11-08-2021 Weekly Updates With Alice, Allen, Matt, Les, And Rob

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The first half of the Lykken on Lending program will feature our Weekly Updates. Go to our website to read more about our regulars and weekly updates!

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Weekly Updates With Alice, Allen, Matt, Les, And Rob

Thank you so much for joining us. This show is created by mortgage professionals. It is for mortgage professionals and we’re so grateful to have you as our reader. Our commitment is to bring you timely information in a format that you can read anytime and anywhere. We talk about timely information. We’ve got Nick Belenky join us. He is the Chief Revenue Officer for Surefire at Black Knight, acquired by Black Knight. We’re going to be looking forward to this interview. I had a chance to get to know Nick at the conference. We sat down there for a while and Nick has a great story here. More than just a great story, it’s a great product and a great company.

We’re going to be talking about some of the trends. We’re talking about some of the forecast declines, revenue in refinance volume, and what others are doing. What are the strategies lenders can employ to have success in 2022? It’s already November, and we are starting to look too in 2022. Nick’s going to give and share some of that information. He’s the Chief Revenue Officer, so he is responsible for revenue. I think he’s a good guy to go to. Black Knight saw value in this company. They acquired the company. We’re going to get into a good interview in the Hot Topic segment. Stay tuned all the way through to the second half of the episode.

We are excited to be a part of the Industry Syndicate, IndustrySyndicate.com. Check out all of the shows that are there and as well as listen to them. Check them out. Podcasts are becoming a major thing. We talked about this while we listened to Malcolm Gladwell at the conference and how he was riding the subway and riding in style. Everyone that used to be reading papers are now having their earbuds in and listening to something. “What are you listening to,” he asked. “I’m listening to a podcast.” He created a podcast and it has taken off and does very well. Alice and I, we’re forerunners. We are here at the very beginning, so we’re thrilled to be here with you.

I am binging on a new author and speaker that I want to share with you real briefly. Shawn Achor is his name. He has a book out there and it’s the Big Potential. Go out and download, listen to his TED Talk and listen to the interview that he had with Brené Brown. Brené is one of my favorite people because she talks about shame and talks about how we got to get past moving past shame. Good stuff. You’re going to enjoy that material, but I’m highlighting it.

I’ve been binging on this on happiness and he’s a scientist on happiness. You go like, “What the heck is that?” Bobby Nicely, one of my clients and one of the partners in ALCOVA Mortgage, sent that over to me and I’m so glad he did. I’m having a great time learning more about the power of happiness, the power of how to unlock your full potential. It says, “Transforming the pursuit of success raises your achievement, happiness and well-being.” Most people say, “You got to be happy before you get successful in order to get there.” Check it out. I’m enjoying it. I love to get your feedback on that.

I want to say a special thank you to our sponsors, the Mortgage Bankers Association of America. Be sure to read the episode we did with Mike Fratantoni. Also, the Finastra Fusion MortgageBot Solution does a great job at helping lenders connect and creating a positive experience through their platform with the consumer.

We talked about CXU and UX with Karen Jenkins on October 4th. Go back and read that episode, especially for those of you in the tech world. Got a lot of technology companies, people in the tech world or intertech companies. In other words, you’re a tech department, tech company within your company. Love that concept or you’re inventing new ideas. Check out what some of the things that Karen Jenkins is doing at Finastra and leading their organization as a top leadership in the direction. Check it out.

Also, Lenders One and The Mortgage Collaborative, both of these co-ops do a great job of connecting lenders with other lenders as well as vendors. It’s a more close and personal way to connect with your peers. Get updates on what’s going on. Also, The Community Mortgage Lenders of America. We are grateful for their sponsorship, as well as Insellerate. Josh Friend does a great job of connecting lenders with their clients. He has a great powerful CRM tool that he uses. It’s an engagement platform. Check out Insellerate.com and read the episode from June 21st with Josh Friend.

