Comparing the Competition in the Local Mortgage Broker Market

Recently I chose to have conversations with some of my local competitors in the Albuquerque Metro Area. I guess you could say curiosity had gotten the best of me, and as all humans tend to do at one time or another, I wondered if the grass were really greener on the other side of the fence.

The first Mortgage Broker I met with over lunch - it was more social than business, but gave me great insight to her personality and maturation as a business professional. I left with a heart full of gratitude because this mortgage broker complimented me on the highest level, and was completed unexpected. I made an appointment with her as we left the restaurant to visit her office and see how her organization was run.

The second Mortgage Broker I met with was the very next day, again over lunch. I had to call her because she was late. Not a good sign in my book. She had just closed her own office due to economic forces beyond her control and merged with another well known local Brokerage House. I could tell in our conversation that this turn of events had wounded her pysche, and I felt for her. Based on what she said to me and how it was said, she felt she had a great deal to offer this organization in terms of systems, technology and skills, (which she does), however, I felt her current emotional state might be a detriment to the workplace.

side note; very often mortgage brokers changing locations or companies will take a short hiatus and go on vacation - I can't stress how important this physical & emotional break can be, having personally been there myself.

On the last day of the work week, I went back to visit Mortagage Broker Number 1's office. Very organized, lots of great systems and lots of office support staff. The biggest drawback I could see was that the commission split program set up was really set up for a new in the business loan officer, and seasoned L.O's would be completely turned off by the prospect of playing a numbers game.

Yesterday I spoke with Mortgage Broker #3, who has done very well in the local market, despite being the new kid on the block, so to speak. They offered a full service office including administrative support and a very attractive commission split. The biggest drawback I saw in this organization was a lack of FHA Government Loan Programs (you have to have a special authorization clearance to do these) which are lately all the rage in our present day market.

Of the 3 Brokers I spoke to, each had something unique, something viable to offer other L.O's. However, not enough to cause me to jump ship and move my book of business. All things being equal, I'll stay where I'm at.

If you would like more information on the local Albuquerque Metro Economy or Real Estate Market, please contact me. My email is; melinda@trinitymtg.biz