Buckle up, MLOs! Some exciting times are coming in 2020 and beyond. According to Forbes, mortgage interest rates are expected to decline, leading to higher volumes in loan origination.
What does this mean for you, the MLO? It means more opportunities for business. But with more opportunity for business comes the age-old question of Where will I find the time to do everything?
Think about your back-end processes and how much time they consume. You act as a liaison between the borrower and lender, a customer service representative when either one calls, a financial advisor to those borrowers whose applications in underwriting may be too close to predict, and many other job titles.
Automating, many of those tasks through an all-in-one digital platform will clear up a lot of time. And with the predictions for 2020, it’s seeming as if you’re going to need that additional time.
The formula is simple: decreased rates equals increased buyers.
This projected trend could be the boost many renters need to consider buying a home. When it comes to purchasing an asset of this magnitude, many are merely hesitant about the process. They’re afraid. The mortgage crisis that occurred in 2008 still doesn’t sit well with people.
But money talks and a decrease in mortgage interest rates can save homeowners a significant amount of money over the life of their loan. This decline could be the push many on-the-fence individuals need to pursue their lifelong goal of owning a home.
Refi Boom 2020
A decrease in mortgage interest rates not only leads to the possibility of new homebuyers, but also to current homeowners looking into refinancing options. The projected rate decrease sets up the potential for a refinance boom in 2020.
This boom could lead to an increase in business, but only if you have the capacity to take on this new business.
Tips for MLOs during this process
One of the main things holding MLOs back from seriously scaling their business is letting go of some of their tasks. When you’re so close to a loan and a customer, it can be easy to get caught up in micromanaging the entire process.
Trusting others around you will be a crucial factor if you want to see your origination volume rise during this time. There will not only be a surplus of loans to originate, but the broker market will also begin to deepen as individuals are made aware of the potential profits.
If these predictions pan out, new programs will be released. The number of loans will increase, and if you’re unable to free up the necessary time to grow your customer base, significant opportunities may pass right by you.
Looking to capitalize on the decline in mortgage interest rates?
As an MLO, your livelihood depends on closing loans. You should spend your days originating and networking, trying to find your next client. Those tedious, back-end tasks of fighting with fragmented systems and making phone calls are dated. With Wemlo, these tedious tasks are all taken care of. This leaves you more time in your day to market yourself for what you are: a mortgage loan originator.
Want more information on how Wemlo can help you scale your business? Get started today by scheduling a free demo.