I’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.