Also, Ken Perry has a great product called Knowledge Coop. We are grateful for him. He and I are also part of a mastermind group called Seven-A. We are at the conference there. I love the energy of this company, the culture that Ken is bringing to his company and also those that use of service. Also, the three other companies we want to bring your attention to Mobility MMI, as well as Modex. Both of these companies help you in the recruiting effort. Pick out and get real data, not inflated and embellished data.

Both Mobility MMI and MODEX help you find the right person at the right time to connect with to get on board. Also, Snapdocs. We are so thrilled to have them as a sponsor. Amy and the group at Snapdocs are outstanding. We had an interview with Vishal there and I encourage you to read that. Snapdocs is one of the up-and-coming companies. Pay attention to Snapdocs and check out what they’re doing. Also, finally, a special thank you goes to Rob, Les, Alice, Allen and now Jack Nunnery. He is coming to cohost with me on the show. It’s so good to have you all here. We’re going to get into the episode now with the MBA Mortgage Minute with our update from Rob Van Raaphorst.

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Welcome to the Mortgage Minute and the latest news from the Mortgage Bankers Association. The FOMC of the Federal Reserve announced its plans to begin tapering its purchases of treasury, securities and agency MBS. The Fed had been increasing its holdings of both by $80 billion and $40 billion, respectively but beginning this month, it will reduce these purchases each month by $10 billion and $5 billion.

The Fed had increased its holdings by $80 billion and $40 billion, respectively. But beginning this month, it will reduce these monthly purchases by $10 billion and $5 billion. Share on X

If the Fed were to continue on this path, it would cease adding to the size of its portfolio by mid-2022. These actions were anticipated in MBA’s latest forecast, which projects that 30-year mortgage rates will increase to about 4% by the end of 2022. According to MBA’s latest forbearance and call volume survey, the total number of loans now in forbearance has decreased to 2.06%, with an estimated 1 million homeowners currently in forbearance plans. That’s it. Thank you for joining me.

By the way, sign up for the Mortgage Action Alliance app to become a member of the MBA if you’re not. They do such an amazing job what they’re doing for our industry. Bob Broeksmit, Marcia Davies, the whole leadership team, all of them there does such an outstanding job. Pete Mills is there with the Independent Mortgage Bankers Initiative. There’s so much going on with the MBA.

If you’re not a member, become a member. Also, download the Mortgage Action Alliance app. I want to make sure that’s punctuated out there. You can find it in the App store. Have your voice heard on DC. Let’s get over to Les Parker with the TM spotlight and a macro view of the markets and see what Here we go, Les.

TM Spotlight Sound Bites is brought to you by PowerSeller, making hedging easy. MBS is going to cry. Bye-bye to Fed Buying. As expected, it will reduce its purchase of treasuries by $10 billion and mortgage-backed securities by $5 billion. The news increased rates and volatility, then came Friday with China’s real estate bond default problems and signs of it impacting the cost and availability of credit in other Asian countries. Gold and treasury prices rose. Watch the bulls take control of the bond while mortgages enjoy the drama. Hello, rowdiness. Rates feel like they are going to die. Bye-bye, Fed gov. Goodbye. These views are my own. Find a good buy at TMSpotlight.com.

Matt Graham is here to give us his perspective on what’s happening. Matt, good to have you here. What’s up?

Great to be here, Dave. Let’s talk about the market. Crazy stuff and a few additional tidbits that Les didn’t mention that I had a little bit of a different take. Not an opposite take, just extra stuff that was going on, but we’ll get to that in a second. The big news, actually, it wasn’t news but the Fed tapering asset purchases. We knew that was coming. We knew it was likely to be $10 billion treasuries, $5 billion MBS.

At first, there was a little bit of confusion and a little bit of a negative reaction in the bond market because a couple of the news wires made it seem like the tapering amount was bigger than expected. When we looked a little bit closer, we could see that was only due to the fact that they were implementing it right away and saying that the first reduction would occur by the middle of November next reduction by the middle of December.

