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   ARTICLE   |   From Scotsman Guide Residential Edition   |   December 2010

Looking Ahead -- and Up

There are plenty of reasons to get excited about what 2011 will bring

As we approach 2011, mortgage brokers should mentally prepare for a year full of success and wealth. One of the best ways to do this is to give yourself an attitude check. After all, your attitude has a direct impact on the scope of your success. If you think 2011 will be full of insurmountable challenges, you're right.

But if you think it will present new opportunities that mortgage brokers have never seen, you're also right. Here's a look at some of these opportunities:

  • Mortgage brokers have fewer competitors than they've had in a long time. According to an Access Mortgage Research and Consulting study, more than 70 percent of mortgage brokerages exited the business between 2006 and 2009. The trend was expected to continue through the end of 2010, as well. Surviving brokers can continue to tap the ongoing refinance wave and grow their market share as competitors disappear.
  • Interest rates are amazing. In fact, they're beyond amazing. As of press time, rates were at record lows in many parts of the country. Moreover, many prognosticators believe rates will remain low for months to come. Low rates mean even more refinancing. In addition, low rates encourage first-time homeowners to act rather than sit on the fence. The longer rates stay low, the longer your phones should keep ringing.
  • New regulations will work in your favor. That might seem like a tough sell, but consider the following. Many of the new regulations will clean up the real estate finance industry and help restore the reputation of those in the home-loan business. A few years ago, respectable brokers had to compete against unscrupulous competitors who took advantage of lax oversight and, in some cases, unwitting borrowers. In 2011, it will be much harder for the bad players to stay in the game. For ethical and professional brokers and loan originators, this is great news.
  • The economy is coming back. Although it's not happening as fast as we would like, it is happening. As consumer confidence grows, jobs start to reappear. As the stock market climbs gradually, people are more inclined to buy homes and invest in real estate. There have been good signs the past couple of months, and there's a good chance that will continue through the coming year.
  • You're still here. This news is the best of all. Former powerhouse lenders have gone bankrupt. Nationwide wholesalers have collapsed. Tens of thousands of brokers are out of business. And you're here. Consider that. You have proven your worth and shown that you can adapt to dramatic change. You've made it this far, and 2011 can be your year to reap the rewards.

As you can see, there are plenty of good things to look forward to this coming year. The question is, what sort of attitude will you bring to the table?


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