We have all heard the theme song to the TV show COPS. See, the song already started playing in your head! Now just make a quick substitution:
LOs, LOs; whatcha gonna do? Whatcha gonna do now that your rates ain’t TWO?
Inflation continues to push prices higher. Bond yields are responding for fear of that inflation. Ten Year T pushed past a critical 1.63 level and has closed above it. So 30yr mortgage rates have left the 2% level smack into the mid 3% arena causing refinances to fall off.
Loan officers, managers, and company ownership are all facing the facts that refinances are going away rapidly, and what was once the major force in originations is now off by 22% year over year as rates continue to rise. If your business was 50% - 60% - 70% or more refinances; whatcha gonna do for business in 2022?
There are some promising strategies that my clients and I have been working on to maintain loan volume by focusing on positive outcomes that are really paying off. As part of October being Business Planning Month, driving to provide value to our community and attracting the best referral partners from all walks of life, and especially building a database that returns opportunities day in and day out!
The more challenging the business may become; the greater the value in having a proven plan in place so your can schedule your success!
Questions or comments: [email protected]