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DoWhatItTakes | 26 Jul 2017, 12:41 PM Agree 0
Hello everyone. I'm New here. And new to the industry. I just have some questions I wanted to get answered from someone outside my brokerage. I'm just not sure if this is normal for the industry and my expectations are too high, or if this is genuinely not the typical situation.

I started in this industry because I was offered it by a broker who seemed to really want to help me. He made it sound very easy. Hard work, yes. But bust-your-ass-while-starving, no.

I have been working now for 6 months. Part time mind you, because I have kids to feed and I couldn't live off nothing to start. That bring said I have worked very very hard. I have worked my top 100 list, I have called realtors, canvassed my neighbourhood, cold calls, ads, you name it. Still I have only generated one lead that will find at the end of August. My brokerage does fairly well. And the owner and the new partner make very good money. But the rest of us never get any leads from the phone calls and emails we recieve. When I inquired about this, I was given some leads over the next few days. Needless to say, every single one, was either someone with no to nearly no income wanting to buy a big house. Or they were tire kickers. I have been trying to reach some of these people for months. Meanwhile I can see many mortgages with reasonable income being processed and funded by the broker and now newest partner (who was an associate like me but got a lot of leads handed to her).

Is it possible the rest of us are just being given the scraps? Or is this normal?

  • TP | 04 Aug 2017, 09:59 AM Agree 0
    What value does a mortgage broker offer really? You can be replaced by an online system where a customer has something compare rates for them. I think the job is on the way out / obsolete.
    • Mememe | 04 Aug 2017, 10:23 AM Agree 0
      First that doesn't answer my question. Secondly, I'm going to guess you're not in the industry. Because if you did, you'd know that rate is not everything in a mortgage. There is a lot of fine print and each product is different. Offering different options such as portability and extra payments. And on the flip side, some products carry different fees and penalties. A mortgage broker will help you navigate through that. Third, those programs you mention online, will give you a very small overview of rates available to the public. They will be posted rates of the major banks available to you. And they usually pay a fee to be featured on such sites. A broker has access to dozens more lenders that do not lend to the general public directly. Which generally speaking by the way, offer better rates than the big banks. Most brokers get paid by the lender you fund your mortgage with so they don't cost you a penny and you can be assured you got the product you needed because a broker can access so many more different products. If you walk into a bank, they will sell you their product only and convince you its the right one for you. A broker can help you find a lender which suits YOUR needs. Not the needs of the bank. And almost always with a better rate. The lenders pay brokers to find them clients because it's cheaper than advertising and other cost trying to obtain them. I hope in the future you'd consider talking with a broker about your mortgage needs. I'm sure you'd be pleasantly surprised.
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