By David Lykken
Special to MPA
When I recently discussed secondary markets with Julie Messina of CNN Mortgage, the ultimate question was asked of her: what is the one thing that loan originators need to know about secondary markets? Her answer: education.
More specifically, loan originators need to be willing to take advantage of education opportunities. The reality is there could never be just "one thing" to know. The market, with its changing regulations and consumer trends, is always on the move. The important thing is for LOs to have a willingness to learn.
When secondary markets provide educational opportunities, they are doing so for a reason. They want their LOs to have everything they need to generate the loans that can best be serviced. The most important thing for LOs to do is to take advantage of those opportunities for learning provided by the secondary markets.
David Lykken is 40-year industry veteran who consults on virtually all aspects of mortgage banking. David hosts a successful weekly radio program called “Lykken On Lending” (www.LykkenOnLending.com) that is heard each Monday at noon (Central Standard Time) by thousands of mortgage professionals