Current mortgage refinance rates have dropped to record lows recently, causing a 15% increase in refi applications. If you’re a mortgage loan originator (MLO), you have the advantage of having plenty of work.
But with plenty of work comes plenty of expectation. Borrowers want their application turnaround time to be rapid. They want to ensure they get locked into a new loan while rates are still historically low.
Managing all these applications can be tough. And if you don’t have a trusted network that you utilize to automate a majority of your work, you’ll find yourself drowning in paperwork and a lengthy to-do list.
What your customer stands to save
As a whole, Americans could save a total of $61 billion per year by utilizing the refinance options available now. That money could go back into the loan, towards the principal, allowing homeowners to pay off their mortgages quicker. Or it could go into other necessary payments, investments, or anywhere else your customer wants to spend it.
With the current impact of COVID-19 on the country and the economy as a whole, the extra money could go a long way for many of your customers.
Refinancing their loan could also allow customers the benefit of starting a new payment schedule. This could mean a few months of breathing room during the COVID-19 pandemic before the new schedule starts up.
How current mortgage refinance rates affect the MLO
As an MLO, we have the benefit of being able to utilize technology to continue our operations. Many of us are small business owners and entrepreneurs and can empathize with those whose businesses are impacted during this difficult time.
For us, however, we must continue with business as usual. Customers are viewing the current mortgage refinance rates as a prime opportunity and this could be a great chance for us to prove ourselves in the market and gain some quality referrals in the process.
Speed is going to be critical during this refi boom and in order to satisfy customers and prove yourself as a trusted and professional MLO, this will need to be one of your top priorities. Failing to keep up with customer demand, as well as current mortgage refinance rates, could jeopardize your mortgage brokerage business as a whole.
Make sure you can keep up
The opportunity for work as an MLO right now is vast. If you want to keep up, you’ll need to automate your process. With Wemlo, you can allow the network to take care of your back-end tasks, keep track of loan progression, and give customers a tracking board so they won’t need to call you every day looking for updates.
Want to see what our network is all about and how it’s helping MLOs across the country? Learn all about the benefits of Wemlo here and when you’re ready to move forward and take your career to the next level, we’re ready for you.