Opportunities for Mortgage Loan Officers
TrustStar rolls out heatmap to help mortgage loan officers identify new market opportunities
Most of the mortgage industry continues to use legacy technology in their business. It is the old way of doing things that is familiar. It’s good enough. If it isn’t broken, don’t fix it. When CognitiveScale sent out to develop an application for the mortgage industry, it wanted to provide more. Provide a better experience from top to bottom. Be modern and relevant, and truly solve the daily challenges that mortgage loan officers face.
Growing your business and finding opportunities in the market, you want to work in shouldn’t involve juggling multiple data sources. There shouldn’t be a gatekeeper of information. While many platforms may show market activity, none provide a user experience that allows loan officers to search multiple markets on one map seamlessly to identify where they should put their time and effort. We have broken down these markets into three different parameters.
Supply – Some markets have ample inventory compared to other local markets, which provides an opportunity for both realtors and loan officers. While inventory is a challenge in most markets in the country, there are still areas with steady home listings that need attention.
Demand – Not long ago, we saw a demand like never before. Several reports indicate that demand is slowing down in different parts of the country, and homebuyers are delaying their time to purchase. While this may be true, and even in a higher rate environment, demand is very healthy and requires attention.
Affordability – The median household price in America has risen. Combine that with the rate increase, and the national report is that housing is entirely unaffordable. Every market is vastly different, and affordability is relative. Affordability is measured against this relativity and provides a specific insight that allows loan officers to understand that customers may be capable of affording a home purchase.
TrustStar wants to provide a better way to analyze data so that loan officers can take specific actions to grow their business. We all read the same big media reports on what is going on in the market, but there are opportunities to maintain and grow your business. We want to encourage loan officers to continue investigating precisely what is happening in their backyard to identify where they should invest their time.
If you want to take advantage of all the opportunities in your market— SIGN UP now for a free trial to discover what you are missing.