Refinance

Three Things UMortgage Loan Originators Learned in Refinance Training

Published: October 18, 2024

Three Things UMortgage Loan Originators Learned in Refinance Training

In mid-October, more than 100 UMortgage Loan Originators and team members attended an exclusive two-day refinance training session. This extended seminar helped attendees streamline their refi approach to help more homebuyers access life-changing savings or cash out their equity with a refinance

The session offered a 3-stage approach to refinances: becoming a more reliable partner, understanding why their clients want to or should refinance, and utilizing various tools to transmit the value of a refinance to the homeowners they work with.

Below, we’ll dive into these 3 stages and outline how they positively benefit homeowners nationwide as they consider their refinance.

Understand the “Why” for Every Refi Client

Before a UMortgage LO starts a client’s refi process, they are taught to first learn why a client wants to refinance or why they might benefit from one. At UMortgage, everything we do centers around giving clients a platform that allows them to achieve financial freedom through homeownership.

There are plenty of reasons why someone could benefit from a refinance. You have your most common surface-level reasons such as accessing a lower monthly mortgage payment by refinancing to a lower mortgage rate or tapping into equity earned by paying their mortgage over time. However, to truly identify whether an opportunity is appropriate is to dig deeper and understand why a client wants to refinance.

Take it from Jimmy Hobson, National Sales Leader, who used a simple rate & term VA Interest Rate Reduction Refinance (IRRRL) to help a client recoup the thousands of dollars they paid for an HVAC repair all while locking them into a slightly lower monthly mortgage payment. In the video below, he shared how he identified this solution and why that personal connection with his client opened the door for this opportunity.

Identifying a refi client’s ‘why’ is an essential first step that can only be achieved by building genuine relationships on a foundation of trust with those clients. UMortgage LOs are trained to be the difference-makers in these situations through the strong relationships they’ve developed with their clients.

Be a Reliable Partner

Understanding a client’s ‘why’ is an essential first step to identifying whether a refinance is right for them. The next step is to be in constant contact with those clients to ensure that all parties are ready to act when the time is right.

After closing on your mortgage, you might start receiving a flood of unsolicited calls, mail, or emails from banks and financial institutions offering a refinance. While some of these offers may seem appealing, they are often misleading, pushing you into loans that aren’t in your best interest.

This is why working with a local mortgage broker you trust is so important. UMortgage focuses on helping you achieve long-term financial success, not just securing a mortgage. To protect their clients from these sorts of predatory lending practices, UMortgage LOs are trained to stay top-of-mind with these borrowers to ensure that they know their options when opportunities present themselves.

“You can only provide your clients with the financial advice that they need if you’ve put in the work to build a relationship and identify the personal aspects that drive their financial needs,” said Todd Bitter, Sales Director of UMortgage+. “You don’t know what’s happened in their lives since you did that last loan unless you have those conversations, and that’s why it’s so important to prioritize your client relationships after you’ve helped them close their loan.”

By providing personalized advice based on your unique situation, we ensure you’re equipped with the right tools and knowledge to make the best decisions for your future—without falling prey to one-size-fits-all offers from impersonal lenders.

Utilize UMortgage’s Tools to Transmit Value to Your Clients

The final piece that UMortgage LOs were taught during their two-day Refinance Training was to utilize the tools at their disposal to transmit value directly to the clients they work with.

UMortgage LOs are equipped with an expansive portfolio of lenders and loan products that enable them to customize mortgages to fit each borrower’s unique financial goals. Beyond these loan products, they also offer their clients a wide range of educational resources to empower homebuyers and homeowners with the necessary knowledge of the refinance process, the options available to them, and the ability to see for themselves what savings could be available with a refi.

UMortgage’s Refinance Calculator is a perfect example of the ways that UMortgage LOs can transmit value directly to the clients they serve. This tool takes basic information, such as a client’s loan amount, loan term, interest rate, and year they closed to provide a snapshot of their monthly savings, total savings, and potential cash-out amounts.

When a homeowner works with a UMortgage Loan Originator for their refinance, they get so much more than the most affordable mortgage possible. They gain a professional mortgage advisor for life who will guide them through every stage of homeownership and ensure that they stay ahead of the economic trends to continuously keep more money in their clients’ pockets.

If you want to get connected with an experienced UMortgage LO in your community, follow this link and fill out the form to ensure you maximize the benefits of homeownership.

