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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