The mortgage market is experiencing a significant rally over the past week. Rates are dropping rapidly, and there’s immense pressure to keep this momentum going. It’s a golden opportunity for refinances, and we should absolutely seize it. However, there’s a critical reminder we need to keep in mind: don’t forget about the Daily Success Plan (DSP).
Here’s the thing—while chasing refinances is essential, it shouldn’t come at the expense of our DSP calls. The Daily Success Plan is structured to ensure that we cover all bases in every market condition. This means sticking to our schedule:
- Monday: Realtor calls
- Tuesday: Update calls
- Wednesday: Past Client and SIO calls
- Thursday: Pre-approved and looking calls
Yes, the temptation is to focus solely on refi’s, but this can be a dangerous trap. History has shown that when refinance booms come, many loan officers neglect their purchase business. This mistake has been repeated time and again. Let’s break that cycle.
Why is this important?
- Sustainable Business Model: Refinances are great, but they are temporary. When rates go back up, the refi boom will end. Maintaining a balance between refinance and purchase business ensures long-term stability. Aim for refis to make up about 30% of your overall volume.
- Consistent Client Base: Keeping up with your DSP calls ensures you maintain strong relationships with realtors and clients, which are crucial when the refi market slows down.
- Strategic Growth: DSP calls are designed to grow your business consistently. They help you build a robust pipeline of purchase deals that will sustain you through market fluctuations.
Let’s commit to being smart loan officers this time around. Yes, capitalize on the refinance opportunities, but never at the expense of your DSP calls. Stick to the plan, because it’s designed to keep us thriving no matter what the market conditions are.
Remember, the Daily Success Plan is your roadmap to success in all markets. Let’s not blow it this time. Make sure to keep your purchase business strong while enjoying the refinance boom. This way, when the refi wave subsides, you’ll still be riding high on the consistent flow of purchase deals.
Action Steps:
- Block Your Time: Schedule specific times for your DSP calls. Make them a non-negotiable part of your day. Join MMA and participate in Call Stars!
- Track Your Progress: Keep a log of your calls and the outcomes. This will help you see your growth and stay motivated.
- Seek Support: If you’re struggling to balance refis and DSP calls, reach out for help. Join our community for guidance and support.
Come on, don’t blow it this time. Stick to the plan and let’s achieve sustainable success together.