MPA reveals why mortgage experts are looking forward to 2024
As we bid farewell to the challenges of 2023 and look at 2024, the mortgage industry is abuzz with cautious optimism. In a recent recording of MPA’s The Big Question series, industry leaders shared their insights and expectations for the year, painting a picture of resilience and opportunity.
Michael Simmons, co-president of AXIS Appraisal Management Solutions, spoke to the dynamic nature of the market, stating: “There is a velocity of volatility in our marketplaces today. We don’t stay stuck for very long.” He anticipates a tipping point where lenders will become more aggressive, and borrowers will gain confidence, leading to a more vibrant market in 2024.
Echoing this sentiment, John Wise, EVP of sales national production at Newfi Wholesale, remains steadfastly positive. “I wake up optimistic... all of us together are trying to accomplish the same thing,” Wise told MPA.
Mike Pearson, SVP of business development at A&D Mortgage, yearns for stability. “Some stability would be nice,” he said, expressing a desire for a more predictable market environment to navigate effectively.
Brady Ryan, West region sales manager at Lima One Capital, sees opportunity in adversity. “Rates will not stay this elevated,” Ryan added. “They might stay elevated longer than folks hope and believe and want. But look, optimism is a perspective that you choose to sort of implore with you in your daily life, and you can choose to be optimistic about re-crafting your tools and iterating on products and solutions you can offer your clients. So I think it’s really a sort of a singular choice, and you need to choose individually whether you want to be optimistic or not.”
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Raymond Eshaghian, president of Greenbox Loans, projects rate improvements in 2024, which he believes will stimulate refinances and purchases, creating ample opportunities for originators.
Carl Markman, director of national sales at REMN Wholesale, emphasizes the importance of relationship-building. “If you’re in front of your customers consistently and constantly... I think there’s going to be some great opportunity for those that stick it out,” he advised.
Juan Villegas, director of national sales at Calyx Software, and William Fisher, EVP of non-QM and jumbo lending at LoanStream Mortgage, both foresee a period of adjustment and growth. Fisher specifically noted the increasing innovation in products and investor interest, predicting a strong refinance boom if rates decrease.
Tyler Mason, account executive at Excelerate Capital, meanwhile, is also bullish about the non-QM sector. “I think 2024 is going to be a great year... non-QM is making a big presence in our market today,” he said, pointing to expanding programs and increasing broker interest.
Watch the full MPA TV episode for free to gain more insights.
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