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In fact, an enormous and widely untapped equal opportunity exists for residential and commercial mortgage brokers. However, both must become forward-thinking. With the attitude of thinking “outside the bun,” brokers will have a competitive edge. What is this untapped opportunity? The realm of originating non-mortgage business loans! Many brokers from both sides of the aisle are finding this opportunity quite lucrative with numerous financial, professional and personal advantages.
As a residential or commercial mortgage broker, why should you venture into the wonderful world of non-mortgage business loans? Here are a few reasons:
You already have an existing database of clients to whom you can offer these services.
Statistics indicate that business owners account for approximately 25 percent of a residential mortgage broker’s database and almost 100 percent of a commercial mortgage broker’s database.
There are no Real Estate Settlement Procedures Act (RESPA) or licensing requirements for originating non-mortgage business loans.
There is very little competition, so the market is wide open.
Banks are continuing to tighten their submission and approval standards, turning away their existing clients and turning them toward non-mortgage commercial loan brokers.
Savvy business owners are always looking for alternative financial solutions for additional working capital or for expanding their businesses.
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