The originators who hold up best through a stretch like this one tend to be the ones who never fully let go of a client once a loan funds.
New National Association of Mortgage Brokers (NAMB) president Michael Farrell (pictured top left), who took over the role today from former president Kimber White (pictured top right), says the originators still operating the old way are going to struggle, regardless of what rates do next.
“In today’s market, you’ve got to be the originator, and you also have to be the debt manager,” Farrell told Mortgage Professional America. “It’s not just rubber-stamp rate, and that’s a transactional base. It’s looking beyond that transaction because a customer is a transaction. A client’s for life.”
Battling affordability challenges
With so many people talking about the challenges of affordability, both in a mortgage and in everyday life, Farrell said combating those challenges involves building a long-term relationship with a homebuyer.
“Home affordability is not just in the rate. It’s in every other aspect that affects it. But a home is required and necessary for family and wealth creation,” he said. “After that closing, it’s a matter of managing that debt and having an ongoing relationship with that client.”
