid on renewals and refinances, allowing you to fully realize the benefit of building a database.
While you will no longer be mandated to sell ancillary products, they are important offerings for your customers, and you'll appreciate being paid for your insurance and credit card sales. These ancillary products help you build a fence around your client and stabilize your income through regular annuity income.
2. More Independence!
When you become a broker, you are "in business for yourself" which means you get to make all the decisions on how you want to run your business, particularly how to market yourself. You only need to follow provincial compliance regulations which are very easy to incorporate and do not constrain you in the least. Even though you are in business for yourself, you are in no way "in business by yourself!" We support you in any area that you need. That's why joining a full-service brokerage makes so much sense since we are structured to provide the most support possible. And to make it even easier for you, we have the best marketing team in the industry to ensure you stand out in your marketplace in the manner that you want.
3. How much more can you earn?
So many mortgage specialists get frustrated when they must hand their client off to a B specialist or simply have to say no to their client. Let's face it, one of the reasons you love your job is because you love making people happy, helping them achieve their dream of homeownership. That's why you want to control the situation with you clients and be the one to offer them the mortgage and lender that gets the job done. But often having access to a wide range of lending options is one of the concerns mortgage specialists have – how do I learn all the lender products? Again, as a full-service brokerage, we have you covered.
- We can partner you with an experienced mortgage broker to answer all your deal related questions.
- Our veteran brokers, Facebook forums and Access Desk are there to answer your questions and help you get up to speed with lenders and their products.
- All our brokers have access to Lendesk Spotlight, which allows you to provide fast, reliable upfront quotes to your prospects. The advanced filters have more than 70 different categories of policies for the most accurate filtering experience possible, i.e., business for self, quick close, limited features, pre-approval, new to Canada etc. You can quickly find the best lender and product for each client situation.
If you are thinking about making this move, Invis Mortgage Intelligence is the best brokerage to help you make this transition. We have so many success stories that we can share with you. While most will say there is a learning curve, all will cite the support they received from Invis MI as a big reason why they achieved the success they were looking for. They will also tell you –
"I wish I had done this a lot earlier!"
"So nice to be able to close all my clients' mortgages, not just some"
"Being able to market myself the way I want is such a breath of fresh air!"
Your first action to take is to learn about the licensing process and plan to complete it. We can guide you through the entire process and offer you full support as you make this transition. You will never be alone.
Do some research and spend time thinking about this possible next step in your mortgage career. Often the best things to do is to first speak with another mortgage specialist who has made this move. They know how you have gotten where you are today, what your challenges are, and what you are thinking about for tomorrow. We can arrange these meetings for you. Feel free to take as long as you want researching this exciting career option. You are a true entrepreneur at heart, we'd love to help you realize your true potential.