Whether it's a pandemic or a bidding war, top producers and their teams know how to make sure home loans are closed when things get tough for borrowers, and the ladies on the list are no exception.
That is why we asked women among the top 50 producing mortgage loan officers what they think will be the top challenges this year and asked them to share their plans to address these issues.
They focused on the increasing speed with which limited supply of homes are being procured in the market and on higher rates. This suggests that in an increasingly purchase-dependent market, the biggest challenges this year will be giving borrowers quick access to information that will enable them to refinance or buy quickly.
"Right now, I think we're going to have a shortage of housing. It's going to be a sellers' market and you won't see a property crash even with foreclosures on the horizon," said Lizy Hoeffer, Chief Experience Officer at CrossCountry Mortgage wants to use the automated efficiency advantages developed last year to remedy this.
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"I stick to all the systems I have created for my team and access my database," said Hoeffer. "This has helped me get through 2020 in record numbers and I plan to continue creating video content and educating consumers."
Stephanie Dombrowski, a mortgage loan officer at Ent Credit Union, plans to work closely with her remittance partners to figure out how to address the housing shortage and to do that by offering a wide range of her company's loan products. These products helped last year when the jumbo funding available in the secondary market dried up due to disruption caused by the pandemic, and they will also help resolve inventory issues by providing borrowers with funding to act quickly when Homes become available.
"We reach out and say," What the hell do you need to get signed in this market? "Said Dombrowski." A lot of realtors don't do enough business because there aren't enough houses to sell and we want to be their first call to help. "
For loan officers new to the business, Dombrowski recommends focusing on building professional relationships with referral partners who can help solve the inventory challenges for borrowers rather than trying to establish themselves by buying leads that are too conduct individual transactions.
"Your goal should be to build a relationship with a realtor or contractor that will count on you instead of just taking out a loan," she said.
The market appears to be moving away from refinancing and remote operations, making purchase credit sources more important and more personal. However, the top producers surveyed for this article do not plan to give refis or digital advances as priorities.
"Prices have been rising slowly, so you want to make sure people benefit from a refinance when they have savings on the table," said Jennifer Tsang, director of sales at Better.com.
Although face-to-face interactions may increase with the introduction of vaccines, there will likely be an ongoing trend towards more digital interactions, she said.
While several projections generally suggest that mortgage costs will be slightly higher this year, women on the top producer list generally don't rule out another wildcard development like the sudden fall in interest rates in response to last year's pandemic.
"Nobody really knows what will happen to interest rates in the future. Whether it is someone looking to refinance or buy a home, I really look forward to helping you," said Zoey Cigar-Hodge. a loan officer who also works at Better.com.
There is a risk that a hot market will not turn out to be a key challenge for residential construction this year. However, as long as federal monetary officials stick to their plan to keep interest rates low for a while, that will likely be the case, Hoeffer said.
"There are other factors that could emerge over the next decade that could potentially create a buyers market. There are rate changes and an aging community that could vacate real estate," she said. "Such things could have an impact, but I think market conditions will depend will be in favor of the seller today. "