Every day, in real estate offices across the country, agents working with buyers inevitably reach the point when it’s time to talk about financing the purchase.
It’s good to have a trusted, reliable lending resource to point clients to.
Many larger offices, of course, have affiliated mortgage services that provide a great option for agents and buyers alike. But constructing a transparent, compliant arrangement requires a lot of work and a scale of business generally beyond the reach of mid- and small-sized real estate brokerages.
A new player on the mortgage scene aims to change that.
Nothing Like It
Motto Mortgage, the second member of the RE/MAX Holdings family of brands, launched last October. The idea behind it is simple, but revolutionary—and there’s nothing quite like it in the industry.
Motto Mortgage is an innovation connecting a real estate brokerage office to a separate mortgage brokerage office. The two businesses operate independent of one another, but together can offer clients a streamlined process of finding a house with the help of a real estate agent and securing financing with the help of a loan originator.
In the Motto Mortgage scenario, agents—if they choose—are able to confidently recommend a resource in proximity whom they know and trust. The concept provides a one-stop solution for buyers/borrowers who want convenience, clarity and choice.
Motto Mortgage loan originators have access to a wide variety of loan options and the incentive to keep the process on track and moving smoothly. The usual traps that can derail sales during the loan process—lack of communication, slow response times, misaligned processing systems, divergent priorities, etc.—can be replaced by crisp execution and a mutual interest in serving the client.
The result is the right home and the right loan—without the typical headaches.
Compliance can be a major concern among real estate brokers who worry that referring clients to a mortgage broker will land them in hot water. And sheer complexity, along with the necessary investment of time and money, has made aligning with a mortgage brokerage unfeasible for most mid- or small-sized real estate companies.
But with an out-of-the-box system that simplifies the process and helps with setup, licensing and branding, Motto Mortgage reduces the costly barriers of entry and offers efficiency to brokers and transparency to borrowers—at firms of any size.
Offices Opening by Q2
As with any innovation, Motto Mortgage will take some time to grow. The first Motto Mortgage offices should be open by the second quarter of this year. By adding “mortgage broker” to their “real estate broker” role, the entrepreneurs leading these offices will be able to cover a longer stretch of the home-buying process.
Ultimately, homebuyers themselves will determine whether Motto Mortgage becomes the game changer many believe it will be. If buyers see meaningful value in the time they save, the loans they secure, the outcomes they reach, and the service they receive from the professionals involved, well…the sky’s the limit.
Geoff Lewis is president of RE/MAX, LLC.
For more information, visit www.remax.com.
For the latest real estate news and trends, bookmark RISMedia.com.