What a time to be an independent mortgage broker!
As we kick off the second annual AIME Fuse national conference this
weekend, it’s a good time to not only reflect on the successes that the
mortgage broker community has achieved over the last 18 months, but also to
fully assess our current status and focus on the responsibilities that still
lie ahead if we want to reach and surpass our biggest goals.
The victories we’ve achieved, both individually and collectively,
should absolutely be celebrated. Not only have thousands of loan officers left
the retail side of the business to join mortgage brokers – or open their own
businesses as entrepreneurs – but a countless number of existing loan officers
and brokerages have seen business grow at an incredible speed.
Consumer awareness of the value that independent mortgage brokers
provide continues to increase, and the proof is in the numbers. The third
quarter of 2019 was the best quarter for brokers in funded volume and market
share percentage in over 12 years. Mortgage brokers have been the
fastest-growing channel in the mortgage business over the last seven quarters,
notably producing greater than 100% year-over-year growth in loan volume
compared to the third quarter of 2018.
With mortgage broker market share at nearly 16%, brokers have doubled
market share in the 18 months since AIME launched in March 2018 – a monumental
shift that I’m incredibly proud to be a part of.
But, in light of all the success that the mortgage broker community has
worked so hard to accomplish thus far, our status is a very real reminder that
there’s still a great amount of work left to do. Our growth is indicative of the
progress we’ve made so far on our journey; our destination is still far ahead
In a business environment where e-commerce giants like Amazon have used
their distinct financial clout to consistently and methodically suffocate small
businesses from the playing field, the revitalization of independent mortgage
brokers bucks that trend. Entrepreneurs in the mortgage business are thriving,
growing their businesses, growing their teams, and bringing investment back to
their respective communities – all while best serving local consumers on their
journey to affordable homeownership. Not only are we holding our own against
the giants of the mortgage business, we’re beating them in many ways.
Mortgage brokers are more focused than ever on providing consumers the
best and most trustworthy service by delivering the lowest interest rates
available, the lowest cost to borrow, the widest selection of products and
programs, and personalized service from true advisors. Our priority is
protecting, educating and supporting our customers throughout their
As the mortgage broker community continues to increasingly outshine our
mega bank and retail lender competition by making best-in-class customer
service – not profit margins – our primary objective, we’ll continue our rapid
Mortgage brokers should take time to revel in what we’ve been able to
accomplish thus far but, remember, we’re really just getting started. Several
years back, the idea of the mortgage broker channel reaching 20% market share
seemed out of reach, but here we are, knocking on the door.
Today, with our goal set at surpassing 50% market share, that
milestone, too, is closer than you may think. At the same time, in true
mortgage broker spirit, it’s not the destination of a 50% market share that we’ll
appreciate the most – it’ll be the process of serving our communities, helping
consumers achieve affordable homeownership, and growing our business with local
jobs that will satisfy us the most. Just the way it always has been.