Brokers who handle both residential and commercial mortgage originations are preferred by borrowers, according to a survey conducted for a commercial loan wholesaler.
The survey of property owners nationwide found that 81 percent of respondents selected as "more professional" for mortgage brokers offering both commercial and residential mortgages, according to a press release by commercial mortgage lender Silver Hill Financial.
"Many mortgage brokers spend plenty of money and time to enhance their image as more professional and credible to consumers," said Joanna Schwartz, Silver Hill managing director, in the announcement. "This study suggests that mortgage brokers can significantly improve customer perception, often just by adding commercial mortgages to their offerings."
The survey was conducted by Financial Information Institute and commissioned by Bayview Financial, the parent of Silver, which offers commercial mortgages through a network of brokers and correspondents.
Silver Hill, which touts its programs for brokers at www.SilverHillFinancial.com, refused to provide the number of participants in the survey.
It was reportedly discovered that 75 percent of respondents saw brokers who had commercial and residential mortgages on their repertoire as "more credible" than residential-only brokers, while 84 percent selected the more diversified brokers as "more knowledgeable," according to the announcement.
Additionally, Silver Hill said that 90 percent of respondents replied that a commercial and residential loan broker was more likely to offer a wider selection of mortgage options than those who only offered residential loans.
"With interest rates predicted to slowly climb, the survey findings are a timely validation of the necessity for brokers to diversify," according to Schwartz.
"The study underscores the value of doing so from a consumer perspective," she said.