Okay Mortgage Brokers And Loan Officers Now What - Facing The Sub Prime Woes

Is everyone against us? Why wont the media give the housing industry a break? Why does the majority of the media make it sound like we forced people who normally wouldnt qualify into buying homes? How are we going to get people to put offers on houses that are for sale if theyre too scared to apply for a mortgage?

All of us have listened to our preferred real estate agents who have more listings than they know what to do with. Many of us have clients completely pre-qualified and ready to buy, but the contracts just dont get written. Why is this?

Lets all just take a breather and get down to reality. You, as a loan officer, need to remind both your clients and agents that yes, times have changed, but the current mortgage scene is not drastically different from ten years ago.

Here are some other facts that can boost everyones attitude who are involved in real estate transactions:

Yes, underwriting and program guidelines were too loose for too long, but this has happened before and,
People still have the need to buy and sell homes!
Those people still need mortgages.
The mortgage business is not shutting down (more on this later).
Conforming loans have not changed.
The real estate world is still a great world of business!
There are real estate agents and loan officers around the country having their best year ever.
Your future is whatever you determine it is going to be PERIOD!

You may be thinking, Sure, but every time I hear the news, some home market expert is telling people to NOT purchase real estate nor get a mortgage. I have no idea why the for lack of a better word attack is occurring on the real estate market. However, the fact is real estate is having a SALE! This is the PERFECT time to purchase. You need to pass that mentality on to your clients.

If you or your real estate agents have clients who: 1) wont make good offers for purchasing a home 2) wont accept good offers for selling a home or 3) wont put in for a loan application, give them the following information:

There are other buyers out there who will eventually put a good offer down and your client could miss this opportunity.
There are other homes out there and your sellers need to know that they could be passed over if they refuse a good offer trying to hold out for something higher.
Rates are good at the moment and the versatility of loan programs is growing once again. It is a good time to be getting a mortgage.

Get back to the basics of marketing, get creative if you need to but find a way to hang in there for the next few months. Those that stick around and weather this craziness will be blessed immensely in the not too distant future.

Jonathan Sweat is a 12 year veteran in real estate, mortgages and business growth. You can get more information about his material at http://www.MortgageBrokerFirstAid.com

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