As published in Scotsman Guide's Residential Edition, November 2006.
A number of mortgage brokers are deciding to make the transition from broker to banker. If you are one of them, you have probably spoken with industry professionals and your trusted advisers. You also likely have attended seminars and trade shows and read countless articles on how to make the switch.
The hard part, however, comes when you are ready to apply for your first warehouse line. How do you choose between so many different warehouse lenders?
This decision can impact your company for many years. The right warehouse lender can help your business succeed and grow. The wrong warehouse lender, on the other hand, can lead to aggravation and failure.
It's not that any one warehouse lender is perfect and will lead to blissful loan closings. Each warehouse lender is slightly different and brings a different set of business philosophies and past experiences -- good and bad -- to the relationship. Therefore, your decision boils down to who is the best fit for you.
When considering how to choose a warehouse lender, it helps to first think about why your clients choose you as a broker. Is it because of your recent postcard? Is it your creative 1-800 number? Or is it because of the quality relationships you build and the expertise you offer?
It likely is a little bit of each, but it's the relationship itself that will leave a long-lasting impression on your clients and that will help you gain referral business down the road. Your clients are looking for someone they can trust. It's the same idea as choosing a warehouse lender -- you want to find one with which you want to do business.
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