As we have talked about here recently, those lenders heavy into refinances would begin shedding jobs. It has already begun as hundreds of employees have begun the process of finding new homes. I expect this is the first wave of this new wave of downsizing, and expect more to follow from almost every area of the industry tied to large refinance volume.
So where is the opportunity here? Well, for anyone needing a skilled assistant, there are likely going to be dozens of well qualified loan processors, underwriters, and loan originators left to find a new team to join. So why don’t we all just take a look at our current team and see where we might benefit from some new help?
Besides the obvious of moving these people into jobs they already held, it is also an option to have these new people train for new positions like opening, closing, disclosing, clearing conditions, and become assistants of all sizes and areas. Maybe even cross train someone to be skilled in a few areas if you don’t have enough current business to hire multiple people, but have multiple tasks that would benefit from an experienced mortgage professional?
The same holds true for loan originators who have the ability to generate more business than they currently are producing if they only had more time to prospect. Now is a great time to look at this market and find a first class production assistant! Someone experienced in refinances can easily help manage purchase transactions. Many experienced people have a wealth of knowledge that would be helpful in tracking conditions, managing disclosures, reviewing documents, updating clients and referral partners, any number of tasks that could come off your plate to free up valuable new prospecting time!
Take a look at your business and look into the future. If you have been making the transition into higher percentages of purchase business and can see how by having more opportunities to be out networking and prospecting, this may be your chance to grow. Many large refinance based originators did some purchase business. As they get out of the business because they can’t survive on just those few loans, you have the ability to secure new referral partners and new purchase opportunities.
But you can’t wait. You have to look at your business and see exactly what you can take off your plate and have someone else do for you. Don’t hire anyone until you know exactly what they are going to do for you, and what you are going to do to generate new business with the newly found time.
If you are currently not doing more than eight to ten purchase loans a month; than this isn’t the right time to take on new people, but if you have a number of good solid purchase minded referral partners and you are closing this type of volume, you just might benefit by making a move. If you have a small company looking to expand your capacity, then now might be the time to hire. Also, if you have a number of quality originators and they all have the need for a little help, you might want to think about bringing in someone they can share, or that you can have support them.
The move to a higher ratio of purchase business to refinance business is in process. Unfortunately, this will cause some people to be displaced. These are often really good people with exceptional skill sets just in need of the right home with a good system of finding purchase opportunities. Do not allow this talent pool to pass you by. Take advantage of the opportunity by looking at your business and making a choice that you would be better off with one or more of these skilled professionals joining your team.