“You’re just focusing on different things than working a file, and that thing [could be] getting out in your community or focusing on a new growth area. Maybe get out of your tri-county area and focus on someone that’s not being served in a helpful way.”
How brokers can gear up their business for busier times ahead
Mortgage rates have stayed stubbornly high in recent weeks with prospects of an imminent Federal Reserve interest rate cut seeming to have receded substantially. While that may have put something of a dampener on the current market, the fact that activity is no longer as intense as during the COVID-19 pandemic can present other opportunities for mortgage entrepreneurs, according to Stewart.
That could mean taking more time to onboard staff or scaling upwards – the latter a process that Stewart has recently been involved in following the merger of Fidelity Mortgage, her former company, with MS Lending.
Mortgage application volume increased 2.6% last week, ending a three-week streak of declines, the Mortgage Bankers Association reported.https://t.co/oBjb5sRqos#mortgagenews #mortgage
— Mortgage Professional America Magazine (@MPAMagazineUS) May 9, 2024
It was a logical move for all parties, according to Stewart. “Something for people to consider is I feel like we all love to be small, little brokerage shops, and there’s value in that,” she said.
“In our market, where there’s very few mortgage brokers at all, it made sense to join forces to grow a bigger population share, kind of take over our area and make ourselves have a bigger presence.”
