Up or Down. Boom or Bust. Bull or Bear. Every economic cycle presents its own unique challenges. The one constant through all, however, is that there are also always opportunities for businesses and professionals to expand. In the mortgage industry, Wholesale Mortgage Lenders can build very attractive income platforms by providing greater flexibility in delivering quality products and exceptional service to their clients says Alan R. Michaels, President of EMM Wholesale.
What do you see as the one thing that makes a business successful?
Regardless the condition of the economy or market trends, one constant remains. Businesses that have developed strong relationships with their clients tend to fair better in either climate. That is the cornerstone of EMM Wholesale’s platform. EMM understands that when mortgage brokers, credit unions, and banks are looking for a Wholesale Lender, there are many capable options available. It can even be difficult, at times, to distinguish one from another.
So, what sets EMM apart from the competition?
Relationships. And what is the basis for any good, long-lasting relationship? Trust.
How do you establish trust with your clients?
Trust is not given. Trust is earned. And how does one earn that trust? By delivering on what they promise. I’m an “old school” guy. I believe in growing business by relationships by – Paying attention to needs; Not only providing a quality product, but quality service; Listening to concerns; Understanding clients’ goals and direction; Being attentive. These characteristics are a must for everyone at EMM to possess. Simply put, EMM knows how to make things work and keep the process moving. No shortcuts are taken. No corners cut. Through our extensive industry connections, we know how to “thread the needle” and cater to the individuals we serve and, at times, carry them through the entire process.
Is that the EMM way? Is that what’s in the corporate DNA?
Putting the customer first, providing a world-class experience for mortgage broker partners, every day.
What is your secret sauce… how do you attract clients, different from other lenders?
As indicative of what many see as a troubling trend, doing anything to make a buck, some Wholesale Lenders will focus on the quantity of business they can generate. At EMM, and it may be a bit cliched, we focus on the quality of the business we generate. There needs to be mutual trust. There may be twenty brokers I meet with, and I’ll only pick four or five to do business with. Folks I trust. Folks I know fit the business model… business that works, makes sense. We develop a relationship. We are driven to deliver a high-quality product at a better price while we provide high level of service – forming true partnerships. All our customers are our partners, not clients. Most lenders meet with a customer twice a year or once a quarter. I meet with my customers once or twice a month. Many times, we don’t even talk about mortgages. We talk about family or vacations. My customers are an extended family, they are my friends.
How critical is your team in achieving success?
We have a top-notch team. Our entire team buys in to this platform. They pick up the phone. They nurture. They’re old school. They’re an extension of myself. I hold them to a very high standard. And they do the same to me. Across the board, there is mutual respect. The team knows I am open to debate. As I challenge them, they can, and do, challenge me. The talent we have amassed is unparalleled. Each member contributes different skills. But the one thing everyone has in common is their extremely high talent and extensive experience.
Relationships, trust, old school. How does that benefit your clients?
Those qualities are vital when clients are looking to expand their business. To become the broadest scope of the banking profession, EMM enables them to also build relationships, optimize customer service, and expand their potential.
Any last words of wisdom?
Wholesale Lending is a part of every mortgage even if you use banks or big national mortgage lenders. You will never be able to go straight to the wholesale source. You start with a retail broker or a retail division of one of the national mortgage lenders. Shouldn’t the Wholesale Lender you select be one you’ll want to do business with time and time again?
About Alan Michaels – Alan R. Michaels is President of Wholesale Lending at EMM Wholesale, a division of EMM Loans, LLC, responsible for building the entire wholesale sales and operations platform for the company’s wholesale lending division.