The majority of mortgage banker members of Lenders One believe that 2016 will be a top market for sellers and the vast majority of members, 89%, believe that the market could also see a possible rate increase leading up to that. Of those mortgage bankers surveyed, they tended to feel optimistic about 2016 and felt that changes in interest rate hikes could not create a major challenge for continued growth over the course of the next year.
Many mortgage bankers have already had to adapt to implementing TRID requirements despite the fact that this was a major concern across the mortgage industry. The fact that it was delayed in terms of implementation gave mortgage bankers more opportunity to get their technology and systems ready to be friendly towards compliance. Many industry experts are already well underway with a system in place designed to address these concerns. It is important to note, though, that paying attention to industry trends will continue to be an issue over the coming months and indeed across 2016.
Looking into 2016, mortgage bankers are watching several key issues that could impact growth in the industry. These include bank, menus of mortgage products, continued increases in home values, and decreases in acceptable down payment amounts. Reaching out to the millennial market could be an essential part of mortgage lender focus during 2016 as decreases in mortgage rates and better education about home ownership has opened up the opportunity to reach out to this critical market. Tapping into this market could be essential for allowing mortgage bankers to grow their business significantly and adapt their systems and marketing techniques to draw in this valuable segment of the population.
Finally, the market seems to be bouncing back after a few years of decline or very slow growth. Looking at accomplishments in the past year and charting a course forward would be an excellent choice for the modern mortgage lender who wants to capitalize on success in 2016. The road ahead is a good one for those who take into account their accomplishments over the past year and also for those who recognize where they could be more effective as a lender. Looking at customer service surveys, for example, might indicate that a lender has some room for growth.
Prev
