Let's take a look at today's mortgage originator: With an average age of around 54-56 years old, multiple long lasting relationships with referral partners, and 10+ years experience, they have plenty of core business to keep the lights on, even during market ups-and-downs.
Now picture yourself as a young millennial coming into the mortgage industry for the first time: no business, no referral relationships, and no clue how to take an application. The good news is, all of the new regulations that today's originators had to struggle through will be the standard for new originators starting out.
How are they going to find deals?
Imagine how hard it was to kick down doors of new referral sources when you first started out. Do you think this is something that the average millennial will be able to do while still passing mortgage exams, learning TRID, HMDA, FCRA, RESPA? No, they won't.
It could take years to get a start in the referral relationship market.
In order to attract and hire profitable loan originators, they are going to need help getting started. You will need to feed them new business so they can learn the nuts and bolts of completing a mortgage transaction in a timely manner and so their borrower's offers can compete in a market with very low inventory.
First Time Home Buyers will be their best leads. They can struggle through the transactions and learn all the ins-and-outs of a purchase transaction. Not to mention they will be working with their very same generation and putting them into homes. Now they are starting to work on some life long customers that may do 3 or 4 transactions in their lifetime, and impressing agents along the way by bringing new buyers to the table.
This change is happening as we speak. All it takes is for there to be more demand for mortgage services than the aged population of originators can handle, (that's happening right now). This will allow the next generation of web-savvy, social media gurus to pick up the slack. Our advice: be the one that feeds them deals!
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