Morrison attributes this maintenance of a majority of purchases in the Motto pipeline to the direct link of franchisees with realtors, who have had a record year. While Morrison is proud to have reached almost $ 2.5 billion and to close deals for around 10,000 families, he said he was very proud that Motto had nearly twice the percentage of volume in purchases compared to the industry average. He believes the strength of this existing pipeline will mean that, as other lenders return to purchase, Motto will already have a head start and be ready to expand further.
As Motto looks to grow further, Morrison explained that he is bullish on the broker channel. The key to building these broker relationships is providing a choice of products and rates that can serve a variety of borrowers. In a growing buying market, he believes the convenience and choice offered by brokers will be essential.
Motto is also looking to grow by expanding its franchises. Morrison started in the industry as a young LO real estate agent. He explained that if he could have partnered with a business directly related to real estate agents, he “would have taken this all day and twice on Sunday.”
As part of his goal to double down, Morrison is looking to make between 60 and 80 franchise sales this year. He believes the franchise model is attractive to loan officers looking to diversify or to new entrants to the industry looking to establish themselves. Key to the value proposition is the institutional and legal support provided by Motto to keep franchises in compliance when they start production.
Morrison believes that a unique combination will be enough to attract the best talent in the industry. He is aware of the increased levels of consolidation that the industry is already experiencing and the power that some big players have to bring top performing LOs with big signing bonuses. However, he is convinced that the prospect of a franchise model focused on buying will be enough to attract LOs looking to steer their pipelines away from refinancing. This value proposition is enough for Morrison to redefine his annual doubling challenge.