« articles »
By Drew Kessler
Managing director
KMg Mortgage Consulting
Recovery Depends on You — So Speak Up
Never stop telling people what you do, why you do it and how you can help
In markets around the country, it’s now cheaper to own a home than to rent. If you operate in such a
market — refer to online rent-buy comparisons to find out — you should deliver this news to everyone you know.
In fact, anyone working in the mort-
gage industry should make it their
mission to share messages such as
this. By educating the public about
the positives of homeownership —
and explaining the advantages and re-
sponsibilities of buying a house — we
can begin to counteract the industry’s
negative image.
California Mortgage Bankers Association
;;TH ANNUAL
WESTERN SECONDARY
MARKET CONFERENCE
July 13-15, 2011
Westin St. Francis Hotel | San Francisco
Go to www.CMBA.com for registration/sponsor info!
Keynote Speaker
Neel Kashkari
Managing Director, PIMCO
Bag
Sponsor
Gold Sponsors
loans can receive financing with low FICO
scores and high debt-to-income ratios.
not only that, but real estate prices are
cheap compared to five years ago — in
many areas, extremely cheap.
Looking at national figures, Moody’s
Analytics found that the average U.S.
family could pay for the average house
with about 19 months of total pay.
That’s the lowest monthly total since
the mid-1970s.
Despite all this great news, many
mortgage professionals fail to deliver
the message and to explain how they
can help. Because of this, our industry
continues to suffer from negative associations and media coverage. By and
large, we’re seen as fly-by-night salespeople who want nothing more than to
take advantage of our clients.
This couldn’t be further from the truth,
however. Today’s mortgage originators
are professionals who face strict regulations and make it their duty to educate
clients and support positive economic
growth. We should also make it our duty
to deliver our message far and wide.
Consider the efforts of the national
Association of Realtors, which promotes its talking points widely and
often. The association’s current campaign, Home Ownership Matters, delivers some amazing facts, including:
• for every 1,000 home sales, about
500 jobs are added to the economy;
• every home purchase pumps almost
$60,000 into the economy; and
• housing accounts for more than 15
percent of the national gross domes-
tic product.
Statistics such as this make a strong
case for homeownership, and we in the
mortgage industry should take note.
After all, we and Realtors want the
same thing: to get people into houses
and to strengthen the overall economy.
Buying a home is a great investment.
It’s also what makes the economy move
forward. If mortgage originators don’t
stand together with other housing professionals and start delivering this message at every opportunity, we’ll all suffer.
now is a great time to buy a home.
It’s also a great time to help people find
the mortgage of their dreams. As you
do, never stop talking about who you
are, what you do and why mortgage
professionals represent the key to our
national recovery. •
Bronze Sponsors
Avista Solutions
Mortgage Builder Software
PC Lender
PHH Mortgage
The StoneHill Group
Publication Sponsors
Scotsman Guide
Housing Wire
National Mortgage News | Origination News
Secondary Marketing Executive
DS News
Drew Kessler is managing director of KMG
Mortgage Consulting. He is the immediate
past president of his local board of Realtors
and is the first loan officer in the board’s
history to achieve that honor and position.
Kessler appears regularly on Fox Business
news for his expertise on the housing
industry, and he publishes a weekly housing
report at drewkessler.com. Reach him at
drew.kessler@kmgmc.com.
