When I began in the mortgage industry I worked at a company that was headquartered in NY State but did not do loans in NYS. All of the mortgages that I wrote and processed through the system were done so remotely via phone, fax, and emal. As a result I built the majority of my pipeline in states that I felt most comfortfable working in. I became very good at operating this way and I obtained a high ranking in the company. During the time that I began refinance business was the majority of what I was writing. As I became more comfortable operating in the capacity of a mortgage advisor I decided that I wanted to be more intimately involved with the loan origination process. I left the company at which I began and pursued employment with a company that would allow me to originate loans in my home state. I did very well operating face to face with clients but still a large majority of my business was refinance business. The market has rapidly changed. Many mortgage loan products have been "pulled from the shelf". Rates are not as aggressive for the non-conforming sectors including jumbo's and the range of ability to obtain financing for less than perfect credit for non-conforming borrowers has become a more difficult taks. As a result refinance bussiness is few and far between and I have really focused my most recent efforts on building my purchase money pipeline.
Lending purchase money, working with DU, and LP is very much different than what I have done in the past. Luckily I learn quickly and I am willing and eager to adapt to a changing market. I have learned a lot about conforming loan products and more specifically dealing with A paper conforming purchase borrowers. First off when people are making a purchase they are making a huge investment on a new project and they are much more motivated borrowers. Of course you can count on a more motivated borrower also being a more educated consumer based on their motivation. We are dealing with a more educated consumer in a more difficult market place; which creates the need for us as professionals to be better educated and willing to go above and beyond the call of duty to provide world class service than ever before.
Also marketing and the way we do it plays a bigger role than before. Before there was an abundance of paper to be written in the mortgage industry. It was not necessary for an individual mortgage advisor to market themselves effectively. All that was required was that you answer the phone and write the paper. Now there is much less paper being written and some fine mortgage advisors out there competing for it.
I am fairly new to some of the things that I am working on in order to get my name out there, including this ...but everything comes with a learning curve and thats a big part of what makes this an exciting time for all of us to shine.
37 Boynton Ave
(845) 243-5293 (Office)
(518) 565-0799 (Cell)