Achieving Success In Tough Economic Times

Mortgage News January 25, 2023

Achieving Success In Tough Economic Times

Every year, we reassess our business models to determine what works and what doesn’t.

It’s time to set goals for the first quarter of 2023 and the rest of the year, regardless of where your bottom line was at the end of 2022.

A mortgage broker should make these simple resolutions today in order to make sure that his or her business succeeds in the future.

Lender Evaluation

It is undoubtedly beneficial to broaden your network and identify lenders that make sense for certain loan scenarios in the future to avoid future fallouts.

In 2023, you should review three types of lenders.

Traditional banks

Although bank requirements may not always make sense for borrowers seeking flexibility, their rates and terms are usually the best. It’s more likely that banks will assist you in 2023 in finding a solution for your clients if they already have an account with the bank. They don’t want to lose their depository relationships, so they’re more likely to help.

Private money lenders

Your clients might find these lenders very useful in 2023. Even though the rate may be a sticker shock for borrowers, they will likely appreciate the faster service and flexibility during difficult financial times.

Alternative lenders

A nonbank alternative lender may provide you with flexibility and competitive pricing for your clients. Traditional and reduced documentation loan solutions are usually offered by these companies (think bank statement programs).

Demonstrate Expertise

It is imperative that originators demonstrate their expertise and worth to their clients during uncertain times. A deeper, more human connection with your network every week will make all the difference to your business growth.

Consider a New Marketing Strategy

The first thing to go when budgets tighten is marketing expenses. It may be more important than ever to focus on marketing in 2023. Marketing and brand awareness investments can help you generate more leads for your business. Free resources should be leveraged and paid tactics should be prioritized for maximum return on investment. Refine your email strategy, establish your unique selling proposition, and prioritize education.

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