She noted how well her loan officers have been able to pivot to changing market dynamics: “The last several years, there was a lot of refi,” she said. “Now, it’s more focused on purchases and working with realtors. So you have that flexibility to kind of twist and change as a broker. For us, we’re seeing much less refi and more purchases.”
The rank-and-file also understand the need to ride out the current climate, she suggested. “There’s this kind of artificial market that we’re seeing right now with prices being high. People are not really selling because of the inventory of homes being at an all-time low. A lot of LOs have many, many buyers lined up ready to go; there just aren’t [enough of] the homes to allow them to keep moving.”
Yet this too shall pass, she suggested, perhaps by the second half of 2023: “I think it’s an artificial, pent-up market, but it’s slowly starting to break free,” she said. “We’re starting to see an increase in production across the board. So as that starts to roll, it will be a good second half of the year.”
Panic is anathema to her loan officers, who are focused on gaining market share in a slowed market. “For the best loan officers, this isn’t fazing them,” she said. “In the market of 2020, 2021, you saw an influx of people joining for the hype who are now leaving,” she said of the halcyon days of 2% to 3% mortgage rates and abundant opportunities for refinancing. “The good LOs, the good companies, know it’s cyclical and you just kind of ride the wave.”
Evidence of that shift is illustrated by the bolstered ranks at Team USA Mortgage: “We added a lot of loan officers to the team last year, and a lot of folks who worked in retail are moving to us,” Salrin said. “When things slow down, it’s a good time for loan officers to reflect on their business model, so we’re seeing a lot of movement from retail. A lot of folks who worked in retail are now moving to us.”
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