Originating in a down market
The brokers out there who are still around since the market turned sour all have the ability to adapt. Congratulations to you all! Looking at the silver lining in heavy storm clouds doesn’t pay the bills, however, but returning to business basics can help you weather the storm until the cold winter the industry is now facing melts off into a warmer spring-like market place again.
FHA
With subprime loans going extinct for all intents and purposes, FHA loans are more important than ever. If your brokerage is still not approved to originate FHA loans you may want to get approved now or it just may be “never”.
Work with Realtors
When refis are few and far between, funding purchases can be the gravy train you need to keep things rolling until refis heat up again. Establishing new Realtor contacts and greasing existing ones is a good place to start.
Home prices falling across the board in the U.S. is good for buyers and though there are currently less buyers eligible for financing, many eligible buyers may be looking to upgrade while prices are low.
Cut Costs
Cutting costs is not only not enjoyable, it’s often difficult to do. Equipment leases, leases for office space, employee salaries and other expensive items can be difficult to reduce and possibly impossible to cut when the revenue isn’t around to pay all the bills. However, now is the time for creative thinking so that cash flow can meet expenditures.
Overall, a shift in mentality is required to make it through times like these and if you don’t adapt, you die.