Some of the headlines talked about a $20 billion-a-month reduction in treasuries, but it was a reference to where it would be at the end of 2021. Two consecutive months of $10 billion reductions equal $20 billion. Translation, no big deal. Bonds weren’t freaked out. There wasn’t even a huge reaction in terms of volume or volatility. Tenure yields rose a little bit. MBS fell a little bit, but in essence, the bigger mover of the day ended up being the ISM non-manufacturing report at 10:00 AM.

We can see that pushing yields up very clearly at 10:00 AM. That was a record number for ISM services. For people that are saying, “The economy is terrible.” Not every piece of data agrees with that. I’m not here to cheerlead for the economy. It was a notable one. The other notable thing that we talked about is that bonds had rallied in the past after the Fed had tapered.

It did take a few weeks in 2013, but it was nonetheless interesting. In fact, bonds have rallied every time. The Fed has stopped buying bonds or announced that they’re stopping buying bonds. We were wondering, did the market sell-off enough between this announcement and the year and a half leading up to it? The liftoff process began in August of 2020, so quite a lot of time has passed. The answer seems to have been the market sold off enough that this could be taken in stride.

In fact, Thursday morning, we were greeted with a big rally in the bond market, which was big enough to be a little bit surprising to some. People started to scramble to try to explain what this was all about. I think that even the savviest market watchers are saying things like, “We’re not entirely sure what’s going on here, but it seems like it has to do with the Bank of England,” because the Bank of England is out with their announcement on Thursday morning.

There was definitely uncertainty as to how they were going to play things and they ended up taking a slightly more dovish, AKA rate-friendly approach. The market movement on Thursday morning coincided very well with that announcement and with their press conference. Several speakers from the BOE made comments that could be construed as fairly rubbish. Saying things like, “We do have inflation in the short term, but we expect that to go away when supply constraints go away.”

We also are cognizant of the fact that it is supply driven. Not demand-driven and there’s uncertainty about how that’s going to play out. At the same time, we know we have a pandemic and we know COVID numbers are bad in the UK, so we’re going to air on the side of caution and accommodation. Bond markets like that, for those that aren’t looking at this correlation every morning like I am. There’s a ton of correlation between UK tenure yields and US tenure yields.

The same thing with German tenure yields, which is effectively the EU tenure because Germany is by far and away the biggest economy in the EU. When there is that much momentum in the UK, then it’s going to spill over to US tenure yields to some extent, US bond market in general and it did. Got us back in line with the low yields of the week, but then Friday, we had the jobs report. The jobs report was strong. Stronger than expected. Positive revisions to the previous month.

Weekly Updates: When there is that much momentum in the UK, it will spill over to the US. Tenure yields, to some extent US bond market in general.

Some naysayers were pointing to the fact that the labor force didn’t pick up as much as they thought it should be for people coming back into the workforce. Nonetheless, it was a strong report and bonds did not rally because of some readers of the internal components of that data. Rather, bonds rallied on Friday because the jobs report didn’t compel them to sell off. The Bank of England was back again with additional speakers offering additional clarification and dovish comments on the previous day’s decision.

It caused a big rally in UK yields. Big enough to put downward pressure on US yields and that’s when the magic happened because the market is very short. Meaning traders are positioned for yields to move higher. They’re betting on yields moving higher. They’re short-selling the bond market. At a certain point, if something were to come along and unexpectedly push yields lower push prices higher, it forces them to cover their short positions.

They do that by buying bonds. That, in turn, pushes yields lower, forces the next short position to cover and it’s a bit of a snowball effect, otherwise known as a short squeeze, that can flush out all of the negative momentum in the market and make for a little bit of a reset. With yields moving a bit higher this, that may have run its course, but it was impressive and much larger than expected on Friday, with yields dropping all the way down into the 1.43-ish at the lows, even now just a hair under 1.5. An impressive rally.

