A Primer on Magnifying Your Mortgage Market Share
In the midst of a temperate period within the mortgage industry, there is an increasing momentum among lenders eager to amplify their reach into new states, pursuing a larger slice of the market share pie. Venturing into the unknown, however, evokes a sense of formidable challenge akin to the monumental expedition undertaken by Lewis and Clark in the expansive lands garnered through the Louisiana Purchase.
While this comparison may carry a hint of exaggeration, the trepidation surrounding the move into markets characterized by differing dynamics is palpably genuine. Carving out a path of cautious yet determined growth, Gateway Mortgage recently unveiled its strategy, essentially laying down a blueprint for other players in the industry to potentially emulate.
As Steven Plaisance, the president of mortgage banking delineated in a recent discussion with Mortgage Professional America, the expansion encompasses welcoming Arkansas, Missouri, and Tennessee into its operational landscape. During this telephonic interview, Plaisance emphasized the significance of the selected locations, alluding to the prevailing market conditions that currently dominate as a crucial factor in this decision.
Plaisance elucidated, “Each market carries its unique tempo and pulse, and right now, it is pivotal to understand that not all markets are painted with the same brush.” He further shed light on the varying levels of “housing pain” that are currently being experienced in diverse regions across the country, highlighting the acute need for a meticulous analysis before plunging into expansion ventures.
In a nod to earlier conversations, Plaisance reiterated the enduring importance of establishing collaborations with loan officers bearing a seal of trust and a proven track record. However, he championed an equally significant aspect – a profound comprehension of the state-specific dynamics influencing the housing industry.
Elaborating on Gateway Mortgage’s existing footprint, he conveyed, “Our network sprawls appreciably in the central to southeastern corridors of the country, a region witnessing a robust housing market showing signs of resilience.” As he expounded on their geographical focus, states such as Texas, Oklahoma, and Missouri prominently featured, painting a picture of a well-thought-out strategy pivoting on regions demonstrating strong market potential.
As Gateway Mortgage gradually unfurls its plans, emerging as a study in methodical and strategic growth, industry peers and new market entrants are presented with a vivid roadmap, laden with cues on sculpting expansion narratives in a landscape as diverse and dynamic as the U.S housing market. One thing stands clear, as affirmed by Plaisance, diving into new territories necessitates a deep-seated understanding of regional peculiarities and the readiness to forge trusted alliances, forging a path characterized by both awareness and collaboration.