Going countercyclical: second mortgages and home-equity lending make a smart targeted niche for lenders seeking to balance the ups and downs of the mortgage business.
Mortgage Banking › Vol. 65 Nbr. 9, June 2005 ›
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Summary
Cover Report: Business Strategies
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Going countercyclical: second mortgages and home-equity lending make a smart targeted niche for lenders seeking to balance the ups and downs of the mortgage business.
VETERAN MORTGAGE PROFESSIONALS--THOSE WHO HAVE SURVIVED ONE OR more cyclical downturns--understand the challenge of basing their livelihood on a business where ups and downs are the only constant. The successful organizations are those that have built a sturdy business in the face of never-ending questions about where the market is going, what the Federal Reserve will do and what changes are needed in their company to survive. In an industry where "conventional" is the term for the most reliable but often least-desirable loan, brokers and bankers are in need of solutions to improve their business. [??] Mortgage professionals today seem to be indistinguishably uniform in their products and services--which is fine while the market is still fairly strong and borrowers are still somewhat plentiful. When times are good everyone wants a cut, and there is plenty to go around. Think back to 1993: The m...
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