Bridget Thomsen is a senior loan officer with Mortgage Master working in Boston.
Every week, we ask an Boston real estate professional for their thoughts on the top trends in Boston real estate.
This week, we talked with Bridget Thomsen, a senior loan officer at Mortgage Master.
Boston Agent (BA): The Federal Reserve recently released data that showed mortgages in 2013 were at a six year high. However, a large portion of that growth was due to more high-income buyers taking out loans. Have you noticed this trend in Boston, and if so, what do you think is driving it?
Bridget Thomsen (BT): It’s obvious that Boston exhibited a similar phenomenon, but it was mostly due to the affluence in this area of the country. Boston is a very wealthy city, and clearly having more assets to qualify with and less debt, it will skew the origination distribution in the favor of the aforementioned borrow base.
BA: The Mortgage Forgiveness Debt Relief Act of 2007 is set to expire at the end of this year. If an extension isn’t issued, what problems might the absence of debt relief cause?
BT: It will most likely be extended, given the tenious nature of housing inventory, from under equity hotspots and the need to help low income borrowers in general. If the extension isn’t granted, there’s no doubt the housing market will feel the negative effects, which could decrease overall confidence and lead to a decrease in the overall acceleration of economic output that we have witnessed recently. Specifically, if our loans default at a greater rate due to lack of government sponsored debt relief, then housing values could cool faster than they normally would given seasonal and cyclical influences. The bottom-line is that now is probably not the best time to banish this program.
BA: Boston’s real estate market picks up in both spring and fall. With home sales already increasing, which means more work for you, how are you keeping yourself organized?
BT: I never have a stitch of paper on my desk, I’m a very organized person regardless of the amount of business I have; it’s just in my nature. But, I will attribute some of my more recent organizational accolades to the fact that I have an amazing team. My husband owns the firm. I have my brother, my sister in law and my niece who are also on my team. We are a family helping families with generational solutions, to steal a quote.
Apart from that, Mortgage Master provides us with great systems that allow for streamlined organization, and I also try to include technology in my business as much as possible, which cuts down on paper and clutter. I’m constantly using electronic calendars and reminders to keep myself on schedule. And since digitizing our files, I’m not burdened or overwhelmed with stacks of contracts and various other work documents.
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