Starting in March, the COVID-19 outbreak caused mortgage interest rates to drop to record lows. This sent a shock wave of applications through the mortgage lending industry with a 479% increase in applications from the same time a year ago. And the refi boom hasn’t slowed yet.
MLOs have certainly been busy. And while being busy is good for business, it can also cause you to become overwhelmed with work. Taking on too many clients can have an inverse effect on your business. It can cause you to do subpar work, miss deadlines, and have choppy communication with your customers.
This leads us to wonder: How are you, the MLOs out there, surviving the refi boom? Is it taking a toll on you? Overworking you? Causing you to reconsider the number of clients you take on?
Or are you utilizing an automation network that alleviates your workload?
Why is there a refi boom?
News of the refi boom has torn through the MLO industry at lightning speed. It’s consuming the time and energy of nearly all MLOs with or without a prior client list. And in a time where many businesses are forced to close their doors, a mortgage broker’s continues to swing open.
Many of us have heard the question asked often over the past few weeks: Why are rates so low?
The reason is mainly due to investors. Most who had their money wrapped up in the stock market have pulled that money out due to the stock market’s instability. They have instead put their money in government treasury bonds. When the demand for bonds rises, interest rates drop. When homeowners get wind of this, a refi boom occurs.
How an MLO can keep their head above water
Financial security is always a positive and when consistent work comes our way, our brokerages remain financially healthy. However, we all experience slow points from time to time. And when those occur, we hope for something to happen that will spark the mortgage industry the way a refi boom can.
On the other hand, sparks such as the recent one we’re in can seem like trying to drink from a fire hydrant. There’s so much coming our way that it’s nearly impossible to handle it all.
What do we do? Do we turn down work? Send potential customers to a competitor? Absolutely not.
The answer lies within an automation network. One that can take back-end tasks and tedious lines of communication out of our hands. We need a network that can store everything necessary within one platform and automate some of our processes.
Don’t just survive the refinance boom—thrive!
Take your MLO business to a new level during this refi boom with automation tools. Wemlo’s network will earn you a significant ROI, leading to more business and a thriving brokerage.
Want to know what we’re all about? Check out our WeLearn platform and see for yourself how we’re processing with a purpose.