A major theme at Sales Mastery 2020 was centered on the changes in our world and creating an adaptive strategy for your mortgage business. So, with the effects of COVID-19, in both the economy and people’s personal lives, many changes are happening.
Todd Duncan invites David Stevens, a 36 year veteran of the Mortgage Banking industry, to discuss mortgage and real estate in our current world. Stevens served as the President and CEO of Mortgage Bankers Association (MBA) from 2011-2018. Also, this is the largest trade association globally for the mortgage finance industry.
Continue reading to learn ways to adopt an adaptive strategy for your mortgage business.
How has COVID-19 affected the mortgage industry?
COVID-19 made the mortgage industry very unique. With rates at record lows, loan officers face a special time. So, the mortgage industry is feeling different than any other sector in the United States.
David says, “There is an amazing dichotomy from what we do for work to how this disease affects the globe. Our industry booms when the economy is struggling.”
How can you take advantage of this change?
While rates are low, David advises loan representatives to flow with the market as changes continue. David says, “Be ready to shift to a proactive sales strategy and follow where the market is going.”
Even so, the Federal Reserve is actively buying mortgage-backed securities. David warns how this can’t be expected to last forever. So, invest in yourself. Also, focus on your personal skills, abilities and proactive sales strategy as a whole. After all, nothing lasts forever, so make the most of the situation.
In what other ways has the mortgage industry shifted?
Another change within the industry over the years is the use of technology. You can streamline everything. So, Todd questions how loan officers can create an adaptive strategy for this large industry shift.
David says, “Realize the differences today with technology. So, technology makes things more efficient and you can handle a lot more loans in terms of total volume. Also, people don’t have to get in the car to come see you, which is great in times like this with COVID-19.”
Also, David touches on the importance of not fearing confrontation or rejection during the loan process. “Technology could replace us. So, make sure you have a valued proposition. You need to be a critical necessity to your borrowers’ success.” Also, when rates rise in the future, ReFis may stop, so an adaptive strategy and long-term trust is necessary.
How do you remain relevant?
Todd and David also discuss the importance of remaining relevant in an industry that is changing due to the global pandemic, technology, and other things.
Most loan representatives need an advice-centered commitment to helping clients win. So, serve as an advisor. Also, begin by building trust within your mortgage client relationships. David says, “Help clients think about ways to better manage their family’s future in the long term.”
Todd Duncan and David Stevens talk about how the mortgage and real estate industries are shifting in 2020 and into the future. So, staying top-of-mind to clients and adapting to these changes is a great way to begin the process of change.
Also, are you ready to create an adaptive strategy that will allow you to close more loans and make more money? If so, sign up for a free, no pressure demo of Jungo today.