"When the market gets unstable, the fundamentals matter more than ever. I share that because I know what it feels like to wonder whether there is still a place for you in this business."
"Mortgage is cyclical. It always has been. This industry breathes. It inhales and exhales. When it inhales, everything feels easy. Rates cooperate. Margins are stronger."
"But when it exhales, the belt tightens. Margins get squeezed. Production slows. Companies cut expenses. Leaders get more cautious. Loan officers start wondering how much longer they can hang on."
Starting in mortgages in 2007, the author quickly became a top producer amid industry turmoil. The mid-2000s boom ended, leading to layoffs and closures. A mentor advised focusing on fundamentals like 30-year conventional loans and FHA/VA products, which proved essential during instability. The cyclical nature of the mortgage industry means periods of growth and contraction. As the market shifts, loan officers must adapt and prepare for the next upswing, emphasizing the importance of resilience and foundational knowledge in navigating challenges.
Read at www.housingwire.com
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