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Mortgage Broker News | 04 Apr 2013, 12:00 AM Agree 0
Following the dramatic reshaping of the U.S. housing market, Wells Fargo is refocusing on building relationships with Realtors and moving away from refinancing – a move that brokers this side of the border have already found to be successful.
  • Tomas | 04 Apr 2013, 08:27 AM Agree 0
    When one guy is a hammer and the other is a nail, the nail gives up $300+ to get a deal.
  • Anthony | 04 Apr 2013, 09:44 AM Agree 0
    Not like Wells Fargo has any choice...the refinance market is dead in the U.S....there is no equity to refinance with...its now a matter of working on client retention/renewals and seeking new channels of mortgage loan origination...since the U.S. mortgage brokerage community lost as much as 70% of what was once an 70% to 80% market share of all U.S. mortgage origination (pre-2008), lenders are now choosing the shortest path to new business and that's referrals from realtors...and Wells Fargo pays realtors for referrals...something which was missed in the above article.

    I co-brokered a large purchase financing mortgage through a Florida mtg. broker in 2007 on behalf of a wealthy Canadian buyer and got to know the folks at their jumbo mortgage division well,,,they paid anywhere from 25 bps to 50 bps to Realtors back then and paid crazy 100 and up to 200 bps to mtg. brokers...but times they are a changing...
  • Matt | 09 Apr 2013, 07:04 AM Agree 0
    A relationship is built on trust, common interest and most of all clients needs/interest first. The concept of paying for referrals completely devalues the relationship building. More importantly it means you're looking out for YOUR best interest and not the clients. Someone who wants money for a referral isn't going to provide you with any loyalty, they're going to go to the highest bidder. Stop paying for referrals, put your clients needs above your own greed.
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