An unexpected rally on a week with a strong job report and with a Fed announcing tapering. As we always say, if you have a bunch of money to bet on the bond market and you can reasonably predict something is going to happen and close to 100% certainty as you could have that the Fed was going to taper, then you price these things in ahead of time maybe with a little bit of overrun. In that sense, it’s not a surprise to see markets go where more current and less predictable events take them.

That’s what the Bank of England did. It’s a little bit more of a wild card. We have a condensed treasury auction cycle. In fact, while we were waiting to start the episode, the three-year treasury auction came in weaker than expected and push yields up a little bit. It’s the 10-year, following day is the 30-year. Those are typically important for momentum in the short term. No reason to expect that they won’t be this time around if they fall outside of their forecast or average ranges.

We have a condensed treasury auction cycle, and the three-year treasury auction came in weaker than expected and push yields up a little bit. Share on X

CPI, we’re tuned into inflation data, but it has to be far from expectations to move the needle. Other than that, Veterans Day, so that’s going to mute the tone of trading and probably make a relative ghost town in terms of trader participation. It’s not to say there won’t be market activity. It just won’t necessarily be indicative of a fully liquid market.

We can’t necessarily read too much into any potentially interesting movements or apparently interesting movements because they might not end up being that interesting by the following week. Last but not least, Dave, just because I know people may be wondering. Infrastructure deal passed. I’ve gotten a lot of questions on MBS live as to whether or not that is a market mover for the bond market. The general response is that it used to be when it was a new idea and we’re pretty numb to it at this point. It didn’t have any impact over the weekend. No immediate jump in futures in early overnight trading and as I said, we’re numb to it.

It’s the house to pass it. It still has to get through the Senate, so we’ll see what happens then where that’s at, but lots of good stuff. I love your website. There’s great information. You’ve got the live news stream. You don’t have to have the TVs on. You click on this. I have one screen on. To anyone who’s dialed in and have a conference call on Zoom with me, they see this in the background. It’s MBS.

It’s always here and it’s because I got to whirl around and look at what’s going on in real-time. I love what you do. You’re doing a great job and I appreciate it more than anything else. Also, making your product available of our trial on an extended basis without a credit card by putting in the code LOL for Lykken on Lending. Thank you, sir. I appreciate it.

You got it.

Alice Alvey is here. She’s CMB Vice President of Education and Training at Union Home Mortgage. She’s got this legislative update. Alice, do you remember where we first met?

That Texas Mortgage Banker’s event.

That’s right. My old partners Andy and Chuck. We put on an event and this was when I was with partner at MBS, Orange Bank Solutions and I’m speaking. I’m going to be up there, back in that same spot. Brought back memories of us. Anyway, Alice, what have you got for us?

There’s been a little more press and a lot of buzz about the fact that New York has now signed as a state law that Independent Mortgage Bankers essentially need to comply with community reinvestment act laws. This has always been something that’s been, I think, as a lender, very difficult to wrap your heads around because you go, “I thought the CRA was about the fact that the bank takes money from a community and therefore should be reinvesting back into the commuting that it is taking deposits from.”

Weekly Updates: New York has now signed as a state law that independent mortgage bankers must comply with community reinvestment act laws.

That was one of the original premises for this law, among other things. How do I pick that up and apply it to a lender who does not take deposits? What’s starting to become the model is the state of Massachusetts has had this for decades. They have had a CRA requirement that applied to non-bank. There are two groups that are struggling. It’s not only independent mortgage bankers, but it’s also credit unions.

There’s a group of smaller credit unions that also struggle with this level of compliance and scrutiny because it takes money. It takes an investment to be able to look at what products I have to offer, what extra activities I have to be involved in, and how I measure this if I’m not a depository or in a credit union case, have a specific member base. That’s who I’m supposed to be serving. Am I measured against that base for being able to contribute back into community?

