• Successful mortgage companies have sound business practices.form -3 image by Rog999 from Fotolia.com
  
  The consumer lending business is large and competitive. The consumer mortgage business, though, is particularly competitive--sometimes even fiercely so. Consumers across the U.S. have an inordinate number of options when it comes to home financing, and lenders are constantly trying to gain an edge on their competitors. In order to start a successful mortgage business, a businesswoman will need to have savvy; but more importantly, she must have experience.
  
  

Staff

• First and foremost, a person cannot start a mortgage company without at least one person who has been in the business at least three years. But moreover, the most important part of a mortgage business is the staff--from management to loan officers to auditors. A savvy businesswoman will recruit top talent (salespeople, management and quality control officers) from other mortgage companies. Training new employees is important, but in order to get a lending business off the ground, the company needs to start with some serious professionals.
  
  

Emphasis on Quality

• The field of mortgage lending is a bit tainted--especially in the wake of the 2008 credit crisis, precipitated by the sub-prime mortgage bonanza in the early 2000s. Not only is strict compliance with federal and state lending laws important, it is better for business. Trustworthy, honest mortgage brokers will make more loans in the long run. Honest brokers and fair mortgages lead to referrals and a strong reputation in the community. When it comes to vision, a successful mortgage management team will see mortgage sales and auditing as equally important.
  
  

Diversification

• Successful companies give options to their consumers. This is no different in the mortgage market. Consumers know about all kinds of mortgage programs and many are interested in more than one. There are not only conventional fixed-interest, fixed-term loans; there are interest-only loans, home equity loans (HELOCs), balloon mortgages and even personal loans. A successful mortgage company will have options for its consumers.