The mortgage industry is changing, and so you will need to get creative by pivoting your business to ensure that you can stay above water while continuing to always putting your customers first.
So what exactly does this mean? “Pivoting” is defined as “Making a sudden or swift change, to change the direction of a business usually in response to a change in the market.” We all know there was a recent refi boom earlier this year, but as the rates increased, the refinances diminished and now those days are now long gone. So what comes next?
The more seasoned mortgage loan originators are proficient at selling a mortgage payment and lifestyle, rather than simply rates. With the decline in volume and limited volume in every market, there will be a greater need for processing and marketing automation. Now would be a wise time to look into your processing and marketing automation. Originators know that technology is a tool, you may never be able to outwork a computer, you must automate what you can so that you are able spend more time engaging with prospective clients.
As the market changes, you will notice an increase in VA loans and reverse mortgages. It is important that you are able to provide quality service to these prospects as well. Get certified as a VA mortgage originator so that you can built trust with the military members that would like to take advantage of the benefits they have earned. Familiarize yourself with Reverse Mortgages and the processes that may differ from a qualified mortgage. Look into Non-QM loans if you have not already done so. They can be easier than you think!
The bottom line is that no one could have predicted the impact that COVID would have on interest rates, property values, housing market, or what the economy would look like when it ended. With that said, trained and compliant loan officers are adding value every day through informing and educating their clients.
By using the right technology, you will be making headway and showing borrowers that it is an advantage in dealing with a individual rather than obtaining financing over the internet.