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Its not a buyers or a sellers market....its a LENDERS market!

By
Mortgage and Lending with Fairway Independent Mortgage Corp

I recently completed my continuing education class with Paul Donohue (who by the way is excellent!).  We were discussing howLenders agents are handling this market and he made an excellent point.  Its not really a buyers or a sellers market...Its really become a Lenders market.  Lenders are going back to the basics.  

While they are making it harder to get loans and requiring people to get back to not over extending themselves anymore, smarter buyers are emerging.  More and more clients we are seeing are making wiser decisions on the size of house that they can afford.  We are starting to see more borrowers coming to us with a comfortable payment in mind, rather than "what is the MAX I can buy!"   We are starting to see more borrowers concerned about where every dollar they spend goes.  This is how it should be.   

Not only smarter buyers are emerging, but the best of the best in our industry is left to capture all the clients!  Times are tough in real estate, but with the correction in the market place...that is, a 70% reduction in licensed mortgage originators, the bad guys are gone.  Its the best of the best left.  The lenders market has eliminated the fluff and trimmed up our industry to where only the ones who have integrity, are ethical and perpetual students of their field, can hack it.  We are the ones that have been true to treating our clients right, and advising on the correct loan size, loan type, etc from day one.

And the agents...remember all those part timers.  Part-timers are no longer.  The agents that are and will succeed now and for the couple tough more years we have coming are sharp and know their market.  They understand what it takes to get the deal done and won't stop at no.  You have plan B's in place and make things happen. 

Me personally, I'm proud to be one of the few remaining.  I am thoroughly enjoying this Lenders Market!

Posted by

Please don't keep me a secret!

Kelly (Byrnes) Waugh,CMPS, CMC

Certified Mortgage Coach

Fairway Independent Mortgage

O : 704.200.2323 / C: 704.578.4577 / F: 704.765.4367

KellyB@FairwayNC.com / www.KellyWaugh.com

NMLS#: 70328

Certified Mortgage Coach

Fairway Independent Mortgage

Real Estate Resource

 

Comments (3)

Steve McCoole
Mortgage Alliance Group - San Diego, CA - NMLS#305667 - San Diego, CA

Amen Kelly, while I certainly did not love forking over hundreds of dollars, taking tests, getting fingerprinted and spending time navigating around a confusing NMLS website, if it has served to eliminate the lower orders of our industry then it is all worth it!

Nov 15, 2010 12:09 PM
Barbara Hensley
RE/MAX Properties - Rockwall, TX
Homes for Sale in Rockwall County, Texas

Here's to the survivors!  I, personally, am glad to get rid of part timers in the business! 

Nov 15, 2010 12:19 PM
Rodney Mason, VP of Mtg Lending
Guaranteed Rate NMLS# 2611 - Atlanta, GA
AL,AR,AZ,CA,CO,FL,GA,IN,MI,MS,NC,SC,TN,TX,VA,WA

You are so correct.  Anyone getting a loan today needs to understand that they must actually be able to documentation their capacity to repay the mortgage.  What a novel concept.  Unfortunately, I''ve still encountered some of those agents who still don't get it.

Nov 15, 2010 12:23 PM