“I'm a multitasker. I can listen, ignore, and forget all at the same time!” We won’t, however, soon forget this part of the business cycle. “Rob, thank you for all your help placing ads for Ops staff for us. With the ‘Work from Home’ movement, and cutbacks, we don’t need all of this office furniture. Would you run an ad to sell it?” First off, I told the person that no, I wouldn’t. But more importantly, this well-known lender is experiencing what many lenders are, which is that cutting back can be just as difficult, if not harder, than expanding. We all knew that “refi burnout” would happen, but the speed at which mortgage rates have moved higher cutting refis, and purchase business not filling the void, surprised many. Originators have changed their tactics; Todd Duncan, renowned mortgage sales and training expert, will be discussing how LOs can adapt to this environment on The Rundown with Rich &
“Looking out at the road rushing under my wheels… Looking back at the years gone by like so many summer fields.” Yes, at the end of today we’re halfway through with 2022 (already). Time passes, hair styles, relationships, people, pandemics, and companies come and go. (Today’s joke has to do with the passing of time.) History is made and remembered. Woody Williams, the last surviving WWII Medal of Honor recipient (Iwo Jima), died yesterday at 98, as did Hells Angel founder Sonny Barger. When was the last time COVID made the headlines? Yesterday the Commentary noted, “Remember names like AmeriLoan, Countrywide, PNC, WaMu, Home Savings of America, Fleet, Great Western, World Savings, Associates, Nat City?” My apologies to PNC, and the many who wrote in, saying that it is alive and well. Business cycles are alive and well: With rates escalating higher and the home price appreciation that has taken place, buyer interest has rapidly deteriorat
Tabrasa’s Patrick H. wishes everyone a Merry New Year! Yes, 2022 is here, with its thousands of cancelled flights due to weather and omicron. Older loan officers tell me that being 20 in the seventies was much more fun than being seventy in the 20s. Things are always changing, although one thing that never changes are independent mortgage bankers who think the market is undervaluing their company. Remember all the doom and gloom predictions for mortgage volume in 2021? They were wrong, and the Mortgage Bankers Association estimates that we did a record $1.61 trillion in purchase loans last year. Not too shabby. It’s the new year, and wouldn’t it be fun, as a goal, to say you’ve had a drink (soda pop counts) in the oldest bar in each state!? Here’s your guide. Managers at lenders may need that guide this year, given rate, volume, and margin forecasts. We’re in a cyclical business, and managers enjoy expanding and hiring much more than cutting ba
NMP honors the 40 under 40 professionals writing the future of the mortgage industry. They bring fresh perspectives, new energy, innovative approaches and fiery passion that are critical to keeping business thriving.
Women in the Housing & Real Estate Ecosystem (NAWRB) is pleased to announce the Winners of the 2021 NAWRB Leadership Awards. As they pass the eighteenth.