My big concern, based on what I’m (Frank) seeing that refinance activity is not the 70/30 we’re seeing reported in the media. What I’m seeing is more like 90/10. That would be 90% refi and 10% purchase. I know the default for most LO’s is to wait till the last minute to start looking at Realtor partners to supplement the loss of refinance business when rates bump up to the mid 3’s. The issue there is the fact that there’s no inventory, so the realtor “buyer” business out there is pretty slim. I don’t think you’ll be able to make up for the loss of refi business by chasing real estate agents. Maybe a little, but, not much. So today we really need to start our pivot into the purchase game and even look for other avenues of generating business if we want to keep our current income levels close to the same. What are your thoughts about it? Let us know below, and you can click the NAMB logo below as well to learn more about NAMB and sign up.
