Selling your business. What to do if you missed the boat…
It’s true everywhere…just more so in the mortgage industry. Timing is everything
You might have missed an opportunity to sell your company because your re-fi business stopped recently. Believe me, I’ve seen it in more than a few instances.
However, don’t despair. There are things you can do to rebuild your company so once again you become very profitable and attractive to those seeking to purchase mortgage banks and lending companies…
- Jumbo and super jumbo mortgages up to $5 million. Just because re-fi is dying doesn’t mean lending is
- VA IRRRRLS according to the book with no overlays
- TARP loans with no appraisal requirements
- Reverse mortgages. Do these properly, as they’re coming under scrutiny. But they can be worth the effort.
- Strengthen your ties and relationships with Realtors.
- Procure new warehouse lines that will allow super jumbos and reverse mortgages.
- Find a result-orientated consultant who only gets paid if his or her ideas work!
- Sell your servicing so you can replenish your capital base.
- Merge with a stronger lending company or bank.
- Write new business plan that considers your new circumstances and goals, and implement it ASAP.
Again, it’s not time to panic. This is, and always has been, a cyclical industry. We’re just seeing the end of what some consider to be an artificially prolonged cycle. There’s plenty of opportunity in a purchase cycle too, and that applies to your business.