Tim Rowen’s Post

Great question. Yes, it does. Why? Because it creates a trickle down effect of flexibility. When you're the lowest cost you can attract better origination talent, and more customers. That flexibility includes a broader range of options for investments in tech (from digital marketing to compliance and all the AI in between) vs human capital. Being stuck in higher costs models/systems will weigh on the ability to pivot to the business function requiring the most attention.

Does Lowest Cost Producer Mean Everything? Yesterday I was privileged to conduct three focus groups with industry stakeholders at the MBA IMB Conference: a) Lenders b) Tech and Service Vendors c) Consultants. The discussion focused on one statement: "in the mortgage commodity business is anything more critical to success than achieving competitive advantage through lowest cost to produce?" The answers were both varied and insightful, and I paraphrase below: Lenders: "I think the recent volume depression has highlighted the facts- as much as we would like to think we are different- the core asset, the mortgage solution is a commodity. The only way to consistently invest in product, service differentiation is if we create flexibility from maximum operating margins. Otherwise, we are investing for no return." Tech and Service Vendors: "Disagree. Clients should be investing now. They want advanced tools, automation, AI to make their processes more competitive. They want digital transformation. They are looking to invest for future gain long term and modernization." Industry Consultants: "Lowest cost producer is only one way to generate market value, there are multiple strategies to win in the market: service, products, experience, value added analytics, brand reputation. Customers want a lender that is progressive and gives them value above and beyond the mortgage note. Point of Sale, CRM, Analytics come at a price. Manufacturing cost is not the only priority." Would love some feedback.

Traditional methods leave valuable opportunities hidden in your client base. PropertyFox.ai empowers you to become a data-driven mortgage broker, uncovering hidden potential and maximizing your success. Here's how PropertyFox.ai transforms your approach to mortgages: ✔️ Identify Hot Leads: Pinpoint clients ready for immediate savings, allowing you to close deals faster and boost your commissions. ✔️ Predict Rate Shifts: Anticipate rising rates and secure better deals for clients facing renewals, solidifying your position as their trusted advisor. ✔️ Address Payment Challenges: Uncover refinancing options that alleviate financial pressure for clients. Become their strategic partner and build lasting loyalty. PropertyFox.ai goes beyond initial insights. We nurture promising leads and monitor critical data changes. ✔️ Cultivate Warm Leads: Build trust and establish yourself as a valuable resource for clients who may need refinancing in the future, increasing your chances of securing their business later. ✔️ Prepare for Maturities: Be ready with personalized refinancing options for clients nearing maturity dates, ensuring you stay relevant and secure their business before competitors do. ✔️ Reveal Hidden Inefficiencies: Identify opportunities for clients to save through data analysis, solidifying your expertise and building trust that leads to future refinancing opportunities. 🦊🔥 We provide actionable insights, not just observations. ✔️ Proactive Savings Strategies: Unearth potential savings for clients, demonstrating your value and strengthening long-term relationships. ✔️ Trigger Rate Alerts: Identify clients at risk before financial stress hits. Offer solutions like refinancing and prevent defaults, boosting client satisfaction and avoiding lost business. ✔️ Stay connected and build lasting relationships. Ready to unlock the true potential of your client base and elevate your success? Sign up for your FREE PropertyFox.ai demo today! www.propertyfox.ai/demo #MortgageBrokerLife #DataDrivenSuccess #PropertyFox #ClientEmpowerment

Are deals getting stuck in your pipeline? From initial enquiry to proposal. From proposal to submission. Millions in potential deals. Tens of thousands in commission. Stuck, ghosted, delayed or dropped off. You’re waiting or trying to push… But clients are dragging their heels. You lose time, resources and don’t get paid. This is very common, even for experienced brokers with teams. Why? Two reasons. Either the loan process flow hasn’t been mapped out, with processes and systems, at all… and everything relies on you and the team to remember (maybe with a few basic CRM or spreadsheet reminders). Or… The loan process has been mapped out, fully templatised and systemised using a smart tech stack, with you and the team experienced and competent in following it to the letter… BUT… It’s missing crucial elements to ensure optimised flow and maximum conversions at maximum speed… with minimum effort… while delivering a world-class client experience. The solution here is always the same. Fix your flow. The secret is in the small details; what you say, when you say it, and how you manage the process flow and client experience from start to finish. Unfortunately even the best brokers out there (we know because we work with many of them) get this wrong and miss the linchpins… and are leaving huge amounts of money on the table. Next week our 10X members and the BIG team are getting together for a 2-day live-in-person event (we do this twice a year). This is a closed door event, not being recorded, no invites or tickets for this one, members only. One of the sessions will be "Flow Maximiser". We’ll be breaking down and optimising the loan process flow, providing simple hacks for key moments throughout the process… that will push more deals through faster. This is just one of the eight sessions we have planned. If you want to get access to sessions and events like this, to make your loan process and client experience efficient and world class… the only place you’ll find it in the mortgage industry… at this level of detail and expertise… is with us. Let’s Talk and see if you’re a fit to join us. Cheers, happy Friday! #mortgagebrokers Ash Playsted

