Mortgage Industry Trends

Communicate, Educate, Translate, Originate

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Communicate-educate-translate-originateI’ve read recent articles and blogs that run the gambit from historic low rates, a recovering housing market, refi’s are up, refi’s are down, decreasing purchase loan applications, less affordable housing, and tighter credit standards. One week the markets look great, the next everything’s going in the wrong direction.

Is the economy growing, shrinking or stagnant? Do we have more jobs? Are fewer people unemployed, are wages growing? I don’t know, but from where I sit, we seem to be treading water, just keeping from going under.

The thing is that most of these reports are based on past activity. They report what happened, not what is going to happen.

People want and need housing. That means they will need financing. It’s a matter of knowing where to find the business. Everyone wants the well-qualified buyers purchasing their second or third home, but opportunities also exist elsewhere.

If you’re looking to expand business here are some areas to consider:

  • VA Loans
  • Reverse Mortgages
  • Minority Lending (non-English speaking  buyers)
  • FHA 203K
  • USDA

 

These are all programs that can help to increase business, revenue, and profit.

Communicate directly to the segment of the buyers you wish to service with specialized messages. Train your staff in the programs offered so the company becomes the expert. Then, educate potential buyers, Realtors and Builders on the products and services being offered. Become a trusted advisor.

Find ways through the hiring of specialized bi-lingual originators or the use of interpreters, to service buyers with a limited knowledge and use of the English language. Consumers are most comfortable with someone who can communicate in their language.

Don’t wait for post activity reports. There’s business out there. Go out and find it. Those who do will be the one’s generating the reports. Those who don’t will be reading them.

But don’t forget to stay compliant my friends.

Michael Vitali

About the Author

Michael Vitali

Michael L. Vitali – Independent Consultant to the Mortgage Industry Mike Vitali is an independent consultant to the mortgage industry on matters concerning compliance and mortgage lending. He most recently served as the Senior Vice President and Chief Compliance Officer for LoanLogics, monitoring regulatory developments and their practical implications for the mortgage lending industry. His duties included research, interpretation, and analysis of existing and proposed legislation related to the industry in support of recommendations for policy and/or procedure changes to maintain continued quality and compliance with all applicable laws, rules and regulations, investor requirements, and standard mortgage practices. In his more than 40 years in the mortgage industry, in senior level management, he has gained experience in all areas of mortgage lending, risk management, and compliance. Mike is a past President of the MBA of Greater Philadelphia, is a charter member and was the second Chairman of the MBA of Pennsylvania, and a past board member and Legislative Chair of both associations. He is a recipient of the 1998 Mortgage Banker of the Year Award from the MBA of Greater Philadelphia, and the 2003 Chairman's Award from the MBA of PA, and currently serves on several compliance related task forces for MBA.
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Michael Vitali

About Michael Vitali

Michael L. Vitali – Independent Consultant to the Mortgage Industry Mike Vitali is an independent consultant to the mortgage industry on matters concerning compliance and mortgage lending. He most recently served as the Senior Vice President and Chief Compliance Officer for LoanLogics, monitoring regulatory developments and their practical implications for the mortgage lending industry. His duties included research, interpretation, and analysis of existing and proposed legislation related to the industry in support of recommendations for policy and/or procedure changes to maintain continued quality and compliance with all applicable laws, rules and regulations, investor requirements, and standard mortgage practices. In his more than 40 years in the mortgage industry, in senior level management, he has gained experience in all areas of mortgage lending, risk management, and compliance. Mike is a past President of the MBA of Greater Philadelphia, is a charter member and was the second Chairman of the MBA of Pennsylvania, and a past board member and Legislative Chair of both associations. He is a recipient of the 1998 Mortgage Banker of the Year Award from the MBA of Greater Philadelphia, and the 2003 Chairman's Award from the MBA of PA, and currently serves on several compliance related task forces for MBA.
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