What if the MBA is correct?

Written by Posted On Monday, 22 November 2021 00:00

The MBA has estimated that mortgage purchase volume will grow by about 9%, to $1.73T. That is $1,730,000,000,000! While that is certainly a positive piece of information, it follows up with the statement that total business volume will fall significantly due to a more than 60% drop in refinance business, from 2.26 trillion dollars to just around $860B. While $860 billion is still a lot of refinances, it will leave a big void in total volume.

I’m never one to say that the MBA is always correct in its projections, but obviously higher interest rates and the sheer number of people that have already refinanced down into the 2% range will reduce volume. So, what if the MBA is correct and we see a nice increase in purchase business in 2022, but lose more than 60% of the refinances? My guess is, that it all depends on what your business looks like? Take a minute and ask yourself the following questions: 

  1. 1. If I look at my 2021 loan volume and apply a 9% increase in purchase volume, and subtract 60% of my refinance volume; how does 2022 shape up for me?
  2. 2. As total loan volume drops and there becomes more competition for loans, how will I compete for new business and secure my current referral network opportunities?
  3. 3. If I don’t have a plan for 2022 on how to deal with a changing market and increased competition, where can I get help?

The help you need may just be one click away! I am Michael F White and I own IMT Coaching. For more than 20 years I have been helping loan originators, managers, mortgage companies, and mortgage divisions of banks & builders out perform the competition! For a no obligation consultation, just email me and let’s schedule a call. The changing landscape is not a threat; it’s an opportunity if you just have the plan in place to make it happen!

I look forward to hearing from you soon,

This email address is being protected from spambots. You need JavaScript enabled to view it.

You can visit my website: www.IMTcoaching.com 

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Michael White

After 18 years working in all phases of mortgage originations, Mike left day to day originations to start his consulting and coaching company. Now, more than 18+ years later, Mike is working with clients across the country in all markets, big and small, that have generated more than three billion dollars in loan originations within a year.

Mike teaches a system that is focused on time management, action planning, marketing a message, and creating value for both clients and referral sources alike. Quite simply, providing more value leads to more opportunities, more income, less time, and a systematic approach that begs to be duplicated.

 

By breaking down individual aspects of the mortgage business and providing a step by step approach to creating a consistent flow of opportunities that can lead to a highly successful mortgage practice. That is why people who incorporate these strategies out produce the national averages by almost 3 to 1!

Fundamentals and simple strategies provide day to day activities that help provide a “scheduled success” philosophy. It’s all about identifying, targeting, and establishing profitable referral relationships using exceptional value to keep you in the center of your own referral triangle. 

 

https://www.imtcoaching.com/

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