In an open letter to Independent Mortgage Brokers, Pacific Union Financial CEO Evan Stone commits and memorializes Pacific Union Wholesale Ethics. Pacific Union stands behind AIME and Independent Mortgage Brokers, setting a new standard for Broker Partnerships and Wholesale Lending.
Greetings Independent Mortgage Brokers,
As I survey the current lending environment, two things become very clear. The first is that Independent Mortgage Brokers are alive and thriving. My view is based on the data compiled by the MBA and Stratmor Group Peer Group Studies/AIME which estimates that Wholesale’s mortgage market share could reach 20% by 2020. Second, it is readily apparent that Independent Mortgage Brokers are the optimal avenue for prospective homebuyers and homeowners to procure a loan. Brokers are the only and most reliable medium to provide multiple lending options. Not only does this provide transparency it drives deal efficiency, both in cost and service.
Back in 2004, I started Pacific Union as an Independent Mortgage Broker. For those of you that were in the mortgage business at that time, you’ll remember that there were many Wholesale Lending options, but very few good ones. I can remember getting so frustrated that despite the myriad of loan products, communication and partnership with Wholesale Lenders was clunky at best. We exist in a much different environment today. AIME has helped set a new standard and bar for how Wholesale Lenders must perform and behave to earn your business. Through our engagement with AIME and listening to you, our most valuable partners, we have learned a lot. The idea of partnership between Broker and lender is at the center of this paradigm shift. Price and service have always been ingredients to a healthy business relationship, but clearly, there is so much more. We understand that as a partner, it’s important that we look at how we can help, (and not hurt), your entire business. This means, as a true partner, not soliciting your employees for employment. It means not soliciting your clients for future transactions. Our relationship is truly symbiotic and dependent on each of us having success today and in the future. To accomplish that, it requires having an open and honest dialogue with you about how we can forge a fruitful path together.
When I returned as CEO of Pacific Union earlier this year, I spent a lot of time understanding how we partnered with our Brokers to drive success throughout the entire loan process. What I learned quickly was that while we were doing a good job, (we always want to do better), on delivering quality Government loan fulfillment and helping to enable low to moderate income borrowers buy homes, our focus on how we holistically partnered with you was suboptimal. I knew we could do better. As a result of that, Michael Royer, Pacific Union’s Wholesale Channel Leader and myself have spent countless hours with Anthony Casa and AIME to understand how we can substantively change our culture and be a great partner. Based on the feedback, we have established what I now affectionately call our “Wholesale Ethics” to better align with your success and to earn your trust. We’ve got some work to do, but our goal at Pacific Union is to become the number one Government Wholesale Lender in the industry. We understand that title is earned, not bestowed.
Thank you to AIME and the Independent Mortgage Brokers that we are proud to serve who have taken the time to educate us on how we can be the best possible partner to you. Our Brokers have a voice and we listen. We have and continue to invest in a meaningful way in our people, workflows, product and technology. Recently, we flew 12 Brokers and their processors out to Dallas for two days to solicit feedback on our forthcoming launch of our new Broker Portal, EXP Wholesale. The critique and feedback was invaluable. EXP Wholesale was built for Brokers by Brokers. That’s our mindset with how we approach all Wholesale initiatives. We’re building it for you based on your feedback.
We are excited about the future of Independent Mortgage Brokers and will continue to invest resources to develop the best possible partnership with you and creating value for you and your clients. We look forward to growing our partnership with you and will continue to listen to you so that we can continue to evolve and align with your success.
Your Partner in Wholesale Lending,