Talk to any salesperson in the wholesale world and they will ask, “Are we going to make it?” With the multitude of changes that have occurred; lenders exiting, the media depiction and new rules coming out every week, its certainly a valid concern.
If we think this through, what I see is a real positive in all this negative. As the risk, real and perceived, is taken out of the wholesale origination process, through product tightening or valuation controls, etc…what do you have left? You have a quality low cost origination platform! The opportunity is ripe for those that can see through the haze. All the years that I have been in the business I have seen wholesale as a channel that can be defined and, in partnership with the right brokers, be a quality lending source.
The challenge will still be with the broker community, associations and originators alike to continue to educate themselves, their borrowers and get back to basics. Now if we could only get the media educated, we’d be way ahead of the game!
“Now if we could only get the media educated, we’d be way ahead of the game!”
Lisa, we ARE the media.
And I agree, the wholesale/broker channel has been and will continue to be the most efficient means of originating mortgages. The market being in a somewhat dysfunctional state at the moment, everyone is gun-shy. I, on the other hand, see it as a means of building new and exciting business referral relationships amidst the pandemonium.
“Are we going to make it?”
That remains to be seen, although arguably, some have made it already.
Appreciate the comments and was waiting for the one about us being the media. As much as I can appreciate what you are saying, I am commenting on the main stream TV and print media as it influences the most today.
Thanks for your comments, and agree totally that some are making it today. I am looking forward to seeing who the top players are a year from now as well, as there will certainly be new names in the forefront of this opportunity!
Life is what you make it afterall…
How about Lenderama Wholesale? Seriously, the network of qualified people I know around the country keeps growing. All I need is a few million.
My favorite line as an AE for Common Wealth United was to answer the ubiquitous, “What’s your niche?” with…
“Vanilla!”
I love it! You are certainly right about great people too…Now how to get those million!
This is the perfect time to get down and dirty, implementing those great ideas you let collect dust. Sure there are changes happening in the market, but adaptation and implementation of new ideas are what makes success.
There is a need to educate the media, but just as important, potential investors that could begin to revisit the space as an investment opportunity.