Well, as Joe Garrett of mortgage banking consulting firm Garrett, Mcauley & Co. put it, "there are hardly any winners in the mortgage industry."
Among the very few are firms with a lot of servicing, he said. Those having a tough time are almost too numerous to count, but we all know originators are on the front lines.
So todaylet's talk about some of the challenges specific to LOs.
Several LOs we've spoken to recently opined that reduced purchasing power has resulted in deals falling through. Christian Dicker, a senior loan officer at Motto Mortgage, told me a client just backed out on a $295,000 house in Michigan.
"After hearing their monthly mortgage payment would be around $2,000 a month, my client backed out of the offer the next day," said Dicker, whose pipeline has thinned with fewer refis. "Less than a year ago, my client could've bought the home with a monthly mortgage payment of $1,700."
LOs, I'd love to hear from you – have you lost commissions because clients couldn't close on a house they had under contract when rates were lower? How are you handling the (relatively) high rate environment?
Join Notarize for an interactive discussion where you'll learn how to generate more business, close loans faster, and reduce funding cycle time, while providing an exceptional borrower closing experience. Register today!
Qualia recently released its 2022 Homebuyer Sentiment Index, which surveyed more than 1,000 recent and prospective homebuyers. The results indicate that lenders must turn their attention to improving the closing experience they provide their borrowers in order to win repeat business and earn referrals.
That is the question! Whether you want to grow your database or drive referral business, there are several mortgage marketing best practices, digital tools and prioritization strategies lenders should consider as they generate leads in 2022.
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