The market is switching gears away from a focus on refinancings to a purchase-focused market, prompting loan officers to adjust to new dynamics.
John Walsh, president of Total Mortgage Services, based in Milford, Conn., posted a blog on MortgageOrb suggesting the changes needed for loan officers to survive.
Walsh explained saying, "High quality loan officers with portfolios of referral-based business are seriously considering moving from large banking institutions to nimbler mortgage banks that are better able to service their clients and referral partners."
Loan officers need to revamp to ensure they have the speed, communication tools and trust necessary to excel in the purchase market, Walsh said.
In addition, Walsh noted that high quality loan officers are looking for more efficient lenders that also have centralized marketing, underwriting and servicing functions that can support purchase originations.