Looks like a slow news day; not much being reported is “new” in the news. Maybe, that’s a good thing as it indicates that for the most part things may be settling down. According to most reports, the economy is slowly on the rebound, the job and wage market is improving, housing values are stabilizing and interest rates remain low. Sounds good for lending.
With an election year just around the corner, it would seem that we most probably will not see any major changes coming out of Washington which may affect housing policy or lending. We already are well aware of the TRID changes coming in August. Hopefully, you’re well on your way toward getting prepared to comply. If not, you had better get cracking; time’s a wasting.
It’s a good time to evaluate your operations and originations. What can be done to streamline operations, reduce costs and improve the quality? Where are your target markets for lending over the next few years? Have you looked into originating Reverse Mortgages, or Rehab loans, FHA lending or maybe stick to standard conventional QM loans? Are you ready to step out and do some non-QM lending? I hear the high end of the market is doing quite well.
Regardless, you should have a plan so you can provide direction to your origination staff, training to your operations staff and develop the systems and processes to handle the products and service the consumer’s you desire. Each will require a different marketing plan and different skill sets. It’s difficult to be all things to all people. When you try most times you end up doing a half fast job across the board. No one wants to be half fast; nor does anyone want to receive half fast products or services.
On a slow news day, take the time to reflect on what works, what can work and what you want to work. Once you make up your mind, create a plan to accomplish your goals and succeed at what you decide to do.
There are plenty of opportunities for business out there. Don’t waste time chasing rainbows and wishing things could be different. The market and regulatory climate is what it is and we now have some experience in playing in that arena. Use it to your advantage.
Where do you see the opportunities? Do you have a vision and a plan to make that vision work, or are you waiting (hoping) for something better to come along? Can and will you succeed at mortgage lending?
Whatever you decide, go full speed ahead.