Mortgage brokers will have to face some "brutal facts" about the business in the next year, Ownit Mortgage Solutions chairman and chief executive Bill Dallas told attendees Dec. 6 at the Business Plan 2006 meeting in Las Vegas.The challenge is for mortgage brokers to change while their business is still good, according to Mr. Dallas. Comparing mortgage brokers to the boiled frog parable, he said, "I think what's happening to you and me is, we are being boiled alive," explaining that most originators keep doing the same things even as rates rise. It's been a great run, Mr. Dallas said, but "the party is over, [it's time to] go home, but we don't want to leave." Another challenge is that "everyone wants a piece of your pie," including Realtors, builders, and the retail units of mortgage bankers, he said. But the mortgage is a commodity that nobody wants -- what everyone wants 100% of is the "customer's wallet," Mr. Dallas said. To survive, mortgage brokers need to exploit their competitive advantage of being able to "touch and feel" the customer at the point of sale, he said. Business Plan 2006 is being sponsored by LoanToolbox in conjunction with Broker magazine and Origination News.
-
In an interview, Candor Technology's Sara Knochel recounts how she applies her childhood interest in languages and numbers to crucial home lending issues.
33m ago -
The report seeks to help banks "disrupt rapidly evolving AI-driven fraud," according to Treasury's Nellie Liang. The report found banks have difficulties accounting for AI risks.
10h ago -
The lender accused its former leader of compromising its Fannie Mae seller/servicer number to prevent it from delivering loans.
11h ago -
Equity is entitled to a little over $70,000 worth of damages.
March 27 -
Audited financials, proof of fidelity bonds and errors and omissions insurance must be provided on Ginnie Mae Central after May 13.
March 27 -
Deferrals are up but still haven't outpaced loan modifications in conservatorship-era foreclosure prevention, according to the Federal Housing Finance Agency.
March 27