Every time I attend a national event it has some sort of encouraging affect.
This event is was no different. The encouragement I got from this event falls into three categories.
First: Great originators continue to help keep the dream of homeownership alive in spite of the obstacles that tend to cloud our focus.
Second: There is more market share now than ever for those that have made the commitment to stay in the game.
Third: Thank GOD I am with the right company. I am so thankful to be with a company that was forward thinking and set us up to be a direct lender with GNMA and FNMA. Another big AHA is that lenders like Gateway Mortgage Group who service their own loans will be much better off come April 2011.
BONUS: The mortgage industry will continue to thrive. I am confident that our industry will continue as long as people continue to buy homes. Not everyone will be able to qualify with a big box lender. There will always be a need for a common sense lender that can still use the framework on which FHA loans were built. Should we give loans to people with 500 credit score and no money down? Absolutely not. But we should be willing to take compensating factors like time on the job and considerable reserves into consideration if the homebuyer has shown that they are responsible and reasonable in their expecations of how much home they can afford.
