Coming off a fantastic year in the mortgage industry in 2019, there’s no question that opportunities will abound in 2020; but, those opportunities will be embedded within the most competitive marketplace we will have ever seen.

Though currently tempered by the uncertainty surrounding COVID-19, purchase buyer demand should be relatively strong in 2020 thanks to improving affordability and the continued demographic shift toward Millennials.

Inventory has been the Achilles heel of the purchase side of the business for some time now and will continue to be an issue in 2020, especially has seller confidence dwindles in the face of COVID-19. How do you respond? By growing your pipeline and strengthening your borrowers’ offers.

As the “Silver Tsunami“ sees Babyboomers selling off loads of inventory over the next 15 years, the typical borrower will be dual-income, dual-decisionmaker households that are tech-savvy and relationally-minded.

As the typical borrower profile continues to shift, maintaining a diverse product mix will be critical to succeeding in 2020 and beyond! High LTV and low-downpayment offerings will be essential, as will your company’s ability to underwrite loans that factor in multiple income sources and self-employment income.

As dialers, marketing automation, and digital mortgage technology become more ubiquitous, differentiating yourself through human connection will become pivotal to sustaining sales success in 2020 and beyond.