Mortgage Joint Ventures Explained
What is a JV?
A Joint Venture (JV) with Prospect Mortgage Company is a strategic alliance formed between Prospect Mortgage Company and partnering Members such as real estate companies, builders/developers, credit unions, financial companies and other affinity groups.
The Prospect Mortgage Company JV model is designed to provide multiple benefits to you and your clients.
When you form a JV, your suite of product offerings expands, giving your clients the convenience of one-stop-shopping. This enables you to retain and attract more business, while sharing in the profits generated by your new complementary services.
How does it work?
In conjunction with the partnering member, we create an operating division of Prospect Mortgage Company, LLC, a Delaware limited liability company. In essence, a new mortgage entity is created.
The partnering member and Prospect Mortgage Company capitalize this new entity, and the profits are split. Only a modest investment is required from the members.
A Prospect Mortgage Company subsidiary acts as the managing partner, taking responsibility for all day-to-day operations of the new entity, giving it mortgage banking status that allows it to underwrite, process, fund, and close loans. In addition, it can act as a mortgage broker when necessary.
NAR 2008 Survey
Home buyers believe one-stop shopping makes the home purchase easier:
96% of home buyers believe that receiving all services from one provider would make purchasing a home easier.
One-stop shoppers are more satisfied:
Those who used one-stop shopping scored their experience an 8.3 out of 10 vs a 7.6 from those who didn’t.
Clients are even more satisfied when they used in-house mortgage services:
Those who one-stop shopped for mortgages were 44% more likely to be completely satisfied.
Clients don't mind if you talk about in-house services:
94% of your clients will consider using a simplified one-stop-shopping process if you bring it up to them.
You may lose business to competitors if you don’t talk about it:
There’s a 52% chance that one-stop shopping could make the difference in choosing you over another Realtor.
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