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Back to this realtor vs. refi thing. I have been writing loans for about 10 years now and have seen both sides of the coin. When I started I already had sales experience but wasn’t sure how to generate mortgage leads. The manager tossed the phone book on my desk and said start with the A’s. Not knowing any better, I did. By the time I got to the C’s, I figured there had to be a better way. By the way I closed 3 loans from the book, 1 A, 1 B, and 1 C, and this is how I learned the ABC’s of the mortgage industry haha.
My next assignment was to go out and “HIT” all the realtors I could find. I quickly found out that it would have been easier to pull a bloody raw side of beef from a cage full of starving angry Lions. Realtors at least in this area have been “HIT” so many times by mortgage brokers, I think they take bets on how many will come in each day. Because of this unless you are like Greg (no offense, more power to you) in the top 10 mortgage brokers in the country, realtors don’t even want to talk to you. Does this mean not to try, absolutely not. Over the years I have continuously kept “HITTING” them. Now I use E-Mail campaignes. Finally I have worked my way into the hearts of a handful of realtors with more growing every year. So Yes you need the Realtor business but you have to work real hard to get it. How about those Refi’s. I my humble opinion YES YES YES.
My product mix is about 85% non-conforming and from that about 45% sub-prime. Every one is complaining about the house market about to explode. The rates are rising, and as this is true we still have the best rates this country has ever seen. 2 to 3 years ago when the rates were at their 40 year low’s every broker in the nation that specializes in non-conforming loans was writing the bulk of their business on 2/28’s or 3/27’s. Now that the rates are rising what do you think is going to happen to all thos rates when their adjustment periods begins? I don’t know about the rest of the country but in my small part of the world we are about to have a refi boom. Sorry I went on so long, just started rambling.
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