It's nice to see an active Fayette County community here! Now more than ever networking is key to our success. Feel free to share your trials and tribulations with me and openly ask questions about what's going on in the mortgage industry. I've been through a market decline before but we sure didnt see this many wholesale lenders go under in the late 90's. I keep telling myself that those of us who perservere with a stronger, diversified pool of lenders will reap the rewards of our efforts after the market normalizes a little more.
My 1st thought today is about the phrase, "Perception is Reality".
How true this is when speaking with clients lately! The national media has scared the living daylights out of people with all the lending horror stories about "subprime" and "toxic" mortgages. Many customers who call me are a little fearful to move forward with an application worried they are going to end up with one of these without knowing it. I really have to take the time to reassure them how I operate. If I need to spend an hour going through every disclosure line-by-line I'll be happy to do it. My goal is to never have a single client end up in default. I've been successful in this endeavor so far and every intent to continue.
Was just speaking with one of my appraisers in western KY this morning who echoes my sentiments exactly. Rural areas certainly dont inflate quickly and they dont deflate quickly either. Business isnt as good as he'd like but all of us affiliated with the industry in one way or another have hopes that 2008 will be a brighter year.
Coming soon...Update on the 1/08 Fannie Mae and Freddie Mac pricing changes-----how this relates to use of other programs like Rural Housing and FHA.
Comments(0)