Plenty of folks in our biz can be accused of having aprosexia. (No, I didn’t join some “Word of the Day” club.) But lenders and originators have to be pay attention long enough to figure out how to adapt to changes and trends. For example, while building affordable housing is a hot topic, new buildings only account for about a quarter of the affordable housing market. The rest is comprised of Naturally Occurring Affordable Housing, or NOAH, which falls between subsidized housing and high-rent buildings and it often makes sense to preserve it rather than build it. I spent some time in Chicago this week where unfortunately 10% of NOAH housing was lost from 2012-2019. Need leads, not stale ones (always be closing!)? Josh Friend with Insellerate, known for its CRM and lead management, recommends, “Don’t forget the most important thing when buying leads is having real time lead distribution and automated calling, texting, and emailing.” Dealing with “The All-Cash Phenomenon?” Yes, lenders must react or act: According to Curinos, May 2022 mortgage rate-lock volume was down 42% YoY and 6% MoM across all channels, while funded volume decreased 40% YoY and 5% MoM. Curinos sources a statistically significant data set directly from lenders to produce these benchmark figures and drills into this data further here. (Today’s podcast is available here and is sponsored by Black Knight, providing innovative solutions that are transforming the industry and that help lenders of all sizes benefit from cutting-edge technologies and automation. Listen to an interview with Andy Walden and Gunnar Blix on record tappable equity in an equity-centric market.)
Source: Mortgage News Daily