“The time to focus on purchasing was a year ago …”
This “stay ahead” mindset is a constant for Boyd and his quest for “never-ending improvement”. Even during the inevitable lulls, brokers should strive to improve. He said so in his own blog, stressing the need to have a “game plan” when “the phone is silent”, and that brokers should make the most of their downtime by nurturing relationships, by presenting their services and developing their network.
“At the end of the day, everyone is faced with the same environment with exactly the same set of challenges,” he added.
Inevitably, the gaze turns to the future and the company’s outlook for 2022. It almost goes without saying that he anticipates, now that refinancing demand is expected to drop by 62%. But his response was refreshing and different.
“The time to focus on buying was a year ago… two years ago,” he said, essentially adding that brokers shouldn’t ignore refits even if rates continue to climb.
“The refinancing business will always exist… and will be part of the business. This shouldn’t be the primary focus, but the purchase shouldn’t be done either. I have met loan officers throughout my career who tell me “I will only buy, I will never refill”. I don’t think we are necessarily serving our customers to their full capacity if you focus on just one thing.