I've been getting several emails today about how topsy-turvy the market is today. There have been several lenders who have either worsened their pricing or stopped lending altogether. I even read an email from Washington Mutual that stated they will survive but several others probably won't. And I'm not sure it will improve for the foreseeable future. So what's to be done?
I think it's more important than ever to communicate with your lender and make sure they can do what they say they can. Also, have a backup plan in case your first scenario doesn't work. It's suggested that all loans be locked for now. Be patient with the loan process and communicate that to your borrowers. It could take longer to get things done.
What do we as a group need to do? Don't despair. Yes, times are challenging but that can all be solved with a little gumption. If you aren't getting out of the office to network, start doing it. I attended a Brian Buffini seminar in February and they suggested all LO's should get out of the office for 2 hours/day to press the flesh. The loans are out there; it's up to you to source them! If there's fallout within our ranks due to market conditions, that's even better news for you.
So I encourage everyone to stay positive any way you can. We all know the market will improve; we just don't know when. Does anyone have a crystal ball, anyway? Have a great day!
Paul
Paul McFadden
I love it when I get communication from my lender when Scary stuff is going on to educate me so
I can educate my client!
Joeann: I'm glad. Good luck to you in your business!
Paul