Mortgage Companies and Lead Exchanges…The perfect combination
According to Bloomberg, Mortgage applications in the U.S. declined last week, led by a slump in refinancing as borrowing costs surged. Sales will probably remain depressed as lenders restrict credit, and concern over inflation boosts mortgage rates. The highest mortgage rates in a year may have precipitated the slump in demand. The average rate on a 30 year fixed-rate loan rose to 6.57, the highest level since June 2007, from 6.24 percent.
So what are Mortgage Companies to do?
They have one of two choices… Go big in a downturn, get small and ride it out, or close their doors.
What does a Lead Marketplace do for Mortgage Companies right now? Do what they have always done…Let the demand drives the lead…simple and easy.