Darrell Weekes of Purple Thread Marketing advises mortgage brokers to focus on two free tools for lead generation: Google Business profiles and LinkedIn.
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— Mortgage Professional America Magazine (@MPAMagazineUS) August 26, 2024
That shift has seen a growing number of companies pivot to a new business model, focusing on either a discount for buyers, a flat fee model, or even provision of a real estate agent to the buyer at no extra cost in order to ultimately make more money on referral or cross-selling.
Nguyen sees an opportunity for Loan Factory to expand amid a potential influx of new loan officers from the realtor side, allowing those professionals to earn more on both sides of the same transaction.
That migration to the loan officer side will be attractive to realtors, he added, because a loan officer license is generally viewed as easier to obtain than a real estate agent license. “For the loan agent license, we only need to study 20 hours and pass the exam,” he said.
“The real estate agent license takes a lot more – normally three, four classes. So it’s easier to become a loan officer than a real estate agent and this is more stable for now. With the nature of the work, it’s easier to be a loan officer if they join the right company.”
How did the changes come about?
The changes arrived as part of a landmark $418 million settlement finalized by the NAR in March following a slew of class-action lawsuits which effectively accused the organization’s compensation policies of reducing competition and artificially bulking up the price of commission.
Source: mpamag.com