Mortgage experts across America feel more optimistic in 2023 than they have in the last year or so. The latest Scotsman Guide Sentiment Survey found that over half of the originators surveyed expect the market to improve over the coming months and see mortgage volume rise.
America’s Top Originators Have Spoken
Founded in 1985, Scotsman Guide Media is one of the most trusted resources in the mortgage industry, providing news and tools to commercial and residential mortgage professionals. This Sentiment survey polled Scotsman’s Top Originators, a listing of the country’s top-producing residential mortgage originators. The results show these pros feel confident about their ability to handle the challenges of a changing economic landscape. They are optimistic about their ability to adjust to new mortgage rules and regulations and work with emerging technology.
Good Feelings About the Markets
According to the survey, most originators believe the housing market will remain strong in the face of rising home prices. Top originators are also optimistic about the job market and the overall U.S. economy. Most respondents expect their businesses to grow over the next few months, with more loan applications and more successful closings. They see a strong potential for growth in the housing market and are looking at expanding into new markets and developing new marketing strategies to reach more potential buyers.
A Seismic Shift Over Six Months
The survey asked the top originators to rank how their businesses will perform during the next six months compared to the current period as “better,” “the same,” or “worse.” Overall, 64% saw a better business future, 29% thought it would remain the same, and just 7% had a worse outlook. That’s a significant shift from January 2022, when fewer than half of the Sentiment survey respondents saw a better future. And the recent survey represents a massive turnaround from the June 2022 numbers, when just over 20% of respondents believed things would improve.
Jeffrey Sabourin, Chief Product Officer for Scotsman Guide, says, “What a difference six months make. [Originators] are responding optimistically to recent market signals.”
Things Look Sunniest in the South
Where do originators have the most optimistic outlooks? Mortgage professionals in the U.S. south have the highest optimism, with 68.7% in that region foreseeing better months ahead. The west follows with 60.8% positivity. Originators in the northeast gave an outlook with 55.6% on the better side.
By profession, brokers had the highest levels of enthusiasm, with 70.5% positive responses. Bankers lagged just behind overall numbers, with 61.1% forecasting that business will improve.
The coming months could very well be the perfect time for you to finance your dream home. To find out more, contact the expert originators at The Decker Group at First United or call us at (972) 591-3097.