He pointed to UWM’s business model as one ensuring future success: ”That’s why our business model working with individual mortgage brokers – you’re going to get all the different varieties of products and services because individual brokers are working with multiple lenders. It’s really important for people to understand the products and services that are out there for them. We have buydown products to buy down the rate for the first couple of years of their loan. There’s first time homebuyers’ credits; there’s affordability credits. There are a lot of different things out there. And I think what we’re saying is consumers are still going to move, they’re still going to buy homes. There’s a lot of activity out there still. We’re just thinking about making sure we’re capitalizing on all that with all the different things that we offer.”
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Moves to ensure affordability could bear fruit
Expect to see more policy updates made by the government-sponsored entities (GSEs) regarding home affordability, Elezaj said.
“We’re very close to all the GSEs,” he said. “And the administration has made it a big focus, in a very sound way, with affordability and affordability products. They’re going to continue to do these kinds of things to help consumers across America and that’s why it’s so important. If you’re going to buy a home today and you’re a first-time homebuyer or a veteran or whatever your situation is, you might not be aware of all the different things that are out there. Certain products are available for certain lenders or different situations. We just rolled out our Hometown Heroes program. These are things you have to talk to with individual mortgage brokers because they work with many lenders, and they’ll be able to let you know what you qualify for and what’s out there.”
Retention will be the name of the game
“We are building the next refinance boom in today’s purchase market, and everything that goes into retaining clients for that next phase of this cyclical industry is going to be the name of the game for 2023,” Elezaj said. “We’ll take the refis like anyone else when they happen, but the reality is the foundation of our business and how we think about it is all about purchase. There’s a lot that’s involved in a purchase transaction so we’re equipping and making sure of all the technology for the speed and efficiency and closing loans for two weeks or less. These are the things that allow the borrower to have a great experience with the loan officer – make sure they’re staying in touch for the next refi opportunity and that ultimately flows to the real estate agents.”