0
0
Times they are a changing in the mortgage industry. At this year’s Conference of Regional MBAs held in Atlantic City, just about every session and speaker discussed the changes which have taken place, are taking place, and still to come in the mortgage industry.
Bright and early on Wednesday, the residential segment of the conference began with Barry Habib, CEO of MBS Highway, giving his invaluable insights into what’s happening as a result of rising interest rates, the housing shortage, to what loan originators and their companies need to do to change to compete.
Barry in his tough, no holds barred, presentation made it very clear that lenders and LOs must be trusted advisors, not just order takers. Know your customers, your markets, and your products to guide consumers through one of the most important financial decisions of their life.
Barry was followed by the all-important Industry Leaders panel moderated by Regina Lowrie, of RML Advisors, who led the panel of top Execs, Peter Norden (HomeBridge), Stan Middleman (Freedom), David Motley, Current MBA Chair (Colonial) and Rich Thornberry (Radian), through a conversation on how to survive in the new purchase mortgage market; life after refi’s.
Topics ranged from business strategies to challenges lenders will face in volumes, credit, risk, and servicing, to what’s happening with GSE reform and the private label MBS’. Some great insight from some pretty high-powered people.
Dave Stevens, President & CEO of MBA, followed with info on what’s happening in Washington, DC, warning lenders to be careful not to trade off loan quality for volume. Lenders do not want to repeat the sins of the past.
My social media panel on improving brand recognition and business rounded out the day. Again, the main theme was change. What lenders and LOs need to know and actions they need to take to attract more customers and how to keep compliant when using social media.
It’s not only the markets and the industry that are changing, it’s the consumers and how they shop that’s changing as well.
Potential buyers shop online for their home and their financing. Lenders need to be where they shop, with the products, services, and information they need.
Having a presence on the right social media sites, with the right messaging, at the right time will help. Siera Smith of WebMax and Mike Petrie of SocialDetection.Com provided attendees with great ideas for the use of social media and how to monitor its content to protect yourself. Some good stuff, if I may so
There was plenty of time for fun and networking with friends, colleagues, and potential business partners. Loanlogics rocked the conference having everyone ‘Play different’ by providing attendees with complimentary tickets to the Wednesday Harrah’s Nightclub Pool party.
Hope to see you there next year.
