UMortgage execs on keeping things consistent
The US mortgage market may have undergone a dramatic transformation since the red-hot activity of the COVID-19 pandemic – but a steady and consistent approach has kept business ticking over for loan officers at one leading firm.
Changing tack and strategy might have been top of mind for many mortgage professionals as they adapted to the new market outlook, with a downturn in purchase activity taking hold thanks to rising interest rates. But for Kahren Oxner (pictured, top left), Pacific Northwest regional manager at UMortgage, a tried and trusted mindset proved the right one.
Even when rates started to climb, “we never stopped working. We never stopped grinding,” Oxner told Mortgage Professional America. “I’m always staying in touch with my sphere and my database. When I close a loan, I tell people, ‘Hey, this is the start of our relationship. So you’re going to hear from me in the weeks and months and years ahead. We’re together, we’re doing this.’”
Relationship-building has remained a core priority whether in an up or down market, Oxner said. That means maintaining constant client contact and becoming their “person for life” in the mortgage space.
Learning about their personal circumstances – family, children, dependents – can help strengthen that connection, she said. “It’s just deepening the relationship so they know how much I care and they know that I understand their family, their dreams, the desires, and goals, so that I’m working with them over their lifetime so those mortgage needs are following suit with the rest of their life.”
Databases front and center for top mortgage professionals
Jimmy Hobson (pictured, top middle), UMortgage’s national sales leader, underlined the importance his team was setting on mining databases, being in front of customers and having important conversations – especially when it comes to refinancing, which is expected to play a prominent role in LO and broker opportunity looking ahead.
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— Mortgage Professional America Magazine (@MPAMagazineUS) October 1, 2024
Like Oxner, he said constant meaningful communication should be essential. “I’m in front of everything. I’m calling people, texting people, and sending constant emails,” he said. “That’s the biggest thing because you never know: even if rates drop a ton, it may not be the right situation [for a refinance] or maybe it’s changed.”
Especially for newer loan officers stepping into the industry, learning your craft is hugely important from the onset, according to Hobson. That starts with having a good network to call upon when clarity or assistance on a file is needed. “It doesn’t mean you have to work with them or be with their company,” he said, “but have a resource of people that you can call.
“I’ve got 10 people in this industry a day, that I could call if I need an answer or something, that doesn’t work with me and never will – but there’s power in that.”
Is the tide turning in the mortgage market?
Rate increases from the rock-bottom lows of the pandemic sent a ripple of unease through the housing and mortgage markets and convinced many buyers that now was not the time to move forward with a purchase.
Still, Todd Bitter (pictured, top right), UMortgage’s chief sales officer, told MPA that 2024 appeared to have seen something of a shift in consumer mentality towards the market. “We’ve noticed, especially over the last six months, it seems like the consumers have been much more, ‘OK, the twos and threes are gone forever. I’m sick of this house. Maybe we just bite the bullet,’” he said.
“We’re seeing people loosen up with the attitude [that] rates are not all the way there, but now that rates have started to fall a little bit, we’re really seeing a pickup.”
That resulted in a “ton” of refi activity, Bitter said, especially with FHA and VA loans. “My realtors are all saying the same thing: ‘Hey, customers are a little more accepting right now that maybe they can get [rates] in the sixes, and they’ll be happy.”
The broker space is poised to capitalize on that jump in activity, Bitter said – aided by the fact that while retail LOs may previously have doubted brokers’ ability to directly access underwriting, that perception is now changing. “A lot of these guys that are coming over from retail are saying, ‘You know what? There’s more functionality, there are more options. We’re not isolated like we were told,’” he said.
“So I think the broker channel as a whole is growing with loan officers from the retail side. That’s how we’re going to keep increasing our share and just doing a better job for the consumer overall.”
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