There’s a lot of complexity with this. For those of you who haven’t had a chance to check out how some of this might work, it is time as an independent mortgage banker to pay attention to it. You can take a look at the way Massachusetts structures it. Illinois has signed a law also, but they have not codified all the rules and how it’s going to be executed. Our best example is looking at how some of the examinations have gone for the state of Massachusetts and how some of those peer comparisons have been drawn.

The user rating system, they look at the products that you’re offering. Are they going to be assisting low to moderate-income borrowers? If you’re a servicer, they look at how you’re assisting borrowers who are struggling with payments and as they get into that loss mitigation phase. There are several components to it that require, as a lender, that I’m making an effort to offer products and support my borrowers in servicing who are in that low to moderate income rate. As an industry, we have to try and figure out how to embrace this.

I see it as the safe act at this point when you get a big state like New York that buys in. Once we started hitting three and four states that were implementing loan officer licensing, it got a rapid trajectory from there before it became federal law. You might as well take a look now, how would we address this? How would we look now if we were measured? Make sure, as an industry, we get all behind it on how we are. At what level are we okay with this?

If we say we’re not okay with any of it, that’s the power of negotiation. I have to try and figure out, maybe we’re starting at. I don’t want any in hopes that we only get one baby step in. For larger institutions, I understand there are top five, top mega lenders that are out there make sense that we make sure that there aren’t any discriminatory or practices that put up barriers.

In my humble opinion, the smaller companies should have an exemption line because it is difficult to try and put all the resources together to comply. At the end of the day, we all have an obligation to make sure we’re not putting up barriers and that we can do on a daily basis to take all the applications we can. That’s what we keep saying about an independent mortgage banker, Dave. We never turn away an applicant. We want every deal we can out there. That’s my two cents, Dave. As lenders, you have to start thinking about this a little bit more. Don’t look at it as one more state on the list. There seems to be something that will start brewing at state-by-state levels and we should be paying attention to.

I think you brought up a good point. You’re saying the shift is going from the CFPB on a national basis to the local CFPB is the equivalent inside of each of the states. The regulatory shift has gone to state, which is making this thing so much more complicated, Alice. From that standpoint is, one thing is a monitor, CFPB looks at what’s going on. They certainly haven’t gone away.

There’s action being taken, but more tension and focus need to be put on the state. You raised a great point. Good job. Thank you and for being here all these years. Say hi to Andy, your husband. I appreciate you and have you participate in the hot topic segment. Let’s get over to Alan Pollock with the tech update. Allen, good to have you here with the tech update. What’s going on?

A little bit of everything. We’re going to talk about health checks. Not the kind that the government is asking us to have. I’m talking about security health checks. We’re going to talk about that in a minute but first, David, because I always bring information about restaurants and all the robots that work those restaurants. You didn’t know, but now you do that McDonald’s has been testing out a fully robotic ordering system that uses voice and IBM Watson.

IBM acquired McDonald’s labs, but they’re 85% accurate. I chuckled when I read it because that’s probably a high level of accuracy based on how often you go to a drive-through and your order’s wrong, but that’s my own opinion. Let’s move ahead. This is cool, David. The Cheesecake Factory, get this. You thought the mortgage industry was complex. I’m going to make everybody leave this show with nothing but excitement about how simple the mortgage industry is.

The Cheesecakes Factory has a 500-page employee training manual. It has an entire page about how to handle strawberries, twelve steps on hot tea service and 42 words to use when describing a cheesecake. The complexity extends because they have 170 workers in every single location. It’s a 21-page menu in addition. During the pandemic, they almost lost the business. They said it was saved by cheesecakes.

