“Nothing Surprising About Thriving Realtors or Originators”
One of my Realtor referral partners, shared with me, that at the end of the 3rd quarter, she has closed her 59th real estate sale. That is not surprising, 4 other Realtors I work with on a regular basis are all over 40 transactions.
Many of you that know me, know I track everything. Yes, I am compulsive about the numbers. In 2010, I referred out over 100 preapproved clients to Realtors and so far in 2011, 81 referrals have gone out.
Are things easy, no way, but if you are good at what you do, you will thrive, no matter what the market conditions are.
Mortgage originations are on their way up despite the onset of new rules and regulations, according to a recent survey by MortgageDaily.com. Also included: how top originators thrive in today’s tough market.
Polling 80 respondents from the top 1 percent of U.S. lenders, the Web site used a 50-question survey for those considered “the best of the best.”
The results? Three-quarters of those polled make $250,000 a year, even as many of the same lenders decry mortgage rules and regulations.
Says MortgageDaily.com in a statement on the survey: “The loan officers are highly concerned with the growth of mortgage regulations, though the group has managed to succeed despite stiffer compliance requirements and more cumbersome loan processing.”
The Web site reported survey respondents calling existing referral sources “very effective,” with virtually all of the participating lenders denoting customer satisfaction as “very important” – a contrast with a Leads360 survey released in August that found
only 21 percent of lenders follow up with borrowers within 24 hours of an initial inquiry.
Survey respondents chalked up their gains to innovations like the iPad, smart phones, and social media, which help generate mortgage leads, they say.
Speaking with MReport for a past story, mortgage brokers credited Steve Jobs, late co-founder of Apple, Inc., as responsible for much of the improvement seen in their business environment with the creation of mortgage apps, phones, and other inventions.
Despite recent departures by major lenders from the originations and correspondent lending shares of market activity – notably, Bank of America and MetLife – MortgageDaily.com reported brokers and originators listing correspondent and wholesale lenders in their top third-party lenders.
The survey arrives on the heels of several successive outlooks posted by trade groups and companies from across the industry. The Mortgage Bankers Association more recently forecasted that originations will plummet from $1.2 trillion over this year to $900 billion over the course of 2012.
The trade group said that refinance applications would drop $783 billion over next year, down from $1.1 trillion seen in 2011, with refinance originations dipping to $495 billion in 2012 and 2013.
Joe Petrowsky, NMLS #6869
Right Trac Financial Group, Inc. NMLS #2709
110 Main St.
Manchester, Ct. 06042
Office: 860 647-7701 x116
Fax: 860 647-8940
Cell: 860 836-9294
Joe Petrowsky does not guarantee nor is in any way responsible for the accuracy of the information provided herein, and provides said information without warranties of any kind, either expressed or implied.
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