The broker's guide to divorce

Sherry Corbitt of Mortgage Intelligence tells CMP how she found her ideal niche in catering to clients dealing with a separation

The broker's guide to divorce

CMP: What made you first get into the mortgage broker industry?
Sherry Corbitt:
I was previously a new homes sales agent, but I felt like I needed a change. The mortgage broker who worked on the new home site with me suggested I try the mortgage industry. It seemed like a logical fit after working in real estate, and I made the switch eight years ago.

CMP: How would you describe your time in the industry?
SC:
It’s been great. I opened an office with a co-partner who does home, auto and life insurance, so we both offer complementary services. That allows us to share a database. We opened seven years ago, and it’s been really good. Two years ago, I became a Certified Divorce Financial Analyst, which allows me to niche market to clients who are going through the stress of a separation.

CMP: What complications do people going through a separation face?
SC:
Some of the challenges are around the separation agreement; people don’t realize how important it is to have that in place. Lenders need to know on paper what you are going to owe and receive if you need to pay or receive support – they need to have that clearly outlined.

Another issue is when a down payment is coming from the sale of the matrimonial home – there are lots of things clients need to be educated on in that scenario. You’d be hard pressed to find a lender who would bridge finance for you off of a matrimonial, for example.

Budgeting as a single person is another issue that separated people experience. A lot of clients have challenges around understanding what they can afford and the true cost of having a house.

CMP: How did you decide to get into this niche?
SC:
I was looking at my 2015 numbers and was trying to find a common theme. I realized that a portion of my clients were separating and divorcing – this was when the area I operated in was the divorce capital of Ontario. So it seemed like a logical move, and it’s not a niche that many people market to, so it allowed me to have more creativity with my marketing.

I network a lot, so I’m getting to be known as the person to deal with if you’re going through a separation. A lot of people will call me and not even know I do mortgages; they just think I’m a divorce expert. But I don’t mind that at all. If I can help that person to make the first step, which might be talking to a lawyer or mediator, they will circle back to me when they have to deal with the mortgage. It’s nice to have an ask that’s different.

CMP: You’ve operated during a tumultuous period for the mortgage industry. What have been some of the biggest challenges you’ve faced?
SC:
The challenges are always the same: regulations and the rules that we all have to follow, and then explaining to clients how it impacts what they can and cannot do. We also have to make sure we’re offering superior products.

CMP: What tips would you give to other brokers who are just starting out in the ind?
SC:
Develop an idea of how you want to advertise, and do what you do best and hire for the rest. So, if you’re not good at graphic design, it’s better to find someone who can do it at a reasonable price rather than spend three hours trying to learn something new. Play to your strengths, know what you enjoy doing, and have a unique ask when you’re out there in the networking world or even with your clients.

Know what you’re passionate about and what you can offer that someone else can’t – it’s important to be a specialist. People want to know they’re working with someone who’s the best, so find a couple of products that really speak to you and then become an expert in them.