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It’s a new year, offering a new beginning with new opportunities. By all accounts, 2017 will bring in the new purchase market and ring out the old refinances. With that, things will definitely change.
New business will now come from Realtors and Builders. They need to be serviced as much as the consumers buying the homes they offer. Things are about to get interesting (again).
Many of today’s originators have never competed in a true purchase market. Most Realtors already have their list of preferred lenders and/or originators.
- Are you and your originators prepared for what will come in 2017?
- Can you originate enough purchase financing to offset the decline in your refi activity?
- If not, what are you doing to make changes?
Lenders that can manufacture a quality product with quality service will see the quality returns. Don’t sacrifice quality for expediency or marginal production. Originators who can produce quality loans are worth their weight in gold, but only to lenders that provide the quality service needed to process and close their loans. It’s got to be a team goal, a team effort, and a team result. Otherwise, it could be an exercise in futility.
BTW, it’s the same for Correspondent and Wholesale lenders that plan to increase business through additional TPOs. These companies have been living in a refi market as well and may not have the training, nor expertise to produce good quality purchase loan business. They may need some help, along with closed loan monitoring.
Quality will be the main factor contributing to success in 2017 and beyond. Those who embrace it will succeed, others will not have such a Happy New Year.
