Is your mortgage brokerage looking for a better way to pay brokers and manage payments to mortgage lenders? Then you need prepaid. 

The mortgage lending market is incredibly competitive and concentrated, and attracting new business can be a real challenge. In order to handle the extra business and huge amount of broker submissions, mortgage lenders must look at ways to streamline their services, optimize compensation, and guarantee convenience. This is where a prepaid Mastercard® comes in handy.

Mortgage Brokers are always on the hunt for mortgage lenders that offer the best solution for their clients as well as for themselves. They want to ensure that the client is receiving the best mortgage rates while adhering to a healthy return in compensation. More and more brokerages are looking to prepaid payment products as a way to offer their clients a faster, easier, and more convenient way to access their equity line of credit. Prepaid Mastercard products are also an effective way to improve rewards programs for mortgage companies. These easy-to-use reward tools can help supplement the pay of brokers, and are a great incentive to help boost sales.

Thanks to prepaid compensation cards, mortgage lenders can provide brokers with a secure and convenient way of transferring funds, without any hassle, time wasted, or additional costs. Brokers can use prepaid cards and the points on the cards (which translates directly to cash) for client incentives and personal use. As well, prepaid products can be used to offer cash back, “buy down” interest rates, and other financial incentives.

The Future of Mortgage Broker Payments Is Here.

Typically, mortgage brokers receive a portion of compensation via cheque. This, however, presents a problem. Cheques are inconvenient, expensive, slow, and create communication problems that can affect important deals, cause loyalty rifts, and lead to bad feelings on both sides. Mastercard prepaid cards offer near-instantaneous payments, streamlining the compensation process and allowing for tracking and up-to-the-minute updates.

Save Money on Fees & Distribution

Cheque cashing creates numerous fees, many of which are taken on by the broker. On the flipside, the mortgage lender also incurs additional expenses as a result of increased labour and production costs. Mastercard prepaid payments are immediate, and require minimal fees to access funds.

Save Time

In the mortgage industry, timing is everything! Waiting around for a cheque to be mailed, picked-up, deposited, and then cashed can make all the difference in the world in the ever-changing world of mortgages, and you don’t have the time to wait. With Mastercard prepaid cards, mortgage lenders can directly deposit money onto brokers cards immediately wherever the brokers are by using their online card management account. Once the money is loaded, brokers have immediate access to funds.

Prepaid Offers Consistency

It’s a tough business! Brokers may have to deal with multiple mortgage lenders before they find the best solution for their client. As a result, many brokers switch lenders in order to meet the specific needs of their clients. In the past, brokers would receive rewards from brokerages based on their status. The rewards must be approved by the brokerage, and if the broker loses their status with the brokerage, their rewards are held in escrow until reinstated. If the broker is no longer a “mortgage originator,” then they forfeit their rewards! A customized prepaid solution offers added value to brokers and another line of communication.

Conclusion:

In a competitive, ever-changing marketplace, you need to equip your brokers with the best tools to succeed. A prepaid loyalty program allows loyal broker partners to be more competitive, achieve more sales, and receive more benefits, while also offering the flexibility and control to effectively run their business.