It’s a great article. You could just google it and check it out. If you thought our issue was complex. Imagine trying to manage or work more or make cheesecakes for the Cheesecake Factory. David, with Veterans Day on its way, Fairway Independent Mortgage, I should say, are going to deliver 100 servers dogs to vets. I thought this story. It’s so awesome. They have an initiative. It’s called the American Warrior Initiative. They’re on track to deliver a record 100 service dogs with deserving military service members.

Hats off to you, Fairway. By the way, in 2021, David, they have already delivered 65 service dogs and they’ve also partnered with the Milwaukee Brewers to donate service dogs to US Army Veterans and such, so great thing there. I personally gave to the Wounded Warrior Foundation. They’re here in Jacksonville and they do a ton of stuff. My daughter, for her senior project, one of the things she had to do for part of her college applications was she became a student advocate. She’s also raising money for the Wounded Warrior Foundation.

There are a lot of amazing places you can help raise money or donate money. You should check it out. It’s a great remembrance that we have coming up and for anyone that you know is in our path. David, if you worked at a lender and you operationally, would you use a voice-activated appraisal management system?

Yes.

You would. You would say, using Alexa, “Alexa, I would like to understand where the appraisal for the Johnson file is, or Alexa, I would like to place an order an appraisal, please, with ABC Companies or Mr. Johnson.” Would you do that? It’s a voice-activated appraisal management system just released in the industry. A Global DMS has the technology. If you haven’t heard about it, the press release came out, so check it out. It’s called My EVO. Personally, David, I don’t know if I would use Alexa in the office, but now that we all work from home, Alexa’s there. I might as well use it.

The fact that it’s voice recognition is the big deal here. Not that it’s on Alexa. It’s awesome technology. Check it out, Global DMS. David, this is the big topic I wanted to talk about and I bet you Jack is going to nod his head after I say this. The question is, do you need a CISO? For those of you that don’t know, it’s a chief information and security officer.

The answer is 1,000% yes. You must have this person. Their job, by the way, they’re not the CIO. They’re not the CTO. They’re not your VP of technology. The CISO’s job is to oversee a team and all of the risks facing your enterprise and put the necessary controls, security technologies, processes, and assurances in place to minimize all of the risks to your organization. They are empowered to manage that. Now what’s interesting is you work with a lot of vendors. This is extremely important if you’re a lender reading this or are a vendor talking with many lenders or other vendors.

The CISO's job is to oversee a team and all of the risks facing your enterprise and put the necessary controls, security technologies, processes, and assurances in place to minimize all of the risks to your organization. Share on X

I’m going to start first from the lender side. For all of our readers that are lenders, you must do a health check. This is what I’m referring to a lot earlier with your policies and procedures and your vendors. They have to go through SOC audit. They have to go through penetration tests and get those updated and renewed. They have to test those controls. Please make sure you reach out to your vendors and you make sure that they are providing you with an update.

Now, as vendors, we’re all very diligent. We have to do this to close more deals and to sell to banks and credit unions. We have it. It’s not that you’re going to find an open hole and say to vendor, “I can’t believe you don’t have this.” No, you need that updated information for your CISO. What you need to do, by the way, is you need a plan. Should there be any type of data issue that occurs with any of your vendors?

What is your plan on how you’re going to handle that information? Do you call your insurance company first? Do you call a forensic auditor? Do you contact borrowers? What are the state laws on when you contact borrowers? There are a lot of gray areas you need to work through. A CISO will put your plan in place. David, we’ll leave it there. Next time, we’ll talk about the CISO role on the vendor side, but I can’t wait for the second half of the episode. Thank you, everyone, for being our readers. You know how to get a hold of me or David. My contact info is Allen@TMS-Advisers.com.

Allen, thank you so much. Great feedback. You bring up some of the most extemporaneous stuff some of the time it’s out there and we appreciate it. People comment on it. I appreciate you, Allen. Thank you for being here. Jack, as you look over to the first half of the episode here real quickly, any reflection and thoughts here, cohost? I’m so excited to have you as a cohost.

