Mortgage originators have a moment now that could be their defining moment in dealing with consumers, declared Barry Habib, one of the industry's top trainers. I had the opportunity to once again listen to Barry give his views on the mortgage market, this time at the Regional Conference of Mortgage Bankers Associations in Atlantic City.
He said that people are watching the stuff that is not important to the current state of the real estate market. Things are being explained in negative terms, and this is causing people to miss an opportunity.
The customer is going to have a moment where they want to speak with an originator and now that everything is OK, and that is what Habib said is the defining moment to prove one's worth as a sales person/advisor.
It is the time for the originator to plant the seeds “while the ground is fertile,” said Habib, who is the chief market strategist for Residential Finance Corp. It comes from giving consumers the facts to make the right decisions.
This pays off through referrals from those consumers.
Habib shared his views about potential movements in rates. The key will be what happens in Europe. If the debt crisis continues, there will be an outflow of funds which in all likelihood end up being invested in the U.S. bond market.
More money in the bond market translates to lower rates.
He pointed to demographic trends including data showing net household formations are now outpacing housing completions. This should tell people the tide is turning and it should continue over the next few years.
There is a lot of opportunity in housing and originators need to get the message out to their consumes, Habib concluded.
