There's been a decided shift in theme statements in the mortgage business over the past five years. The old mortgage mantra of “the American Dream of Homeownership” has experienced an abrupt downshift to a new one: “Not everyone should be a homeowner.”
But it is wrong to zone out a whole sector of people from the possibility of homeownership. It is wrong to step on people's dreams.
It's very true that there are some people who can't be homeowners right now. Bad credit or adverse financial impacts like layoffs mean these people won't qualify for mortgages now.
But the key word is now. A better theme statement would leave open the possibility that a rejection now doesn't mean getting marked down on a “not everyone” list. The message to such people should be: you aren't ready for a mortgage now. But if you do this list of things, you will be.
As a mortgage banker or broker, you should want as many qualified applicants to be funded as possible. What happens if your rejected applicant gets a better job, lifts a low FICO score, repairs credit, or whatever else is on that list? Then you have a successful app, and a loan fee.
You will also have the satisfaction of being a mortgage banker or broker who conducts her business with a passion for the work, not a timid or tepid acceptance of the “new normal” in the business. The mortgage business needs a few passionate visionaries just now.
Our Founding Fathers were American dreamers. They dreamed of equality for men (and eventually for women as well), freedom of expression, freedom of religion, and many things you could say this country wasn't ready for yet. We have grown towards realizing these dreams, some slower than others. We have paid an enormous cost in lives and treasure to combat the things that have stood in the way of these dreams: slavery, fascism, communism, the American apartheid of segregation. We continually work on perfecting our union, and hope that we will grow closer to the Founders' dreams as each year passes.
People dream of homeownership because they want better lives. They want social stability and a valuable personal financial asset. They want their childrens' lives to have a better foundation. It is absolutely a major part of their pursuit of happiness.
Don't step on their dreams.
