Something has changed as we get deeper into 2004. Namely, interest rates.
Life has been pretty good at most mortgage offices for the past few years. You didn't need to look at all those shiny new cars parked out front to know it, though. All you had to do was listen to the buzz and chatter as you walked on by: Phones ringing, faxes blasting, 1003's printing, Loan Officers high-fiving each other...It's been one heck of a party. In fact, over 3 trillion dollars in loan volume originated in 2003.
But something has changed as we get deeper into 2004. Namely, interest rates. By most accounts the party appears to be over and the writing is all over the mortgage office wall: Deals are down, phones are ringing less, and the smiles on many L.O.'s faces look a tad uneasy. Only a few months back office pools were wagering on the Superbowlnow the bets are on who's not going to survive Life After The Refi Boom.
Sure, you can talk about pushing purchases, seconds, and subprime, but the bottom line is that there are less deals to go around and some people just aren't gonna make the cut.
Some of the obvious steps people are taking to survive 'Life After The Refi Boom' include streamlining business models, reducing expenses (including living expenses), developing relationships with Realtors, Builders, and so on.
There are, however, a few more practical ways of continuing your success of the past few years. The first is to increase your transaction-base:
Our company is licensed in 49 states. It is more important than ever to capture the deals that 'slipped by' because you were unable to lend in a particular state. We are happy to provide a home and outlet for those loans. Whether you run a brokerage or are a single person, partnering with us for your out-of-state deals instantly makes you a national player.
In addition, it becomes more important to increase the profitablity of each loan that funds. This is especially difficult at a time when competition may dictate reducing your fees just to get business in the first placeand that's with out mentioning unscrupulous 'competition' saying whatever they can in order to snatch a loan from you.
The simplest solution we can offer is to increase your commission split. Our Transaction Fee will allow you to make 70% or more per deal.
Let everyone else offer advice; we offer solutions.
Call us today at: 877.357.2336 or email us at: Life After The Refi Boom
Keith Lovelace Ascendant Financial Las Vegas, NV Email deals@123mls.com for Removal requests.
"Reprinted from Zongoo! Finances".
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