In the last few weeks I have been invited to a number of Realtor meetings. The meetings have been just to chat rather than what can you do for us. The Realtor community truly understands that issues with the mortgage industry affect everything they do.
Yesterday I met two Realtors for lunch, I have worked with one of them for many years, the other not at all. They are in the same office and both have been in the real estate business for over 20 years.
There was no posturing, there was lets have a very frank conversation about what I see happening over the next few months. How all the possible changes will affect my ability to get mortgages for their clients. This real estate company has a loan officer that has a desk in their office, but according to these two Realtors, doesn’t have a good handle on many of the changes that are coming.
They shared that their state and federal associations share information, but they wanted to hear from someone like me. Here is the bottom line that I shared with them. I will be there to assist them with their clients. There will be some changes when it comes to debt ratios for some loans, others not so much. I explained to them that there are a number of companies that will be coming on into existence that will take up the gap for those that don’t qualify, but at somewhat higher rates.
We are just starting to get information about what may be possible. After our lunch they seemed relieved that they won’t need to be changing careers anytime soon.
