It won't be independent brokers who lead the exodus
Yes, this is a challenging period for the mortgage industry, but sometimes one needs to see the silver lining to a down market – warts and all.
Take Elizabeth Cassidy (pictured), of Future Home Loans of Florida, for example, who is able to see the positive aftermath of a down market despite who may be adversely affected: “In all honesty, a positive change is that part-time loan officers are gone,” she told Mortgage Professional America in a recent interview. “They don’t even have part-time work anymore so we’re left with the people who really take the job seriously. We’re left with a roomful of professionals – everyone with high expectations, and they start to act more professionally.”
That’s honest, but there’s more: “Another piece to that is the fact that there is a lot more opportunities for unique loan products, and we’ve taken the opportunity to invest and figure out those options.”
Cassidy spoke to MPA during the annual FUSE conference staged in Las Vegas by the Association of Independent Mortgage Experts (AIME). The gathering took place Oct. 4-7.
It’s not brokers who are leaving amid challenging times
Cassidy pointed to a positive aspect inherent to the current challenges of the housing market – what with inflation, higher interest rates, soaring property values and low housing inventory. Despite such challenges, she said the exodus won’t be among independent brokers but loan originators on the retail side of the business.
“Brokers aren’t leaving the channel,” she said. “Brokers who take this job seriously that tap into the resources we offer at a place like AIME to help them aren’t the ones leaving the channel. It’s retail originators that have higher costs and have so many overlays and rules – they’re the ones that are leaving. So when they leave, here come the brokers taking an ever bigger market share and making sure we have a bigger slice of the pie in the future.”
Helping military veterans is a meaningful part of the job
Indeed despite the present challenges, there are gratifying aspects of the job – such as helping military veterans achieve the dream of homeownership. “I’m a big advocate for VA,” she said, referring to the US Department of Veterans Affairs. “In the state of Florida, I’m working closely with AIME and with my team captain to really push for veterans that are 100% exempt from their property taxes at the moment they go under contract for their house.”
Cassidy referred to an initiative by AIME that involves so-called “state captains.” Advocacy state captains are volunteers who are active in their local community and are a driving force for state-level legislative efforts. Community state captains, for their part, are volunteers who are active in their local community and are a driving force for amplifying AIME’s initiatives on social media. AIME recruits two members from each state to be aware of local issues for which AIME might provide input in the way of advocacy.
She praised United Wholesale Mortgage for its attention to helping borrowers who are military veterans: “United Wholesale Mortgage is one of our huge supporters that allows that during the underwriting process,” she said of accounting for the veterans’ exemption during underwriting. “So, it helps our debt ratios loosen up really well. We’re hoping a lot of the other wholesale partners that really love to work with us follow suit and let that happen.”
She owes a lot to AIME
Apropos of her attending an event staged by AIME, Cassidy praised the organization for being proponents of the broker channel. Had it been possible, she said, she would’ve signed up as a member of AIME – almost six years in existence – long before she began her career. She praised the organization for its backing of independent brokers – an especially needed boost in light of the current challenges of the housing market.
“If I could have started my business 10 years before and jumped into AIME 10 years ago, I would have done it,” she said. “They are truly individuals who rally behind you and make sure you have exactly what you need. What they care about is people who have a moral compass. In pushing the broker channel, they want the good for everyone.”
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