The Future of Mortgage Broking: During and Post-COVID-19

It is true that COVID-19 led the mortgage broking businesses to change their mode of operations and do broking remotely whilst communicating and maintaining the relationships with our new and existing clients.

Aside from being disrupted by the pandemic, the broking industry has already been experiencing challenges over the last few months after the new regulatory requirements were introduced.

But with all challenges coming from the uncertainty in the market and the new regulation come new opportunities for brokers to rise and shine among others and bring out their creativity, resourcefulness, unique talents and resiliency to thrive and innovate in the new world.

- Many lenders reduced lending activities which made brokers change their strategies by widening their funding lines and expanding their lending options.

- Brokers leveraged their relationships with lenders to find the right funding solutions for their clients.

- Brokers have embodied an essential role in becoming a true expert in giving valuable advice to their clients.

- Through the BID, clients would be able to put their total trust and support to mortgage brokers.

- Remote working and technology have become part of every broker's everyday life and will continue to do so moving forward.

- Everything moved online: from the lending processes, VOI, electronic signatures and forms. All are part of the digitalisation and transformation of how we do broking and how we engage with lenders, our team and our clients.

- With clients who are risk-averse in the coming years still due to the persistence of COVID-19, commercial opportunities will rise above residential lending.

With all these changes, we would see more brokers work together to merge or have partnerships with each other so they can scale and grow more with the help of technology.

There is still a lot of work to be done but overall, brokers will strive to find new ways on how they can help in their customer's journey, offer new things and equip themselves more digitally and in overall finance and commercial lending.

Vision outsourcing is an outsourcing company that helps mortgage brokers get more done by doing less. With the help of a virtual assistant, brokers would be able to focus more on their business and be able to build relationships with their current and prospective clients. Book a consultation with us so we can lay all the options of how we can build your mortgage broking business together.