Rates for loans from mortgage brokers are generally higher than the rates
banks charge. So it should be no surprise that mortgage brokers have a somewhat
questionable reputation as lenders of last resort.
"That is something we are going to have break through," says Leanne Wilson.
She is a mortgage broker.
Mortgage brokers help people fulfill their dream of owning
a home.
Don Reehoorn says he hears from them all the time. "Getting people into
their first home is always a gratifying experience," says Dan Reehoorn. "I
had people come back and say, 'Gee, every time I drive into my driveway, I
thank you for getting me this loan.'"
One of his recent clients included a man who served four years in the army
and served in the Gulf War. A number of personal and career problems pushed
this veteran into bankruptcy. Yet he and his wife did not give up on the goal
to own a home. So Reehoorn devised a year-long plan to get his finances in
order.
"He saved up enough money during that period, and a year later we got him
into a home," Reehoorn says. "It was a goal that he had. He stuck with it,
and we got him into it. To this day, he just calls me from time to time to
say, 'Thanks again.'"
This desire to help others is also why Gwen Angell-Mighton became a mortgage
broker. She had some experience in the industry through her work with a large
bank. But she felt that working in a bank did not give her the career and
earning flexibility she wanted.
"As a banker, I did very well. But I knew I could do much better as a broker,
because you can service anybody," she says. "In the bank, you are very regulated."
So Angell-Mighton went back to school in 1998 to get the necessary training
and certification.
She now works through a mortgage consulting firm, earning as much or as
little as she wants. "You are totally independent," she says. "You answer
to your own paycheck, really. If you don't work, you don't make any money."
It certainly looks like she has been willing to put in a lot of time and
effort. "There have been times where I worked until 2:30 in the morning, got
up at 6 and started again. So it's very heavy."
Indeed, her caseload is so demanding, she has little time to deal with
personal matters.
She had to call back clients only hours after she attended her grandmother's
funeral. Angell-Mighton was hoping to get some time off to reflect, but a
flood of messages from clients stood in the way. "It was a big loss for me,
and you need downtime for that. And it was very hard to get it," she says.
"People realize that you have your own life, but they panic when they are
buying a house, and they have a deadline to meet," she says. "So if you don't
get back to them relatively quick, their loyalty is not going to stay [with
you] too long."
And it is service above and beyond what clients expect that separates good
mortgage brokers from great ones. This means mortgage brokers must stay on
top of all the information they need to help their clients find the best possible
deal. And if they do not have a piece of information, they have to go find
it quickly, says Wilson.
The Internet and related technologies have made this part of the job easier.
But those same new technologies may also hurt job prospects for mortgage brokers.
Thanks to online mortgage brokerages, you do not have to go through a "real"
broker anymore when you search for potential lenders.
John Bargis is the chair of the an organization of mortgage brokers. He
estimates that 15 percent of all mortgages will come from online brokerages.
But that may not mean the end of the mortgage broker.
"You are always going to need the mortgage broker. You are always going
to need the human touch because professionals providing information is a necessity,"
he says. "A professional knows what the terminology is all about."
The profession will also continue to draw those who want a flexible working
schedule. That has certainly been a large bonus for Reehoorn, who uses his
to spend time with his kids.
"What that allows me to do is bring my daughter to school at 8:30," he
says. "It allows me to chat with my daughter for a couple of extra minutes."