CHANGE IS THE ONLY CONSTANT

October is fast approaching and with it come new AML requirements that are being enforced for mortgage brokers across this country. I assume that you have already been educated on what those requirements are.

I am actually surprised it took this long to be mandated in our industry and welcome the more stringent reporting requirements. It is the step in the right direction and will hopefully weed out the crooks and fraudsters that are running rampant in the real estate industry.

For those of you that are honest, hard working and hold yourselves to a higher standard, this is your chance to stand out and shine.

I have always struggled with how mortgage brokers do not take what we do seriously. We hold our clients financial future in our hands. Bad advice or lack of guidance from us can destroy someone's life. 

There are two things that can cause a broker to give bad advice or guidance:

1. They are purely focused on earning the highest commission the fastest and don't care about the client at all

2. They don't have the mentorship, support or education to know that they are not giving proper advice

I think most of us fell into the second category when we first started out. We didn't know what we didn't know. Most of us discovered this by making colossal and costly mistakes. A smaller group of brokers were lucky enough to have a strong mentor to guide them. Those brokers that had a mentor usually fared better in their earlier years. 

It's time for us as a collective to elevate the status of a mortgage broker in the consumers eyes, the regulators eye and our own eyes. 

Be the broker that is regarded as an expert in their field that always puts their clients needs first when recommending a product. 

How do I do that in my business?

• I stay up to date on market trends, rates etc by reading multiple publications every day

• I take courses that help me in my business

• I listen to my clients and ask pointed discovery questions to determine what they need and want from me and the mortgage product

• I ensure my written and verbal communication leaves little chance for misunderstanding. If there is I clarify

• I VALUE what I do as a mortgage broker and take it very seriously

What can you do in your business to position yourself as a trusted authority in your market? Let me know!

Have the best week!

….oh and YAY! It's Back to School!!!!