The Sure-Fire Strategy to Generate More Loan Volume
Limited housing inventory, affordability concerns and fallout from inflation continue to complicate the mortgage banking landscape. For lenders struggling to fill their pipelines with new loan apps, the answer may lie in expanding their product lines, according to Joe Camerieri, EVP of sales and strategy at Mortgage Cadence.
Why it matters:
• “If lenders can’t meet the actual needs of the borrowers their business referral partners bring them in 2023, they won’t grow. They may not even survive,” Camerieri said in his recent National Mortgage Professional magazine article.
• Finding new ways to serve borrowers will be essential in bolstering loan volume and might include product lines lenders might’ve ignored in the past, he noted.
• Camerieri recommended adding Home Equity Lines of Credit (HELOC), home improvement loans, reverse mortgage loans and other products that might meet borrowers’ current needs.
For additional details, check out the article here: 5 Loan Products that Will Make You Thrive in 2023.