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Dave Stevens on Understanding This Housing Market
5 Things Loan Originators Need to Remember
by David Stevens, CMB
Many loan originators who were the most dependent on refinance volume woke up in 2022 only to realize that the skill sets to sell a mortgage via a Realtor or other referral partner in a rising rate market is entirely different from refinancing someone into a 2-3% mortgage rate. But to all loan originators, let me remind you of a few key points: 1. The housing market won’t be like this forever. As quickly as rates dropped in March of 2020, as quickly as they rose in 2022, markets shift. Just as the Fed overreacted with stimulus, they are likely overreacting in their quantitative tightening, meaning mortgage rates are certain to come down, likely later next year. In fact, the chief economist at the MBA forecasts rates in the mid 5% range by end of year next year. Things will get better. 2. You have one huge advantage over anyone else who is in any sort of “sales” role. Click HERE to read this insightful article in its entirety.