Mortgage brokers are better for consumers looking to get a home loan. The question is “why”? From their resources to their ability to serve you a stronger client experience, a broker is the way to go. Mat Ishbia, the president of United Wholesale Mortgage, discusses with us why he believes consumers should be using brokers. Check it out!
Paul Apostolakis 0:00
We are the best option Mat, the hands-down, I think a broker is the best option for a consumer to go through. And you’re really big on that. But can you talk to the audience and tell them why you think personally, why the broker is the best option other than, you know, what we’ve already talked about?
Mat Ishbia 0:16
Well I don’t think it; I know it. So I know for sure, like, this is my business, I don’t know much in life, but I know this. So, it’s going to be cheaper. Go into it. So for a consumer, what matters, is like, nobody wants a mortgage. Right? Any consumer could say, “let’s get a mortgage today, honey” like nobody cares, right? They want to get the house, they want to save $82 on their payment. So the mortgage has to be fast, easy, and cheap. It’s going to be cheaper with a broker over any of those retail lenders, over anybody, that’s always going to be cheaper. And I hate to say always so i’ll say 99% of the time. Okay, it’s going to be cheaper, because brokers have less costs, because they’re not on TV. They’re not spending, you know, hundreds of millions of dollars building out, they have less cost, right? So brokers are going to be cheaper. And the other reason it’s better is because the reality is you’re making impact in the local community with the independent mortgage broker. And it’s faster and easier, because you used to not have the technology. So cheaper, faster, and easier. You know, five years ago, I couldn’t tell you this. I couldn’t say 100% sure of it. Now I can. It’s not even a question anymore. The technology we’ve built, the people like yourself that have built your companies around what you’ve done in your community, I’m telling you, it’s always faster, easier, cheaper through a broker. And if I’m a consumer, I guess the only thing you get from this thing is find a mortgage broker .com or call if you’re Michigan you can call Omega like you know, wherever you’ve got, but you’ve got to find a local broker because they can shop on your behalf and get you a better deal. It’s black and white. It’s so obvious.
Paul Apostolakis 1:39
Yeah. And I think the biggest thing is like you said, some of the competition just pays a lot of money in marketing and they do have higher margins. And we know for a fact that they’re high and I mean, for what it’s worth Rocket does have some of the highest rates in the industry. And we know that, right? We just know that. But people keep going to them. You know what I mean? because they have the marketing dollars.
Mat Ishbia 0:16
They don’t know any better. And yeah, Rocket will tell you they have the highest. Like, you can see their margins. They have the highest rates in the industry. They charge a lot of money. They’re not the highest but they are in the higher group I’d say. Definitely higher than mortgage brokers. That’s obvious, we all know that. But of course, they’re going to spin it and they’ll get PR written around and they’ll do all the things but that’s what these– you know, God bless them. That’s what their job is. They’re trying to build their business. The best part about your business, Paul and all brokers is it’s a great business, but it’s also best for the end user; the consumer. And it’s a really fun way to run a business where you actually care about the consumer, not just about profits.