Broker is a Good Word: How We Fight for Our Homebuyers (With Lindsay McCoy) – Episode 178

Broker-to-Broker

This episode is sponsored by PRMG

In this episode of Broker to Broker, host JP Hussey is joined by Fuse VI panelist Lindsay McCoy, Broker Owner of Care Finance Group.

JP calls Lindsay the “longest-running true Broker” that’s ever been on the show, because she’s been steadfast in the Wholesale channel since the early 2000s. She’s seen the best the Wholesale industry has to offer, and has lived and fought through the financial crisis of 2008. Throughout nearly two decades, she’s never wavered from her commitment to support, advocate, and carry the torch as an ambassador for the Broker community.

Lindsay and JP cover many topics in this episode, like how to create and curate the best tech stack for your operations, consumer outreach & referral generations, client financial education & support, starting your own brokerage, Broker & homebuyer advocacy, and why NOW is the best time to be a Broker.

Lindsay breaks down her experiences in the 2008 financial crisis, and puts them up against the market and perception of Brokers today, noting that the stigmas and perceptions present a decade ago are no longer an issue, attributing a lot of the change to the support of the Broker community, and the work that community has done for homebuyers nationwide on Capitol Hill:

“We could provide all of these options. Like the options from big wholesale lenders, or small community banks, jumbo loans, etc. There wasn’t a lack of options there. It was consumers that thought ‘Broker’ was a bad word, because we got slaughtered in the media in 2008. That’s where Retail started saying “we have control of appraisals, and in-house underwriting is the best.” Brokers have spent years battling against these perceptions. Now, ‘Broker’ is a good word. People seek us out. And sorry, I’m going to give AIME props here: it wasn’t until very recently that I felt really excited to be a part of this channel. I’ve always loved the channel, I’m never leaving, but the camaraderie we have and the footing we have on a state and national level as an association has grown so much and we’re now in such a positive light. Our name is on the board, and we’ve never had a seat at the legislative table before now.”

Key Points:

5:36 – Being a Broker through 2008 as the Crisis Scapegoat

13:30 – Starting CARE Finance Group in 2017

19:52 – Changes in Owning a Brokerage 2020 – Now

28:48 – Finding the Right Process and Tech Stack: A Breakdown

35:19 – Fuse VI and the Disabled VA Tax Exemption