In the mortgage industry, things change on a nearly daily basis. If originators aren't keeping up with these changes, they aren't going to survive
By David Lykken
Special to MPA
In the mortgage industry, things change on a nearly daily basis. The ever-fluctuating economy has a tremendous influence on whether or not people are buying homes. New regulation is always being either put into effect or proposed by the many regulating bodies that have amassed in the past few decades. Technology is constantly being developed that can make mortgage operations more efficient, and grow the industry at a higher rate than in the past.
If we aren't keeping up with these changes, we aren't going to survive. The lenders who make it through the tough economic times, the ever-changing regulation, and the evolution in technology are going to be those who are paying attention. The greatest tragedy is the lender who goes to work, day in and day out, with his blinders on. When you are just focused on doing your job and then going home for the day, you miss out on how you can do your job better.
Are you reading the top trade magazines for the industry? Are you reading blogs? Listening to podcasts and radio shows? Are following the recent reports released by various organizations? Do you know what's going on in the mortgage world outside of your own walls? If not, now is a good time to start.
There is a wealth of information out there – much of it available at little to no cost. Don't just sit by and passively wait to improve yourself; be proactive. Start following industry trends today; you'll be glad you did.
David Lykken is 40-year industry veteran who has been an owner operator of three mortgage banking companies and a software company. As co-founder and Managing Partner of Mortgage Banking Solutions, David consults on virtually all aspects of mortgage banking with special emphasis executive leadership development, corporate strategic direction and implementation as well as mergers & acquisitions. A regular contributor on CNBC and Fox Business News, David also hosts a successful weekly radio program called “Lykken On Lending” (www.LykkenOnLending.com) that is heard each Monday at noon (Central Standard Time) by thousands of mortgage professionals. Recently he started producing a 1-minute video called “Today’s Mortgage Minute” that appears on hundreds of television, radio and newspaper websites daily across America.
