Mortgage professionals, who are looking to stay busy during the low business volume that often occurs during the summer months, are resorting to creative ways to do business. Here are some of the ways that mortgage pros have been changing their business model to look for new opportunities.
First, they are offering more “merchant like” services. This includes providing advice to help sellers record and maximize the price of their home. This helps to increase the level of service that the mortgage professional can offer, while valuing the knowledge they have of the industry’s current market trends.
Second, some mortgage professionals are using creative financing techniques to provide consumers with lower-cost loans with high leverage so that homeowners remain in place and enjoy a lower payment schedule. With lower interest rates and more money left in the pocket of the homeowner, lenders are able to gain more customers and increase their revenue.
Third, mortgage professionals are beginning to invest in technology that helps to connect lenders with borrowers. This includes utilizing new technology such as artificial intelligence and machine learning to create automated underwriting engines. By doing so, lenders are able to quickly access more consumer data and more rapidly identify properties that are well situated to execute a loan.
Finally, mortgage professionals are using data-driven analysis of consumer trends to better target potential borrowers. This can include the use of precise SEO for generating organic search traffic and analyzing consumer behaviour to determine which products and services best fits their needs.
All of these strategies are helping to keep mortgage professionals busy during the summer months when business volumes tend to be low. By being creative, mortgage professionals are able to increase their customer base, increase their revenues and make strides towards improving their overall service offering.
You can read this full article at: https://www.housingwire.com/articles/desperate-for-deals-mortgage-pros-get-creative/(subscription required)
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