I don’t know about you, but I can feel the pressure building around the industry in more ways then one. Since Bush signed the H.R. 5140 stimulus package last week people have been waiting on the side lines for the new loan amounts to kick in. As a home owner in Southern CA I can benefit from the increase and yes I am waiting until the increase happens. It could possibly save me a few hundred dollars a month. In some instances though I feel like I am playing a craps game in Vegas.  Every week that goes by it seems property values decline more and more. Hurry up FHA!

Aside from my personal anticipation there our thousands and thousands of other home owners that will benefit from the increase and are waiting on the sidelines too. Along with these home owners there are even more brokers waiting  for the influx of traffic that will come from the change. Similar to the increase in traffic the industry saw from the fed rate cut there will be one when the loan amounts cap is raised. I think there will be a larger spike this time.

I  know many of you are anticipating the increase like I am, but what are you doing to prepare your business for the increase in inquiries? It is going to be imperative that you are ready and prepared. Is your team ready to process the many applications? Is your sales team knowledgeable with the guidelines of at least 5 specific products? Speed, product knowledge and customer service is going to be very important to efficiently close as many loans as possible.

Now we just have to wait…

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