Some people look at March as the beginning of the end of winter. Others look at March for the incredible spectacle of “March Madness”. I have always looked at March as a barometer of my activity and the first reflection point of the year.
When we built our business plans last October, we had a series of projections as well as expectations. With the first two months of the year in the books, and most of what will close for us in the first quarter obvious, this is the first look as to how we are doing and to see if there are any adjustments needed to our process.
March is also the anticipation of the spring buying season and all the activity we will expect to see in the months to come. That is why a quick look at our numbers is important, to not only look at what has closed or is about to close, but to look at the number of preapprovals we have, the referral partner activity, the types of clients, loans, and challenges we have seen since the start of the year, so we can make whatever adjustments needed and MOVE FORWARD!
The mortgage business is not static, it is a FLOW! While there will be peaks and valleys in actual results, over the long term, our industry pretty much follows patterns that reflect our own specific markets and referral partners. The ability to make the adjustments based on what you are seeing now versus what you had projected, is a simple yet critical task in your business to help keep you moving FORWARD!
Rates have been improving and today we will get initial and continuing claims, and Friday we will get the February Jobs Report, all of which can move the markets! So, pay attention, and as you moved your clocks forward on Saturday night, we spring ahead into a great buying season!
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