What Aegis Funding, Acoustic Home Loans, Alliance Bank Corp., American Home Mortgage, Ameriquest, and hundreds of other mortgage bankers and brokerage firms have in common? They have all closed their doors within the last 13 months. Since the end of the "refi-boom are," borrowers find it harder to qualify for mortgages. The decline of the subprime market has many homeowners not refinance and potential homebuyers on the left find it very difficult to qualify for a loan at all.Foreclosures have reached to 2.13% mainly due to the escalating nationwide ARMs home sales have plummeted and the inventory of real estate sale is the highest point since 1992 because potential borrowers can not qualify.
How does this impact on your business? If your numbers come from loans or financing to a halt? If you had answered "yes" you are not alone. The National Association of Realtors announced in September that sales for the home-07 are nationwide from 12.8% last year. Italso showed a small increase in the residential sales in Jan and Feb-07, and then a steady decline since a month. Housing sales are down -5.7% in the Northeast, the Midwest -10.5%, -12.7% in the south and a shocking -21.7% in the western states.
In response to this trend, an alarming number of national and regional mortgage brokers were forced to close their doors. Are employee layoffs, bankruptcies, mergers and acquisitions proliferate if the mortgageIndustry. This climate is expected to last, is felt by mid-2008 with relief.
What happens if your company falls victim to the dangers of these negative economic climate? Have your staff layoffs, sell your business, you close the doors or go bankrupt? If you close your doors do not lose your business and your employees their jobs.
Is there a way to reverse this trend? To survive and last in today's market, mortgage brokers have a serious look, asthey run. Most find in a test that they are truthful bloated with unnecessary and excessive personnel costs or from the glory days of "refi-boom." In these cases a critical reassessment and revision was the values of the company must take before the necessary steps to be set in motion to reverse this trend and to improve efficiency and reduce overhead. When this is done, turn them into troubled companies into what we call "lean, mean, sales machines." This valueLayer that will allow them to reduce costs and operational efficiency savings to support their loan officers to improve and enable the company to grow strong and stable as the economy normalizes.
The most important question of all questions is: How can we change this? "" How can we reduce our costs and improve the quality of our service to our loan officers? "The answer lies in" credit management software. "
Loan management software is now available and allows a person completelyPerform the work currently being handled by a full support staff. The use of "credit management software," a person is able to monitor and manage the loan of hundreds of loan officers. The "credit-management software automatically generates commissions for loan officers and from an almost unlimited variety of deductions for payments on loans financed. Loan officers can effectively through the system and automated communications to cut frivolous calls, faxes and are managedE-mail.
The prevailing highly efficient operation enables drastic reductions in overhead costs while improving service to loan officers and operations. The implementation and use of "credit management software" can reverse the negative effects of today's economy on your broker. "Loan Management Software" fills the huge gap between your loan officer loan origination software and your accounting. If your exchange is feeling the effects oftoday's downward spiral, you give your broker a new life, to investigate, "Loan Management Software."
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