I don’t think anyone disputes that we are now in a different mortgage market. So, what is the plan?
In the re-finance heyday markets and products were moot. Everyone was in the wrong product for a rate tumbling market and any product that had adjustable in the name left the borrower better than they were before. The consequence was that everyone with a telephone became a mortgage “professional” and the true professionals got lazy. So, stop crying in your Cheerios and get back to being a professional–do the hard work for your clients and yourself.
Get local and start educating yourself:
- Learn the details of your real estate market(s)
- Learn the economics of your market(s)
- Know the rate environment
- Know your products and when to use them
You will be surprised when you do this research and what mortgage products may work for your market. You might also decide to conquer a particular niche mortgage customer and be the expert provider of that mortgage niche.