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NewsNovember 13, 2024

Barry Habib Shares 2025 Market Outlook & Strategies for Current Buyers

Since the September Federal Reserve meeting which gave us the first cut to the Federal Funds Rate in more than 4 years, the housing market has been moving. Bookended by a 0.50% cut in September and a 0.25% cut on November 7th, we’ve seen a plethora of conflicting economic data, a tight election that will see the balance of power shift greatly, and mortgage rates that shot from the high 5% range to nearly 7%. With so much in flux and plenty of questions about where mortgage rates are heading in 2025, UMortgage partnered with Barry Habib, CEO of MBS Highway, to share insider expertise with our Loan Originators and enable them to help their clients and agents navigate next year’s market with ease. Where are Mortgage Rates Heading in 2025? To understand where mortgage rates are going in the new year, we first need to take a look at where mortgage rates currently sit and the events that got us here. In September 2024, the Federal Reserve cut the Federal Funds Rate by 0.50%—marking the first Fed rate cut since March 2020. The week of that meeting, rates sat in a range between 5.8% and 6.2%. Since then, we’ve had an array of labor market and inflation data that indicate a strong U.S. economy and a presidential election; this data made mortgage rates rise to, as of November 13th, the high 6% range. On November 7th, the Fed cut rates by another 0.25%. Speaking to UMortgage LOs shortly after the news of this 0.25% cut broke, Habib said, “Based upon what we see from the Fed, they might continue cutting maybe another 0.25% in December. But next year, they anticipate another 1% to 1.25% in cuts. That's going to filter its way into the 10-year treasury, and as the 10-year treasury declines, mortgage rates will decline.” Is Now a Good Time to Buy a Home? The first question that most prospective homebuyers ask as they prepare to buy a home is, “is now a good time to buy?” Habib emphasized that, in today’s market, answering this question requires a clear understanding of rate trends, inventory constraints, and broader market conditions. While it might sound most sensible to wait until rates drop to buy a home, it could actually benefit many homebuyers to buy now while demand remains relatively subdued. “[As mortgage rates drop], we think that a buyer’s investment in their home is probably very sound,” continued Habib. “You have a lot more demand when rates go down. In the tight inventory environment, that typically means prices go up.” The S&P Case-Shiller National Home Price Index indicated that home prices increased by an average of 4.5% from 2023 to 2024. While rates might currently be higher than desired, buying now could help clients lock in the property they want in a market where home values will appreciate even faster with demand compounding with the standard rate of home price appreciation. And when rates come down in the coming year, they can work with their UMortgage Loan Originator to refinance to that lower rate that they identified after closing the initial mortgage and enjoy the benefits of equity and appreciation while increased demand drives prices higher. So, if you’re a homebuyer who’s financially ready to buy a home and comfortable paying the quoted monthly mortgage payment, the best time to buy is likely right now! Anticipating Market Trends by Working With an Expert Loan Originator Prospective homebuyers shouldn’t need a background in economics and a subscription to the Wall Street Journal to buy when the time is right. That’s why, in a market shaped by shifting rates, tight inventory, and rising demand, working with a knowledgeable Loan Originator is invaluable. Choosing to buy a home with a UMortgage Loan Originator provides homebuyers with value that extends far beyond their initial home purchase. They’ll receive a trusted mortgage advisor who will be proactive to help them maximize the investment they’ve made in their home, save money when mortgage rates drop, and build generational wealth through real estate. UMortgage has LOs licensed from coast to coast and based in a town near you to provide guidance specific to your homeownership goals. With an expansive portfolio of lenders to get you the lowest rate, thorough knowledge of loan guidelines for specific loans like VA loans and more, and a dedication to providing you with a mortgage that prioritizes your needs first, there’s never been a better time to start your homebuying process. Follow this link and fill out the form to connect with an LO near you!

