Scaling Up when Rates Go Down
As mortgage rates are edging down across the board in response to economic data showing some positive signs, lenders need to prepare a game plan to respond.
The timing of this much anticipated drop could coincide ideally with the spring 2024 buying season. Even at current rates, with skyrocketing credit card interest and burgeoning home equity, cash-out refinances should also be very attractive and can save borrowers thousands. According to Bankrate data, retail cards have hit an all-time interest rate high of 28.93 percent with the average credit card interest rate of those carrying a balance of 22.77 percent which makes a ~7.00 percent rate a smart choice.
The big question is, are you ready for an influx of borrowers who have been waiting to make a move or consolidate debt? As business steadily decreased over recent months, you likely had to eliminate staff, but before you start to hire, consider the efficiencies and variable cost model of outsourcing to supplement your existing team. After months of plummeting volumes and low to no profit, you can’t afford to turn away borrowers.
Fortunately, we have a seamless end-to-end fulfillment option with a simple point of entry and variable cost model: MortgageKit. If you can produce two loans per month, you can be up and running in less than 45 days from implementation to lending!
MortgageKit eliminates the need to purchase or maintain a loan origination system and you will have visibility to your loan pipeline and access to a consumer portal. You can also select secondary market options and have access to vetted mortgage vendors with competitive pricing for third-party services.
We also offer stand-alone services such as processing, underwriting and closing/post-closing and can work in your LOS or Gooi’s Encompass platform. We are fully licensed in a majority of the U.S. with a limited warranty to reduce risk.
Gooi’s best in back-office support means your team can focus on generating income and leave the details to us. Contact us today to find out how our right-size approach makes sure you get everything you need and nothing you don’t!