A new entry for The Worry List
It’s been a while since I added to my Worry List, so now seems to be as good a time as any. You may recall that I keep this Worry List not to build high blood pressure or keep myself up at night, but rather, to keep what I feel to be the biggest market challenges on the proverbial radars of my clients.
These days, high on my list is my concern for very successful mortgage banking firms. Specifically, I worry about those owners which have all of their net worth in their companies.I currently represent several financial institutions that will make large advances on serving portfolios.One particular institution will allow dividends to be made with the borrowed money.
I worry about emerging bankers getting tied up with the wrong end investors.I see enough of these to appreciate the great investors I represent, who are easy to deal with and are able to act quickly.
I worry about smaller mortgage bankers trying to get connected with the agencies and to becoming bond issuers.I’m often able to help them avert common problems that can make it impossible to get approval.
I worry about bankers who end up with a wrong fit warehouse bank.I represent many banks that have different strengths and are geared for different situations.
I worry about bankers whose business has declined dramatically, leaving them grasping for answers.I represent wonderful end investors who have wonderful products without overlays who can reverse a banker’s fortune.
I worry about large mortgage brokers who don’t understand the value of becoming a mini-correspondent. I represent wonderful bankers whose service is impeccable and who are able to issue warehouse lines.
I worry about retail mortgage bankers who are not taking advantage of mortgage apps or technology that can automatically notify their clients and Realtors of every step in the process of loan approval and closing.I represent a vendor with a cutting edge product which is reasonable–they’re doing very well right now.The right solution really can make life easier for Realtors and clients.
I worry about bankers who need an infusion of capital into their companies.I represent 3 companies who in this space.
Stop me if you’ve read this from me before, but with change comes opportunity. You just have to know where to look.