The rest of the professionals surveyed were evaluating or planning to purchase lead generation services, loan origination systems including Encompass and Arrive, customer relationship management (CRM) and services such as Homebot that maximize repeat and referral business for lenders.
Thank you for reading this post, don't forget to subscribe!While respondents were divided on whether to invest in technology or spend money, nearly 39% of mortgage professionals surveyed point to marketing tools and reducing marketing-related fees when considering cutting business costs in the future. pointed to.
Just under 25% of respondents said they would cut production or origination focus headcount, followed by operational software and solutions (18%); and Genesis Software (8%).
Other responses have included excessive promotion, business trips, open houses and sponsorship cuts.
LenderPulse solicits surveys from over 24,000 mortgage professionals nationwide on market trends and lender opportunities and challenges. Of the 166 completed surveys, 31.9% of respondents were from the Southwest; 19.28% were from the Northeast, Southeast, and Midwest; and 10.2% were from the North West. Held from June 1 to June 16, actual trend LenderPulse is a forward looking quarterly survey.
mortgage business outlook
Interest rates, declining loans and lead generation were the three biggest challenges mortgage professionals expect to face in the third quarter out of 11 factors — including lender stability, staying motivated and relationships with realtors.
Other factors, such as the competitiveness of mortgage products, reduced ability to close loans from staff reductions, and regulations were listed as the least worrying.
Amid the higher rate environment, 50.6% of mortgage professionals surveyed forecast that their purchase mortgage originations would remain stable over the next three months, while 32.5% of respondents said purchase volume would increase by more than 5%. Around 17.4% expect purchase origination to decline by more than 5%.
The purchase mortgage volume expectation was in line with where industry workers expected mortgage rates to rise in the third quarter.
About 44.6% of the respondents said that interest rates would remain stable; 31.3% believe rates will be lower; And 24.1% rates are projected to increase.
When federal Reserve After keeping the federal funds rate in a range of 5% to 5.25% in June, the central bank is expected to raise rates further. speaking in House Financial Services Committee Last week Fed Chairman Jerome Powell said the economy is a “long way” from low and stable inflation.
About 44% are neutral about the economic environment in the third quarter of 2023 while about 43.4% are pessimistic and 12.6% are optimistic.
if you have questions LendingPulse E-mail actual trend Editorial Director Tracey Welt [email protected] also make sure Sign up for LendingLife, a newsletter for mortgage professionals focused on important data and popular industry trends, and the new Data Digest newsletter, a weekly roundup of news, tips and strategies for success.,
