The Letter X – Issue #28
The refinancing boom has kept everyone in the mortgage business busy with short-term opportunities for business growth. But, what are you doing to get ready for 2021 and the upcoming purchase market? Get ready to focus on purchase products, like non-QM.
Become the expert in non-QM
If you are not known as the go-to non-QM expert in your region, someone else will be. Gain expertise in all aspects of the products. Understand how to sell it. Reach out to those who need it. Establish thought leadership pieces. Promote non-QM on social media. Create a non-QM resource page on your website.
Be a storyteller
Non-QM can sound complex to those who are unfamiliar. As a non-QM expert, you should not only understand how these products work, you should also understand why they exist. These purchase products are a vital part of the mortgage landscape. Differentiate your business by taking the time to explain the need in the market, how the overall economy is evolving, why that should continue and how you can get them involved.
Protect your referral network
You’ll need referral partners after the rush to refinance is over and becomes increasingly circumstantial. If you do not prioritize your existing relationships and help them, you’re essentially doing so at your own peril. Eventually, these individuals, or someone they know, will need to get a deal done. Don’t you want to be the non-QM originator who does it? If you don’t, a competitor will. Then you’ll not only lose the deal, but also the future business from them.
Now is a great time to prepare for the end of the refi boom. We’re here to help.