Recently the MBA announced at a conference in Boston that they are anticipating a 70% decline in overall refinancing during the next 24 months, down to only $410 billion. In turn, this will drive new purchase loans up greatly, as mortgage professionals will have to change their focus. This is expected to translate to a double digit increase over 2016 for new purchases. However, the MBA is still anticipating a significant decrease in total loan originations due to weight that current refinances bring.

All industries fluctuate; it’s just a matter of making adjustments before you are the one that is fluctuated out. Take a look at our industry, our masters (our beloved mortgage professionals) overall have naturally been very neglectful of us for the last couple of years while they have been filling their bellies on easy refinances. We haven’t even been getting the meat on the bone, rather the old marrow left inside the bone. For us refinances are the worst competitors out there, mortgage professionals prefer to do them as they are far simpler and if the client doesn’t have the score and situation they need they usually don’t press on despite the tremendous advantages in savings over time. New purchases on the other hand is entirely different story, once a consumer makes up their mind they want to be a homeowner, very little will stand in their way, so we are a quick solution for a lot of their missing needs.

This may be all very obviously for the veterans of the industry but whether you have been cramming in refinances or living off new purchases, the market will turn to a mad rush once again to convince people to purchase. Advertising and marketing dollars will once again be spent, renters will be cold called in the evening and they will see pamphlets in and around their apartments with the prospect of owning their own place. And finally, once again those lonely 550 and 610 credit score people will start to have high value.

Allow us to keep you ahead of this inevitable curve. Start building this pipeline of people that have been generally been looked over for some time. Truly allow us work for you, free of charge; we just need the lead no matter how grim or prosperous it may look. Helping someone with a low score allows you to tap to everyone they know that has struggling credit, and they do group together, which creates you a natural vast pipeline of business.