Okay Mortgage Brokers And Loan Officers Now What - Facing The Sub Prime Woes
Many of us have clients completely pre-qualified and ready to buy, but the contracts just don't get written.
Why is this? Let's all just take a breather and get down to reality.
You, as a loan officer, need to remind both your clients and agents that yes, times have changed, but the current mortgage scene is not drastically different from ten years ago.
Here are some other facts that can boost everyone's attitude who are involved in real estate transactions: oYes, underwriting and program guidelines were too loose for too long, but this has happened before and, oPeople still have the need to buy and sell homes! oThose people still need mortgages.
oThe mortgage business is not shutting down (more on this later).
oConforming loans have not changed.
oThe real estate world is still a great world of business! oThere are real estate agents and loan officers around the country having their best year ever.
oYour future is whatever you determine it is going to be - PERIOD! You may be thinking, "Sure, but every time I hear the news, some 'home market expert' is telling people to NOT purchase real estate nor get a mortgage.
"I have no idea why the - for lack of a better word - attack is occurring on the real estate market.
However, the fact is real estate is having a SALE!This is the PERFECT time to purchase.
You need to pass that mentality on to your clients.
If you or your real estate agents have clients who: 1) won't make good offers for purchasing a home 2) won't accept good offers for selling a home or 3) won't put in for a loan application, give them the following information: oThere are other buyer's out there who will eventually put a good offer down and your client could miss this opportunity.
oThere are other homes out there and your sellers need to know that they could be passed over if they refuse a good offer trying to hold out for something higher.
oRates are good at the moment and the versatility of loan programs is growing once again.
It is a good time to be getting a mortgage.
Get back to the basics of marketing, get creative if you need to but find a way to hang in there for the next few months.
Those that stick around and weather this craziness will be blessed immensely in the not too distant future.