How Lenders and Originators Can Become More Successful
The headline news that may have rattled the feathers of mortgage industry professionals.
– Feb 3, 2016 – Wells Fargo is laying off 87 additional mortgage workers in Raleigh.
– Sept, 2015 was that Wells Fargo laid off 182 mortgage originators in Raleigh, North Carolina.
– Just two years in August 2013, Wells Fargo let go of 763 home mortgage employees.
In order to not jump around so much in the volatile mortgage industry , you may want to carve out your own destiny by managing your own branch under a solid mortgage company regardless of the dynamics in the economy. In addition, you want to stay ahead of the competition and understand the trends.
TRENDS
In 2016, the Mortgage Bankers Association (MBA) expects year-over-year home purchases to increase by 10%. By knowing this, there are lots of ways for that buyer’s transaction to fall out. As a mortgage expert, you need to have some type of technology to assure that does not happen and lose successful closings.
INTERNET PRESENCE
Another big trend is that lenders, not real estate agents, are increasingly becoming the first person to speak with when it comes to shopping for a home, and lots of home buyers are locating their lenders on the internet. While having real estate referral partners is still very important, the simple fact is that an increasing number of borrowers are applying for and getting loan approvals online, a trend that is only going to grow in the future.
QUICK TO ADAPT
Lenders typically sell “fast response” times to borrowers. However, the truth is many lenders don’t understand what “fast” today actually means. Calling back a borrower’s by phone or email in just a few hours might have been great in 2005. Not so anymore.
Millennials, people age 34 and younger, are one of the largest groups of homebuyers. Their idea of waiting a few hours is not acceptable so they go with convenience and responsiveness. If it takes a lender an hour or longer to respond to a prospective buyer who’s a millenial, he or she could have already visited 5-10 other websites, and filled out a 1003 application and is ready to make an offer.
The solutions is not let leads sit in your email for hours or worse, days. People understand they have options. So, as a lender, you need to be there when they call or inquire online.
FLEXIBILITY
Lenders need to be make it convenient with how they offer their services. Due to advancements in mobile technology, people and businesses communicate completely different from a decade ago. Millenials and most adults have embraced technology prefer their method of communication over phone calls, voice mails, or fax. Your prospect may only text you which comes to your email and you may never get their actual voice until closing. The key here is to be flexible.