THE ADVANTAGE

Your monthly recap of the most important 

mortgage-related news, perspective, and advice

 

June 2023

6 minute read

What do you do when applications for mortgages slow down? When leads seem to thin out?

It may seem obvious, but two things help: a bit of patience and a bunch of laying the groundwork for generating new leads.

We’ve seen that the market can change pretty quickly, even on a weekly basis. For example, the Mortgage Bankers Association’s Weekly Mortgage Application Survey for week ending 6/16/23, notes that volume was up and 30-year fixed rates had eased slightly. We could be gaining momentum, or at least seeing a gradual uptick. 

With that in mind, we’d like to share our tips for maintaining your mortgage business, including being prepared for when members reactivate their interest in buying a home.

Stay informed

The mortgage market and industry as a whole is moving at a fast pace, especially these past few months. Staying apprised of changes and trends is one of the best ways to help your member base stay informed as well. 

If you’re reading this newsletter and are already subscribed, we’ll make sure we keep you up-to-date on everything critical to maintaining your mortgage business. 

Want to subscribe or share MAM News with someone who’d like to subscribe? Sign up here >

Make time for your members

While “new” leads tend to get the highest priority, when they’re not coming in, it’s time to focus on relationship building with your members.

Simple check-in conversations with members can often lead to mortgage inquiries, especially if you’re able to address their concerns and hesitations.

While many potential homebuyers are risk-averse and staying out of the market, there are a few things you can do:

  • Remind them the market is always fluctuating
  • Rates are still attractive compared to long-term averages and ARMs can be an effective way to control interest expense over a short-term time horizon
  • Remind them that home price appreciation is slowing, but home prices are still expected to rise in the coming years, meaning it’s not a bad time to buy.

One of the best ways of knowing when to steer the conversation toward these topics is by knowing the signs of when your members are ready to buy.

Educate your staff

Teach your staff to know how to tell if a member is ready to talk about homebuying and how to start that conversation.

For our full, in-depth articles on these topics, click the links below.

When your staff knows how to start these conversations, your leads will become more solid and, over time, more consistent.

Here is a brief list of opportune times to open the mortgage conversation:

  • Recently married
  • New child or one on the way, including starting a 529 or similar savings account
  • They’ve been in their current mortgage for three years or more
  • Obtained a loan for a bigger vehicle
  • Steadily employed for 2 years or more
  • Great (or good) credit
  • Plan on staying local for three years or more
  • Renting for several years 
  • Low debt

Ensure resources for the next boom

Demand for homes is not disappearing. It may briefly slow down, but it will boom again. 

What’s the best way to prepare and ensure you can scale quickly? 

When the next wave of mortgage applications comes, how do you provide the best service, widest range of offerings, and not over-extend your organization if the market slows down again?

At Member Advantage Mortgage, we know better mortgages mean better member value. As your partner, we ensure your members gt great products, competitive rates, and personalized service. To learn more, visit us online >

Remember to subscribe so you get this mortgage advice directly every month. Subscribe here >

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Who Is MAM?

Member Advantage Mortgage (MAM) is a Credit Union Service Organization (CUSO) that helps credit unions increase revenue by offering mortgage solutions to their members.

We achieve this by finding the mortgage solution that is in each individual member’s best financial interest.

What We Do

Since 2006, MAM has offered first and second mortgage origination and fulfillment services to credit unions. We also provide marketing tools (like our Mortgage Payment Calculator) to increase lead generation.

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How We Can Help You

We’ll help you improve member satisfaction and deepen member relationships by offering or streamlining your mortgage delivery process. You’ll be able to serve current members so they don’t need to turn to the competition, all while increasing your mortgage revenue and generating non-interest income.

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How You Can Learn More

This page goes into greater detail on exactly how we provide support and partner with credit unions.

 

You can also call Del Smith, our Senior VP of Business Development, to get answers to any questions about partnering with MAM.

 

704-995-9863
[email protected]

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Disclaimer:

This information is solely for credit union and mortgage professionals and should not be distributed or provided to consumers or the general public.

This is not an offer for extension of credit nor a commitment to lend. Programs, rates, terms and conditions are subject to change without notice. Certain restrictions may apply. All approvals subject to underwriting guidelines. Not all applicants will qualify. Member Advantage Mortgage, LLC is an Equal Housing Lender. We do business in accordance with the Federal Fair Housing Law and the Equal Credit Opportunity Act.

Member Advantage Mortgage, LLC NMLS #1557. Alabama Consumer Credit License # 22717. Arkansas Combination Mortgage Banker-Broker-Servicer License # 104160. Colorado, Regulated by the Division of Real Estate, Mortgage Company Registration NMLS ID # 1557; check the license status of your mortgage loan originator at http://www.dora.state.co.us/real-estate/index.htm. Connecticut Mortgage Lender License # ML-1557. District of Columbia Mortgage Lender License # MLB1557. Delaware Lender License # 011515. Florida Mortgage Lender License # MLD781. Georgia Residential Mortgage Licensee, License # 36659. Louisiana Residential Mortgage Lending License NMLS ID # 1557. Massachusetts Mortgage Lender License # ML1557.  Maryland Mortgage Lender License # 06-19371. Michigan 1st Mortgage Broker/Lender/Servicer Registrant # FR020440. Licensed by the North Carolina Commissioner of Banks, Mortgage Lender License #167098.  Licensed by the New Hampshire Banking Department. New Hampshire Mortgage Banker License # 14242-MB. Licensed by the New Jersey Department of Banking and Insurance. New Jersey Residential Mortgage Lender License NMLS ID # 1557. Licensed by Pennsylvania Department of Banking. Pennsylvania Mortgage Lender License # 33868.  Rhode Island Licensed Lender, License # 20112778LL. South Carolina Mortgage Lender License #1557. Texas Mortgage Banker Registration NMLS ID # 1557.  Licensed by the Virginia State Corporation Commission, Virginia Lender License # MC-5045, Virginia Broker License #MC-5045. NMLS ID # 1557.
 
Visit www.nmlsconsumeraccess.org for complete licensing information.