STRATMOR Group report says lenders can partner with wealth managers for mortgage business. Mortgage lenders searching for new business could find it by partnering with wealth managers and private bankers who serve high net worth (HNW) borrowers — but only if they are willing to meet exacting standards. That’s the takeaway from a report published by the STRATMOR Group in the February issue of its Insights Report. Written by STRATMOR Group Principal Jennifer Smith, it outlines how mortgage lenders can find success with this business segment, although it may require more effort than typical mortgage transactions. “Although the mortgage transaction is just that, a transaction, the savvy lender who has the chops to work with a HNW borrower and wealth manager or private banker understands that the mortgage is one piece of a bigger, and more lucrative, relationship,” Smith said. “Treating the client very well with the intent to foster a great relationship with the client’s wealth manager can pay off handsomely.” Smith said that wealth advisers who have an in-house lending option often do not want to refer mortgages to them. Instead, many advisers prefer to direct clients to a mortgage broker or other external contact — but […]
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