Average 30-year fixed mortgage rates hit record lows of 3.29% in response to the coronavirus outbreak. Freddie Mac points to these as the lowest rates since they began tracking rates in 1971.
We know that statement makes you think about one thing, refis, and lots of them. So, we’ll keep this brief.
With rates as low as they are currently, you’ll need to be prepared and have a game plan for winning in this market.
Let’s talk about the 5 things that hurt production:
- Thinking low mortgage rates will last forever
- Not leaning in
- Team burnout
- Forgetting your processes
- Not thinking ahead
Thinking Low Mortgage Rates Will Last Forever
Although mortgage rates are exceptionally low right now and business might be better than ever for you, be realistic. See this market change for what it is: a great time for loan officers that could end tomorrow. No one knows how long mortgage rates will be low and applications high. This may be short-lived, so working long hours to get more in your pipeline is not going to kill you in the long run.
Not Leaning In
With mortgage rates this low, it’s the time to lean in and embrace the opportunity. This market gives you the chance to make a ton of money and help many borrowers. Hit the gas, put in the time, and watch the loans roll in.
Keep in mind, while you’re leaning in, your team might be burning out. Set expectations for each team member so they know exactly what their responsibilities are, and how they need to adjust their work habits to meet their goals. However, be sure to show your appreciation for your team’s hard work. Some tips: catered lunches, gift cards or bonuses for extra units closed.
Preventing team burnout is a key element to getting the most out of these mortgage rates that you can.
Forgetting Your Processes
When mortgage volume is especially high, it’s easy to switch to “get it done” mode. However, take the time to send that post-closing update to your referral partner, or enter that lead’s data into your CRM. Maintaining your processes will earn you more business and build your reputation as a trustworthy originator in the long run.
Plus, abandoning processes to save time will lead to miscommunications among team members, which costs you time and money. Bottom line: don’t ditch your processes when mortgage volume is high!
Not Thinking Ahead
While enjoying these low mortgage rates, don’t lose sight of your pipeline in three months or six months from now. Keep marketing to your database. Institute amazing communication with your referral partners. Stay a trusted financial advisor to your borrowers. Remember, you want to create customers and partners for life. When you do, you’ll succeed no matter the mortgage rates.
Top producers treat the current market for what it is: a chance to lean into low mortgage rates, not an excuse to fall behind in their outreach methods. Know that this may be short-lived, plan for the future, and hit the gas. Then, you’ll be able to experience great mortgage volume, no matter what rates are doing.