Mortgage Industry - Saving Jobs In Troubled Times

What do Aegis Funding, Acoustic Home Loans, Alliance Bank Corp, American Home Mortgage, Ameriquest and hundreds of other mortgage bankers and brokerages have in common? They have all closed their doors within the past 13 months. Since the end of the refi-boom, borrowers are finding it harder to qualify for mortgages. The decline of the sub-prime market has left debt management professional homeowners unable to refinance and potential homebuyers are finding it very difficult to qualify for a loan at all. Foreclosures have reached 2.13 % nationwide due primarily to escalating ARMs, home sales have plummeted and the inventory of salable homes has reach the antidepressant point since 1992, simply because potential borrowers can't qualify.

How is this affecting your business? Are your funded loan numbers faltering or decreasing? If you answered yes you wouldn't be alone. The National Association Of Realtors announced in Sep-07 that home sales are down 12.8% nationwide from last year. It also showed a small surge of residential sales during Jan and Feb-07 and then a steady decline every month since. Housing sales are down -5.7% in the Northeast, 10.5% in the Midwest, 12.7% in the South and a shocking 21.7% in the Western states.

In response to this trend an alarming number of national and regional mortgage brokerages have been forced to close their doors. Employee lay offs, company bankruptcies, mergers and acquisitions are running rampant though the mortgage industry. This climate is expected to last until midyear 2008 before relief is felt.

What happens if your company falls victim to the perils of this negative economic climate? Do you layoff your employees, sell your company, close your doors or go bankrupt? If you close your doors, you fail your business and all your employees lose their jobs.

Is there a way to reverse this trend? To survive and last in todays marketplace, mortgage brokerages must take a serious look at how they are run. Most find under a truthful examination that they are bloated with unnecessary staff and excessive overhead left over from the glory days of the Viagra Informacin en Espaol In these cases a critical re-evaluation and overhaul of company values must take place before the necessary steps can be set in motion to reverse this trend and to improve efficiency and reduce overhead. When this is done, these troubled companies turn into what we call lean, mean, sales-machines. This value cost u less auto insurance will enable them to cut costs and improve operational efficiency thus saving the livelihoods of their loan officers and enabling the company to grow strong and stable while the economy normalizes.

The major question all ask is how do we make this change? How do we reduce our overhead and improve our level of service to our loan officers? The answer lies in loan management software.

Loan management software, available today, enables one person to completely perform the work, currently being handled by an entire support staff. Using loan management software, one person can oversee and manage the loans of hundreds of loan officers. The loan management software automatically generates commissions for loan officers and removes an almost unlimited variety of deductions for payments on funded loans. Loan officers can be effectively managed through the system and automated communication capabilities cuts down on frivolous calls, faxes and emails.

The prevailing highly efficient operation enables drastic cuts in overhead expense while improving service to loan officers and company operations. The implementation and deployment of loan management software can reverse the negative effects of todays economy on your brokerage. Loan management software fills in the vast gap between your loan officers Loan Origination Software and your accounting department. If your brokerage is feeling the affects of todays downward spiral, give your brokerage a new lease on life, investigate loan management software.

Doug Leonard is co-creator of MortgageTrack 6.0, a revolutionary new web-based Loan Management Software System that drastically reduces company overhead by automating many office tasks safely and securely. Among its several features and capabilities are; loan management, automatic commission generation, automated communication, employee management, company wide productivity reports and rankings. Increase your companys productivity, profitability and efficiency with MortgageTrack 6.0. For more information visit: www.mortgagetrack6.comwww.mortgagetrack6.com