Fee Based Mortgage to Boost Market

The need for objective, competent mortgage advice, while still providing revenue for mortgage professionals, has a new answer. The Mortgage Institute for Financial Services Professionals has proposed a fee-based advisory service which will reward mortgage professionals for their knowledge while providing better service for their borrowers.

Borrowers often get lost in the deluge of information when they apply for a mortgage, getting piecemeal information from various sources that may or may not apply to their situation. The service would screen the information for the borrowers, and give them trouble shooter advice on fees, terms and other information about their loan. Training is being provided to mortgage professionals so they can clarify ill-conceived notions, misconceptions and miscalculations. This provides an unbiased source of advice for the borrower, since the mortgage professional is not trying to “sell” them a product.

The mortgage industry sees a way to retain long term customers and improve relationships in the fee based service. It seems to be a better way to build a sizable client base, to create recurring revenue and maintain client trust. The product, whether it be a first mortgage or a home equity line of credit (HELOC), or even information to help evaluate their existing mortgage, the fee based service can provide the unbiased assistance borrowers need.

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