2009 in review...a mortgage lender's diary

By
Real Estate Mortgage Broker with Metropolitan National Bank

Another year is almost gone!  Can you believe it?  This has been a crazy year in the mortgage industry.  Please humor me and let me give you a few details about the life of a mortgage loan officer at OakStar Bank in 2009....

JANUARY brought loan officers with questions of whether we would ever be able to make another loan or not --so many changes!  My team starting working on marketing campaigns and creative 'outside the box' ideas on generating new business....just in time for....

SPRING to come, rates to drop to an all time low, and the marketing plans went in a drawer, not to be seen again for several months.  Spring and early summer brought record low mortgage rates and record closed loan volume for our bank.  Things were great!  Loan officers were happy to be making so many loans - we worked a lot of hours, but it was rewarding....clients were happy with the interest savings, we were increasing our client database for future referrals, and we were increasing our personal income.  As for the processors...well, they need to write their own blog - they probably have a much different story than loan officers!

MID-SUMMER brought higher interest rates.  We worked so hard the few months prior, it was nice to have a short break, but we didn't want it to last long.  We talked about the many clients that didn't take advantage of the low rates and now rates were above 5.00% and moving closer to 5.75% on a 30 year rate. 

AUGUST came and the phones quit ringing....why? what happened?  Well, the typical 'school is starting' lull in our business came and lasted through September.  We began reveiwing our 'outside the box' marketing ideas and enhanced our calling efforts (visiting Realtor offices and phone calls to past clients) just in time for...

OCTOBER to bring all those first time homebuyers who wanted to take advantage of the tax credit to move NOW!  Activity in our office was crazy....so many FHA loans, MHDC bond money loans, and USDA loans.  Our processors still had not forgiven the loan officers for the many hours of overtime in the Spring - now, we've asked them to process these first time homebuyer loans in 30 days (or less sometimes) and, while they are at it -- please do it effeciently so we can produce more loans!!!!  Well, it wasn't that bad, but needless to say, the work load in our office was heavy and all staff was working a lot of hours.

NOVEMBER & DECEMBER are here and quickly passing.  These months brought with them rates below 5.00% again for the second time this year.  The OakStar Bank Home Lending Team starting calling those clients that missed the opportunity in the Spring and we are as busy now as we were then. 

What a great year it has been!  It has definately been a record production year for all of us in our office and we are all looking forward to what 2010 brings us.  And, who knows....we may get to work on that 'out of the box' marketing plan we created in January!

Wishing you a blessed Christmas and prosperous 2010!

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Rainmaker
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Jean Hanley
Specializing in Folks Who Want To Buy/Sell Homes
Coldwell Banker Kivett Teeters

Well this is a very insightful look back at 2009.  Wow, we have had our ups and downs this year, haven't we?  Let's all hope that 2010 rebounds.

December 10, 2009 12:13 AM
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Rainer
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Lisa Schupbach

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