Forget “survive until 2025.” We’ve gathered an all-star panel of mortgage experts who will share with you how to “do more in 2024” and achieve your goals now, not later. We’re calling it our “all Paul” (and one Mark!) webinar on March 27 with: Paul Hubbard, Fractional CFO Services, CWDL Paul J. Loftus, CEO, Loan Vision Paul Van Siclen, SVP, Client Strategies, Teraverde And moderated by Mark Wilson, CPA, Managing Director, CWDL The Pauls (and Mark!) will discuss: • CEO, CFO, Controller – roles, responsibilities, and focus to navigate this market • Cost control & optimization – efficiently and effectively manage your costs with all the tools at your disposal • Service levels – how to increase both external and internal customer satisfaction • Differentiation – define and focus on what you do best Don’t miss this important discussion, register here: https://lnkd.in/eGM4ttyZ

Loan Officers - register for the webinar with Kyle Draper💡 Mindset Matters ▶️ tomorrow! https://bit.ly/3VZtVLU Hear top producers, CEOs and coaches share their different trade secrets on: ✔️ How paying attention to small details plays a big role in creating great customer experiences. ✔️Understanding you're in the happiness business – not the mortgage business. ✔️Avoiding 3 critical mistakes when starting conversations. ✔️Building tight relationships with Realtors® and being the LO, you would hire. #LoanOfficer #MortgageIndustry #RethinkEverything #Webinar

What are you doing on March 27 at 2:00pm EST?? I would suggest you join this webinar “Do More in 2024”. See what the all-star panel of mortgage experts have to say.

This is always a discussion point for Brokers - some think we're not paid enough for what we do (e.g if the commission lenders paid was better, we'd not need to charge fees as much) - and some Brokers think we're paid enough as it is (even though commission levels have, on the whole stayed static since around 2009 - imagine that, a pay freeze for 15 years...). Truth is, every broker is different. Sole Traders/Advisers have to absorb the running costs more of running a brokerage than a 'big firm' who might not charge fees, but may have financial backers. It's a dilemma, but in the Mortgage Industry those with 'stroke' where it matters with Lenders seem to avoid the discussion - including a network member of staff who told me 'Be Careful what you Wish For' when asking about higher commission for Brokers on Product Transfers (most pay 50% of normal commission). https://lnkd.in/exkteAVa

⚖ Navigating the intricate world of mortgage advising demands a deep understanding of client needs. Here's a thought to help you shine as an adviser: 🔍 𝐔𝐧𝐝𝐞𝐫𝐬𝐭𝐚𝐧𝐝 𝐂𝐥𝐢𝐞𝐧𝐭 𝐍𝐞𝐞𝐝𝐬, 𝐓𝐚𝐢𝐥𝐨𝐫 𝐘𝐨𝐮𝐫 𝐀𝐝𝐯𝐢𝐜𝐞! 🎯 Make the most out of the abundant resources at your disposal, including best practice guides, checklists, templates, and workflow documents. 📚✨ These tools, spanning various sectors and specialisms, empower you to demonstrate a profound understanding of your clients and aid in obtaining sufficient information to fulfil your responsibility to provide suitable advice. Engage with your company, your network, your club, your lenders, and your peers. Each holds a wealth of valuable insights that will undoubtedly assist you in delivering exceptional customer outcomes. You will be surprised what's readily available! It's about taking reasonable care to ensure the suitability of advice, and acquiring adequate information is key to meeting this responsibility. 🧐📋 Embrace client-centric practices and witness the positive impact on your relationships and customer outcomes! #MortgageAdvisors #ClientCentricity #BestPractices #FCACompliance #PersonalisedService #AdviseAdviseAdvise Wise

Lender/servicers: Our clients' borrower email engagement rates are 2-3 times the industry average. How do we do it? Part of our secret sauce is personalization and usefulness. You won't entice borrowers into a new mortgage opportunity with generic, "Rates as low as..." messaging. Why? For one, those emails look like spam. They also aren't telling borrowers anything useful. Here's how we're different: 👉 We offer USEFUL info: Ardley identifies borrowers that can ACTUALLY qualify for SPECIFIC products based on TODAY'S ACTUAL rates and pricing 👉 We offer PERSONAL info: Ardley presents borrowers with REAL INFORMATION for their own UNIQUE situation Here's how it works: 🔎 Ardley combs through your servicing portfolio in minutes, searching for origination opportunities based on today's actual rates 🎯 Ardley identifies qualified borrowers and puts together several opportunities that fit their exact borrowing qualifications (for example, a rate and term refi, cash out refi, HELOC, govi) 📧 Ardley's marketing engine automatically packages the information so it's visually appealing and easy to understand, then delivers it directly to each borrower's inbox The result? 75% open rates and click rates 2-3 times greater than the industry average. Interested in learning more? Contact Ardley at info@ardley.com