It goes without saying, meanwhile, that broker outreach is also essential: making sure brokers are equipped with as strong a knowledge of a lender’s offerings as possible as they present options to their clients. “We’re a private lender for non-owner-occupied investment properties, so we want to make sure that if an investor stumbles upon RCN Capital, meets us at a trade show, finds us online, they love the options that we’re giving them,” Zielinski told Mortgage Professional America.
“That’s step number one for us. On the broker side, it’s the free educational resources that we can train a broker to learn while they’re on the job.”
Mortgage rates plunged at the onset of the COVID-19 pandemic, helping heat up the market – but a rapid series of rate increases since 2022 poured cold water on that surge, with higher borrowing costs forcing many would-be borrowers to shelve their plans.
While rates have slid in recent months – and are expected to fall further into the new year – challenges are likely to remain as brokers and borrowers alike navigate a turbulent mortgage landscape.
Michelle Dugan, owner at MS Lending, sees a shift in homebuyer sentiment as mortgage rates drop. Her team is reaching out to clients who had paused purchases due to high rates, now offering rates as low as the mid-sixes. https://t.co/iTTCLiSI2U
— Mortgage Professional America Magazine (@MPAMagazineUS) October 14, 2024
For lenders, that makes the educational focus doubly important, according to Zielinski. “We’re hosting webinars and live training programs,” he said. “We want to help brokers mitigate challenges that they’re currently facing and then within a community atmosphere we want to help them learn new things.
Source: mpamag.com