Recently, Rob Chrisman wrote me and said this is the first time since 1981 most mortgage professionals have experienced a rising interest rate environment. During the refinance era of the past, we had a few increases, but the market largely saw declining interest rates. Today, we are in a completely different era.
This market shift has different effects for the two categories of mortgage professionals: company leaders and loan officers. Leaders are facing shrinking margins, as the cost per loan has gone out of control. They are having to make difficult decisions, looking at exactly how much staff they need to operate and what luxury expenses they must cut.
Loan officers are experiencing a different set of challenges. They are facing greater competition than ever before. LO’s have not had to fight for each loan in the same way they do today. Additionally, they must adapt to a permanently changing environment as the industry enters into the age of digitization. They must figure out how to redefine their role in order to stay relevant.
When we have times of challenge and transition, some people assume that their business will inevitably take a downward turn from which they’ll never recover. I don’t believe this is true. I actually believe challenging times are a gift that force us to refine our process and practices. This month, I’ll be sharing steps mortgage professionals can take to thrive, not just survive, during today’s tough market. If you’re ready to take control of your business in a powerful way, this series is for you.
XINNIX Founder and CEO
To hear the full interview with Casey about the Gift of Challenging Times, CLICK HERE to listen to our podcast.