Although your pipeline is probably bursting right now, the reality is that the refinance boom will not last forever.
High origination volumes are expected to continue into 2021. So, mortgage companies are preparing for how to handle it without sacrificing their business and the customer experience.
But, how can you prepare for life after this boom? Consider improving your workflows while decreasing overhead and further streamlining processes. Keep reading to learn more ways to stay successful after the refinance boom!
How much longer is the refinance boom?
You may be wondering how much longer the current refinance boom will last. Although there is no exact timeline, the reality is that rates will eventually go up. And, when they do rise, there will be both successes and stresses for some within the mortgage industry.
The goal, as a successful originator, is to not be drastically affected, even when the market changes direction. Ultimately, focus on what you’re good at, and commit to loving your job.
Focusing on your clients is a major key to long-term success. So, be sure to serve and impress your clients throughout the loan process.
You are not alone in your work. The processors, underwritings, and closing desk work alongside you during the loan process. So, make sure you strengthen these relationships during this high volume period.
Also, your CRM plays a big role in your success. The right CRM is invested in your successes, which means providing you with highly integrated and automated technology.
A prime indicator for understanding how you are performing is by measuring client satisfaction over time. Identify any friction or roadblocks that may be occurring during your client’s loan journey. Also, client satisfaction surveys and phone calls can offer insights into any of these needed improvements.
Another change within the industry over the years is the use of technology. You can streamline everythings. So, create an adaptive strategy for this industry shift. That way, you can be better prepared for the end of the refinance boom.
Realize the differences today with technology. It makes things more efficient and allows you to handle many more loans in regard to total volume. Also, customers no longer need to come to your office for meetings, which is beneficial in the face of COVID-19.
Ask yourself, does your technology automate and mistake-proof the loan process? Do you have the right technology in place for marketing and growth over time? The refinance slowdown is coming, and clients will be attracted to lenders with the technology to continue to support them, no matter the economy.
Find your niche
Think about the big picture of your role as a loan officer. Focus on what you are good at and stick to your strengths. It is your job to recognize these and put in the work to find lasting success. Whatever you need help with, refer to your colleagues.
With the refinance boom ending in the future, opportunities will present themselves. So, consider what you may need to change. Do you need to alter how you approach your business? Pivot your strategies? Refocus your attention on certain partners?
Modern mortgage originators are great salespeople and marketers. So, create brands and niches for yourself. By focusing your attention on a specific and narrow range of the market, you’ll be better equipped. Also, this could even be a geographic niche, such as in a certain city or focusing on your online presence. Whatever you’re best at, do more of that!
Re-discover your “why”
Selling mortgages is not always easy, but lives are being changed and improved. Originators who succeed tend to find a bigger purpose in their work than simply making money. During the entire loan experience, make sure to keep humanity in the equation. Also, by adding value to people and keeping the human touch alive, you will gain more referrals.
So, treat your borrowers like a person, not a number. They should matter to you and be able to call you and ask questions throughout the process.
There are literally thousands of reasons why mortgage originators strive for success. They have inspiring stories about the lives they’ve improved or borrowers who dramatically improved their credit to make homeownership possible. Re-discover why your job is worth it. Believe in the borrower’s dream and fight for it.
Eventually, rates will rise and this refinance boom will slow down, but many originators will not have to worry about their business. These people do not get to the top by chance or low rates alone. They work well with others, know their purpose, focus on what they’re good at, and are passionate about the work they do.
For now, navigate this surge in applications with improved workflows, technology, and key partnerships to help add capacity while protecting the customer experience. Then, when the economy shifts, you’ll be ready to find lasting success!