{"id":370999,"date":"2022-11-23T09:00:00","date_gmt":"2022-11-23T14:00:00","guid":{"rendered":"https:\/\/www.housingwire.com\/?p=370999"},"modified":"2022-11-22T18:25:01","modified_gmt":"2022-11-22T23:25:01","slug":"how-to-communicate-rate-changes-to-borrowers","status":"publish","type":"post","link":"https:\/\/www.housingwire.com\/articles\/how-to-communicate-rate-changes-to-borrowers\/","title":{"rendered":"How to communicate rate changes to borrowers"},"content":{"rendered":"\n

Mortgage rates<\/a> are changing every day \u2013 and those changes can have big effects on borrowers. Over the last year, it seems that most of those changes have taken an upward trajectory, but there are times that monitoring mortgage rates means good news, such as the rate drop<\/a> from 7.37% on Nov. 9 to 6.67% on Nov. 10. <\/p>\n\n\n\n

So how \u2013 and how often \u2013  should you be communicating rate changes to your borrowers?<\/p>\n\n\n\n

Checking on rates<\/strong><\/h2>\n\n\n\n

Jack Skovgard, a broker with Long Beach Home Loan Corp., said the first thing he looks at every morning is what\u2019s happening with mortgage bonds and rate pricing compared to the day before. Depending on that margin, he said, he decides whether to call clients and update them on rate pricing. <\/p>\n\n\n\n

It\u2019s important to update borrowers that are going through a refinance or are at some stage of the purchase process pretty regularly on movement in the market, but mostly when something significant happens. <\/p>\n\n\n\n

\u201cI don\u2019t want to be a broken record that\u2019s like, \u2018Oh, pricing\u2019s better today, oh, pricing\u2019s worse today,\u2019 because none of that really matters unless you can lock a loan on that day for that pricing,\u201d Skovgard said. <\/p>\n\n\n\n

It\u2019s not useful to tell borrowers about a rate they can\u2019t get unless they\u2019re ready to lock a loan at that moment. It typically adds more stress to the process, as there\u2019s nothing a purchase client can do to get their offer accepted faster. <\/p>\n\n\n\n

Making the call <\/strong><\/h2>\n\n\n\n

Skovgard said the reason he communicated the Nov. 9-10 rate drop to his borrowers was because it affected approval for a lot of his clients who are currently shopping for homes.<\/p>\n\n\n\n

Those calls entailed updating borrowers on the drop in pricing and what that means for their loan scenario. He provided numbers on how they could increase their purchasing power and what their new payment would look like based on the pricing drop. <\/p>\n\n\n\n

\u201cJust good information for people who are actively in the process to have and to work with,\u201d he said. <\/p>\n\n\n\n

He also noted that he wanted to reach out to borrowers about the rate drop early because that kind of rate change can become national news quickly, and it\u2019s important that they hear about it from him as an expert that they\u2019re using for the homebuying process. <\/p>\n\n\n\n

\u201cI think it helps build trust in the relationship for them to hear from me first, and then hear it from neighbors, friends and online sources after the fact,\u201d he said. <\/p>\n\n\n\n

Communicating with borrowers<\/strong><\/h2>\n\n\n\n

So how should you communicate rate changes with your borrowers? <\/p>\n\n\n\n

First, try not to get too deep into the weeds on inflation data and the details of why pricing may have improved. Clients are relying on their broker or LO\u2019s expertise to help them navigate through the process, rather than trying to dig into the specifics of inflation and rate data themselves. The goal is to help them take advantage of the best loan scenario possible by predicting and explaining to them how pricing may change in the future. <\/p>\n\n\n\n

\u201cWe find it best to always make the phone calls; whether they\u2019re good phone calls or hard phone calls,\u201d Skovgard said. <\/p>\n\n\n\n

For clients that are on the brink of getting an offer accepted or those who have just gotten an offer accepted, make sure you have a direct conversation about locking their loans and their rates in before doing so. Some clients may choose to heed advice and some may choose to float their locks and not lock it in yet in anticipation or hope for better pricing. <\/p>\n\n\n\n

\u201cIt can be a gamble if you do that, which is why I just try and indicate my best advice to the client,\u201d he said. <\/p>\n\n\n\n

Building trust <\/strong><\/h2>\n\n\n\n

Communicating with borrowers is key, especially in a business based on trust and referrals. <\/p>\n\n\n\n

\u201cIt\u2019s my job to inform borrowers of where the pricing is at, navigate them to the best decisions that I think should be made, and let them, as my client, ultimately make the decision of whether to lock in the rate for the loan or not,\u201d Skovgard said. \u201cI can give my best advice about what I think they should be doing based on my experience.\u201d<\/p>\n\n\n\n

Your goal should be to position yourself as a trusted expert to your borrowers. There are a variety of ways to do that, including through your communication methods and by continuing your education through podcasts<\/a> and other media. 
You can keep a close eye on mortgage rate changes by visiting HousingWire\u2019s Mortgage Rates Center here<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

It\u2019s important to update borrowers that are going through a refinance or are at some stage of the purchase process pretty regularly on movement in the market, but mostly when something significant happens.\u00a0<\/p>\n","protected":false},"author":661,"featured_media":364650,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1692],"tags":[267458],"coauthors":[42105],"acf":[],"yoast_head":"\nHow to communicate rate changes to borrowers - HousingWire<\/title>\n<meta name=\"description\" content=\"Mortgage rates are changing every day. 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