Originally posted on cuinsight.com.
Mortgage Cadence, LLC is the NAFCU Services Preferred Partner for Mortgage Processing and Fulfillment Services.
Last month we introduced part one of vintage strategies with the idea of providing mortgage lenders five ideas for a successful new year. Part one provided the first two strategies. Part two presents the remaining three.
In January’s article, we discussed the importance of recognizing market differences. There are many, and they are varied. From rising rates to complex regulatory oversight to increased purchase activity, one thing is clear: times have changed. When first-timers decide to purchase a home, they will think first about the lender who took the time to educate them about home ownership. This means that lenders need to implement strategies to foster those relationships now for continued success in the years ahead. This brought us to our second strategy: adapt to borrower behavior. If borrower allegiance was in question prior to 2007, no doubt today’s fickle borrower is likely to be even less. Thriving lenders will have to adapt, aggressively converting applications to closed loans at much higher rates through better borrower nurturing and increased transparency throughout the mortgage origination cycle.