Q&A with Mark Maimon
Broker Banker—How did you decide to make NMLS licensing part of your total marketing effort?
Maimon—During the entire licensing process, I realized that the general public/prospective customers
weren’t aware of the licensing requirement and specifically why not all loan originators are required to be licensed.
Broker Banker—How do you currently market the licensing distinction?
Maimon—My first step was to create a marketing flier about the reasons to use a mortgage broker and provide it to prospects. One of the points I highlight is that most loan originators are licensed, whereas originators with banks aren’t required to be licensed. The implication is that they are less qualified. I believe this will be especially helpful when I’m dealing with prospects who are also talking with banks. I am also going to add a note on my website.
Broker Banker—What other ways can originators market their NMLS license?
Maimon— They have several options, by adding this to:
*A personal brochure
Broker-Banker—Any suggestions for how to promote this?
Maimon—Obviously, every originator has his or her own style. I didn’t want to be overly aggressive in marketing the licensing. My objective was to be a little more subtle; otherwise I think you can risk appearing overly defensive.
Broker Banker—Do you think customers/the public is aware of licensing requirements?
Maimon—I don’t believe most people are aware of the licensing issue yet; there haven’t been that many news reports, at least not in our area. However, people are certainly aware of the criticism aimed at loan originators during the last couple of years and I think they will become more focused on the overall professionalism, including licensing. So it’s wise for us to be educating them in the appropriate manner.