[MCA-VET]

Will we see a major uptick in mortgage brokers entering the MCA space?!

I strongly believe that will be the case!

https://www.cnbc.com/2022/06/08/mort...-22-years.html

[Olderguy]

I doubt it...as a previous top performing mortgage loan officer/broker, I find this industry leaves much to be desired to attract any mortgage loan officers. Going from a regulated industry where you can't lie to people to an industry where everybody lies will be a major challenge. In addition, mortgage loan officers are in a selling role/mode that an MCA guy would could probably roll over and wipe out....

[MCA-VET]

I doubt it...as a previous top performing mortgage loan officer/broker, I find this industry leaves much to be desired to attract any mortgage loan officers. Going from a regulated industry where you can't lie to people to an industry where everybody lies will be a major challenge. In addition, mortgage loan officers are in a selling role/mode that an MCA guy would could probably roll over and wipe out....

Tons of Good people in this industry.... who do well being straight up and honest! Lots of hard work no overnight wealth but they learn how to find good merchants who actually appreciate and like working with good Reps.

Should the economy go a little south and another Million or so merchant become prospects of selling future receivables ---these new merchants will know in the first minute who to send personal banking info to and who not ----- Good Brokers have a Huge opportunity to win these new merchants.


Of course feel free to sign-up asap : marcus@capybarausa.com

[brokerplus]

I doubt it...as a previous top performing mortgage loan officer/broker, I find this industry leaves much to be desired to attract any mortgage loan officers. Going from a regulated industry where you can't lie to people to an industry where everybody lies will be a major challenge. In addition, mortgage loan officers are in a selling role/mode that an MCA guy would could probably roll over and wipe out....

Everybody Lies?
People that lie in the MCA space would lie if they'd be selling houses and mortgages and popcorn for that matter and vice versa.
Mortgage brokers can do great in this industry!

[LYC]

I doubt it...as a previous top performing mortgage loan officer/broker, I find this industry leaves much to be desired to attract any mortgage loan officers. Going from a regulated industry where you can't lie to people to an industry where everybody lies will be a major challenge. In addition, mortgage loan officers are in a selling role/mode that an MCA guy would could probably roll over and wipe out....

Let's call a spade a spade, the reason why most former mortgage brokers do not succeed in this industry and leave rather quickly, is because they CAN NOT SELL.

They have no sales skills, do not understand the psychology of sales, do not educate themselves on the intricacies of selling in general, etc...

The reality is that the majority of mortgage brokers aren't selling anything. They are receiving inbound calls/inquiries/referrals from people who are interested in a purchasing a home or refinancing their current mortgage. It quite simply boils down to does the applicant qualify and are the rates competitive with what else is out there.

Mortgage brokers do have to be quite knowledgeable on how to package everything and coach their clients to throughout the process IE, paying off certain credit cards, certain LOEs, and working with the underwriter to get the package through, but there are limited sales skills if any required to be a mortgage broker.

The majority of mortgage brokers are customer service agents taking orders from clients walking in to somewhat the equivalent to a "sales" rep at a retail store.

That being said, there are skills that one must have to be a successful mortgage broker. Unfortunately sales skills are not one of them.

The only exception to this would be the mortgage brokers coming from the boiler rooms on darker side of mortgages where they are pounding the phones finding clients who haven't gone out of their way to look to refinance.

[channin19]

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The sales / marketing operations of the current mortgage market are much different than the 2004-2008 market.

[VitalCapJeff]

Everybody Lies?
People that lie in the MCA space would lie if they'd be selling houses and mortgages and popcorn for that matter and vice versa.
Mortgage brokers can do great in this industry!

Well said

[MCA-VET]

We can argue if a good mortgage broker is a salesman for hours (I think half the selling is getting the soon to be home owner to get his paperwork in order / file taxes etc. and advocate (ethically) to the UW why its a good prospect even tough he's short on xyz) with all that said i know many that started out as mortgage brokers who are now doing extremally well in MCA.