Surviving Today's Mortgage Market

Have current mortgage market conditions made you want to pull out your hair and scream? While the negative consequences of this fallout are real and painful, as a mortgage broker or loan officer there are positive actions you can take right now to improve your situation. And there are lessons all of us can learn to prepare us for the future.

What can you do right now?

1. Be wary of lenders who are discounting rates. Ask yourself Why are they so hungry for my business? The lenders who are stable and are more likely to be around tomorrow are less likely to discount.

2. Remain educated in what loan products are available and what scenarios they are best for. With the constant changes in the marketplace today, this means putting in extra time, but knowing whats out there may mean the difference between closing a loan and not closing it. Ask your lenders for training on their loan programs. They should also have product guidelines available for your use.

3. Become conscious of your attitude and self-talk. There are things we can change and things we cannot. Being pessimistic and gloomy does not improve the things we cannot change. On the other hand, positive self-talk and a hopeful, happy attitude can improve a situation. First of all, youll feel better. Secondly, youll have less stress, which means your mind will be clearer and youre likely to make better decisions. Third, your positive attitude will be apparent to your clients. If you were a borrower, would you rather do business with someone who is optimistic or pessimistic?

How can you prepare for the future?

1. Stay out of personal debt and keep business debt to a minimum. Pay off your house as quickly as possible. Purchase a car you can afford. Spend less than you make. Youve heard it before, and theres a reason because its good counsel.

2. Build up a financial reserve. Having money saved up for emergencies both in your personal life and in your business brings peace of mind, helps you weather the storms, and gives you a better chance of surviving and making decisions based on the long-term consequences.

3. Make decisions with a long-term perspective. This includes maintaining your integrity, focusing on quality loans, and looking out for the best needs of your borrowers. A good reputation with both lenders and borrowers is priceless and will benefit you now and in the future.

In review, work with good lenders, remain educated, and keep a positive attitude; avoid debt, save for the future, and maintain a long-term perspective. Following these steps can help you weather todays storm and protect you against difficult times in the future.

Brandan Hadlock, MBA is the marketing specialist for Direct Mortgage Wholesale, a national, technology-driven wholesale mortgage bank headquartered in Utah.

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