Sep 22, 2020
It has become apparent how things have slowly changed in order to survive and adapt to this global health crisis.
It has become apparent how things have slowly changed in order to survive and adapt to this global health crisis. While this change unfortunately pushed some businesses to permanently close their doors, some industries thrived during these trying times. One such industry is real estate. And although the boom is good news for business, some independent mortgage originators find the sudden rise challenging to manage. Oneindustry thought leader, Colin McDowell steps in to help independent originators and brokers successfully handle the recent boom in real estate.
During a global health crisis with stringent health protocols, one would expect businesses to plummet down into recession. But recent statistics show that housing and real estate purchases between June and July of this year have dramatically increased by 20.7%. And according to economists and real estate specialists, this is because mortgage rates are at their lowest in recorded history. Seeing how the pandemic has caused the housing market to skyrocket, Colin McDowell predicted that the market for the real estate industry would surely flood real estate brokers and firms to the point of drowning them, so he formed CMG Lending Corporation as a platform to help alleviate the inevitable without evolving.
“The housing market is on a high brought on by government stimulus and a pandemic-fueled rush to low density housing,” said McDowell.
While an influx of prospective buyers continues to swamp several real estate brokers and originators, some property investment firms find it difficult to keep up with demands. And having observed this circumstance, McDowell said, “It is difficult for a broker who was managing a handful of clientele in the beginning of the fiscal year of 2020 attempt to manage an influx of business during this spike in home buying, causing delays in closings, because they don’t have back end staff to support their volume.” So as a rising power broker in the mortgage business, McDowell aims to help struggling brokers and originators by partnering with CMG Lending Corporation.
With McDowell at the helm of CMG, a brokerage firm, not a direct or correspondent lender, the company seeks to allow independent originators and brokers to expand their reach by stretching their operations and opening several branches and offices across the area. The company offers brokers and originators state-of-the-art methods for the latter to cut operational costs without sacrificing the quality of service toward their clients. Moreover, by offering assistance and automation through providing transaction coordinators and other tech platforms, the company believes that brokers can focus more on helping their clients get to the closing table.
On the other hand, McDowell reminds prospective buyers to engage in property investment while thinking about long-term effects.
“Prospective buyers have the opportunity to be better positioned for success if they understand that this high will not last and make sure their decision to buy is grounded in longer term factors that will affect their ability to commit to paying down a sizable amount of debt over their loan term,” McDowell added.
Among other rising power brokers taking the same approach, McDowell sets out to lend a helping hand for independent brokers and originators to succeed in handling and managing the spike in the real estate industry by offering additional assistance and wholesale rates. Through CMG, McDowell is a step ahead in leading independent firms to greatness.