I’ve got a couple, David. When we go to back to Matt’s commentary, one of the things that I’ve been focusing on is keeping my ear to the ground with the commentary that’s coming out of the various folk at the bed about when they believe or we’re going to see the next interest rate hikes. What I’m hearing is that nothing’s going to happen in terms of interest rate hikes until we get through the tapering.

We’re looking at 1 to possibly 2 height up in the second half of 2022. In fact, the St. Louis Fed President, James Bullard, made a comment that he expects the central bank to raise interest rates twice in 2022. That’s one thing I’m focused on is what is the chatter coming out of the Fed. What Allen was talking about, he was correct. I was nodding my head in agreement with him about cybersecurity. It’s interesting, David, I was talking to my son. He’s got more degrees than a thermometer and told me he was going back for a third degree.

I gave him one of those, “You’ve got to be kidding, right?” He said, “No.” He said, “I’m going to get my degree in cybersecurity.” I thought you finally hit something that made it with me. Some of the thresholds or disclosure to consumers vary so greatly from state to state. You got to have somebody sitting on top of that because there is a very high level of complexity around these thresholds.

Weekly Updates: Some thresholds or disclosure to consumers vary greatly from state to state. You have to have somebody sitting on top of that because there is a very high level of complexity around these thresholds.

Forget for a moment the action that when you have a breach or a vendor that has a breach that you’re associated with, what do you do next? Staying on top of the different thresholds state the state on when you have to disclose to consumers that a breach has taken place. I thought that was a nice way to finish up by Allen. I am interested in 85% getting my order right, going through the drive-through because I think 50/50 now, Allen.

I would agree, Jack. You have to check your order before you pull away or that’s it. You’ve got whatever you got.

You started off, Allen, talking about Ask Alexa. Would you feel comfortable doing that? Union Home has crushed it because they don’t Ask Alexa. They Ask Alice. They have a system that’s voice commanded and it’s Ask Alice. That was such a cool thing. I’m so glad that Bill and the team there honored you with that. That’s such a cool piece of technology. Is that being used a lot, Alice?

Dave, yes. We have an average of 10,000 questions asked per month. If you think of 10,000, all those questions would’ve been going to your underwriters, your loan officer or branch managers. We’re proud of the system that we’ve built. It’s super cool, super high-tech.

Alice, have your team reach out to me or if you want to connect, I have a cool idea I’d love to share with you folks. If you want to move forward with is, then all the merrier.

Folks, that wraps up the first part of the episode. It’s our lender’s update and so good to have you with us for the first part. We’re going to move right into the hot topic segment. For those reading, go on to the next episode because that’s what we’re moving to. Next episode, we got Pete Paglia of HomeBinder coming on.

I met Pete at that conference. I invited him to come on to show because I’m looking at ways we can create stickiness. How can you, a lender, maybe instead think about repeat business? The mortgage industry is pathetic of all the industries out there. I don’t if we’re the worst, but we’ve got to be near the bottom of the whole market and drawing people to stay with us.

A way to do that is up through a home buyer product home binder. We talked a little bit about that. Again, we’re focusing a little bit on this part of the year on forward-looking strategies that you can employ in 2022. Be sure to come back next episode for the Hot Topic segment. Talk about that. Special thank you to our sponsors, Finastra, TMLA, Lenders One, Insellerate, Mobility MMI, the MBA, Knowledge Coop, Mortgage Collaborative and Snapdocs. Glad to have all of you as sponsors. Thank you.

Thank you, readers, for being here. Share this show with others and reach out and get a hold of Nick. You’ll enjoy the conversation and also getting insights into the bigger vision there. We didn’t get a chance to get into all that we could, but he’ll open up with you when you call him directly. Good to have you with us, everyone. I look forward to having you back here next episode.

11-08-2021 Weekly Updates With Alice, Allen, Matt, Les, And Rob

Weekly Updates With Alice, Allen, Matt, Les, And Rob

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