“I kind of compare it to Wikipedia,” Saunders said. “When you go to search something, Wikipedia usually comes up first, especially if you’re searching a person. But I don’t know if people are aware that anybody can go in and modify and edit Wikipedia. All that stuff may not even be true. A lot of it may be true, but it may not be 100% factual. So why not go straight to the resource? It’s better to be informed correctly the first time than to find out your mistake later.”
Saunders said making sure brokers are getting the right answers is a critical mission for trade organizations like NAMB.
“Our information is validated,” she said. “You’re hearing it directly from the GSEs, or you’re getting information directly from people who may have worked at VA or worked at FHA or have been part of the reverse mortgage industry for a long time. You’re getting the vast experience and knowledge that all of these organizations have cultivated.”
A PhD in mortgage
The mortgage industry is unique because each brokerage is its own business, while brokers are also their own small businesses, even if they work for a larger company. Saunders said that’s why trade organizations are so important to find a way to tie all of these smaller businesses together into a larger entity.
“When you’re getting involved in a business like ours, it’s really made up of a bunch of little small businesses,” Saunders said. “Even if you’re a mortgage broker that works for a large mortgage company, you’re probably working from home. The only people that you’re connecting with are either people through Zoom, or maybe you’re going to local association events or networking events.
