3 Tips How To Be Part Of The Cream Of The Crop Of Mortgage Brokers
Mortgage brokers are experiencing quiet times at the moment as are many other people involved in the housing market in Australia. There are a few reason for this happening, not the least being the fact that lenders, especially the big banks that account for the lion’s share of the market, tightening up on their credit criteria.
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Money is not easy to borrow these days as lenders remain wary of what occurred in the USA in 2007 that sparked the Global Financial Crisis (GFC). Although interest rates have not risen over the last five months and are not expected to rise dramatically over the rest of 2011, therefore releasing the pressure on home buyers wishing to refinance, refinance money like any other forms of borrowing for housing purchases is not easy to come by, This is despite the Australian Government encouraging people to do so, even going to the extent of making it easier for them by passing legislation in March 2011, to outlaw the charging of exit fees on home loan that had been, up until that time, making it hard for home buyers to switch loans.
The tightening up of credit in itself is not a bad thing for home buyers however, as free flowing money in the past has seen housing prices sky rocket, seemingly out of control, over recent years. This has tended to put house ownership out of reach of many. While the present lull in home buying is taking place house prices have stopped increasing dramatically and in some areas they have even dropped. This will ultimately make it easier for first home buyers to enter the market again in larger numbers when more money is eventually made available.
This all means it is a good time for the home loan professional, such as the mortgage broker, to reassess their position in the industry by honing their existing skills and even introducing new ones, with the intended outcome of further improving their customer relations. It is therefore a good time for a mortgage broker to reflect on three top new innovations to facilitate the service given to a client. These three steps being the following:
1. Hard Money Lenders. In times when money is tight, hard money lenders might be a mortgage brokers only hope of helping a client buy their home. It is a means by which a mortgage broker can still get the result he or she is looking for as well as being an excellent way to keep a bad credit buyer on an approval pathway. Hard money and private lenders are out there and are located through extensive mortgage broker networking. Now is a good time for a mortgage broker to broaden your circle of providers as extensive networking is one way of discovering additional private lenders who are willing to offer hard money home loans.
2. Short Sales. Lenders are taking a softer approach to short sales than they have done previously, mainly because they may be in fear of losing any or all interest they have in the property should foreclosure occur. Mortgage brokers can now avail themselves of short sale training, an area you should become quite conversant in, as it could well become a growing part of your business going forward. Short sale tutorials can be found online for the smaller mortgage broker whereas the larger organisations are now conducting in-house education seminars on the subject. Knowledge of how a short sale can be organised will enable you to assist many prospective buyers. The odds are becoming shorter on you next client coming in and asking for a loan in order to purchase a short sale property.
3. Ramquest. Ramquest is not new and will no doubt be familiar to most people in the mortgage broker industry. It is a Windows based software program that first became available in 1991 to assist people working in the land title industry. Since that time it has become an invaluable tool for the use of a mortgage broker when dealing with title companies because of its PaperlessClosure feature. This important feature allows the mortgage broker to forward at title search enquiry online, without having to leave the office, as well as being able to keep track of its progress. On completion of the title search, the title commitment, along with all the supporting documents such as the chain of title, explanation of any liens and judgements etc. are all up-loadable for the mortgage broker to put on file. Once you have this file set up in your system it can be used to identify which users may also access the information online, such as your client.
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