“Absolutely,” Cady said without hesitation. “We’re better priced. We also are really starting to dial in and streamline processes and systems. Yes, there’s going to be a big shift in the market. I wouldn’t be surprised to see the broker community exceed 50% in the coming couple of years because the movement is there – especially if we see the interest rate environment we’re in today stay higher for longer. You’re going to see companies potentially fail on the retail side because they’re losing so much money. But it’s also going to push the individual originator to seek out an opportunity to get optionality for their clients.”
Sleeping well at night
The big advantage he’s secured after his recent migration to the wholesale channel is the variety of lending options he’s been able to secure for his clients, Cady said. That dynamic also bodes well for independent brokers in general for the future, he suggested.
“I spent my entire career in retail,” he said. “I was a top-producing loan originator in the country at one company before I left. And then I built a team at my next company on the retail side that was the number one producing branch in the company last year. But I never really slept well at night because I only had one option to give them,” he said of his past clients. “I had no optionality – and having optionality is the big win we have on the wholesale side.”
Now comfortably ensconced in the wholesale channel, he suggested restful slumber has returned: “I sleep well at night knowing I shopped 22, 23 lenders for this client’s deal. And I’m giving them the absolute best they’re going to get.”
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Source: mpamag.com