NewsNovember 6, 2024

Kahren Oxner Founds EmpowHERed to Lift Women in the Mortgage Industry

Historically, the mortgage and finance industries have been predominantly represented by men. According to data from Zippa, 44.7% of loan officers in the United States are women. Of that group, women loan officers earned 87% of what their male counterparts earned. While this gender disparity has decreased in the last decade, Kahren Oxner, a UMortgage Branch Manager, identified the need for a community that helps amplify the voices of women in the mortgage industry and creates equitable growth opportunities. This led to the creation of EmpowHERed—a group exclusively for women at UMortgage and within the housing industry that provides a platform for connection, growth, and empowerment. Considering the need for such a group not just at UMortgage but for the industry as a whole, Oxner said, “I created EmpowHERed because I wanted to create a space for women in our industry to come together, thrive, and grow as a team. This organization is home to so many incredible communities, but it was clear that we were missing one for the great women throughout the company. We needed a place where we could come together, get to know one another, deepen our relationships, support each other, and just have fun.” EmpowHERed is a dynamic group with more than 146 members from UMortgage and the broader housing industry. The group hosts open forums known as EmpowHERed Hour, where members can share insights, discuss challenges, and support each other. Additionally, it produces the EmpowHERed by UMortgage Podcast which amplifies the voices of women in the industry by featuring their stories and the initiatives they're leading to drive positive change. “I’ve always thought that it was incredibly important to support women in the mortgage industry and bring forward different perspectives,” continued Oxner. “Bringing unique voices in and giving them the space to provide fresh ideas and different opinions wholly enriches us. It’s so important to allow those voices to be heard to continue to push our industry forward.” A research study conducted by McKinsey & Company found that organizations in the top quartile of gender diversity on executive teams are 21% more likely to outperform their less gender-diverse counterparts. While plenty of progress has been made for women in the mortgage industry, there’s still plenty of work to continue to bridge the gap and create a more equitable industry for mortgage companies and the homebuyers they serve. Looking ahead, Oxner is optimistic about the future of women in the mortgage industry. “I’m proud to have started this movement, but now it’s evolved into something with a life of its own,” she expressed. “We’ve seen a lot of amazing growth with the number of powerful women we have at UMortgage and I’m excited to see what the future holds!” Visit this page to learn more about how Oxner and EmpowHERed are helping bridge the gender gap and empower women in the mortgage industry.

NewsOctober 29, 2024

The Road to 300 | Ben Bell Marks a Milestone of Families Served

The Road to 300 | Ben Bell Marks a Milestone of Families Served at UMortgage Ben Bell’s approach to his business’ continued success starts with one thing: genuine care for the clients he serves. Since joining UMortgage in June 2022, Ben Bell has made a huge impact on his community in Atlanta and throughout Georgia. We’re proud to share his latest milestone—his 300th loan closed with UMortgage! As a Senior Branch Manager and Scotsman Guide-ranked originator, Ben’s journey with UMortgage has always centered around his profound commitment to the clients he serves. In many ways, this commitment to the clients he serves has been a key driver in his continued success over the years. Creating Homeownership Dreams, Regardless of the Size With more than 15 years of experience in the mortgage industry, Ben’s success is about more than just numbers; to him, success means that he’s made a positive impact on the families he serves. Every loan offers a new opportunity to guide his clients toward long-term financial freedom. Ben’s approach is simple yet powerful: prioritize relationships, not transactions. “There’s not one program that I say I’m better or worse at,” shared Ben. “My favorite loan product is literally all of them. I’m just as happy to help a client who wants to buy an $80,000 manufactured home as I am to do the $2 million jumbo loan.” This philosophy reflects Ben’s genuine desire to help anyone—regardless of their background or financial situation—achieve their dreams of homeownership and access the life-changing benefits that come with it. Mortgage Service that Goes Beyond the Loan Buying a home is one of the biggest financial commitments most people make, and Ben sees his role as pivotal in helping clients achieve financial freedom through responsible homeownership. Many in the mortgage industry view clients as one-time transactions, but Ben envisions something far greater. For him, each mortgage represents an ongoing relationship where he serves as a trusted advisor for his clients’ long-term financial well-being. “I take so much pride in the relationships I have with my borrowers,” Ben emphasizes. “We impact lives every single day. It’s a big financial sacrifice that people make to get their mortgage, and I want to make sure that their experience getting that mortgage and owning their home is the best out there.” How Mortgages Make a Difference in Your Community For Ben, every loan closed is another life positively impacted, another opportunity to support a client’s dreams and a testament to his commitment to relationships that last long after closing day. Ben is a testament to the positive impact loan officers can have on their communities when they’re equipped with the right resources and a supportive team that fosters their personal & professional growth. UMortgage is committed to empowering homebuyers nationwide, providing access to the most affordable mortgage options available while ensuring expert guidance from a local loan officer who genuinely has their best interests at heart. Follow this link and fill out the form to get connected with an LO in your area today!