In the early morning hours of November 9th, Trump was declared the next US President. I stayed up until 3AM watching the US map turn red and flipping between the major news channels. It was a defining moment for America and will most definitely effect the mortgage lending landscape for the next 4 years. It remains to be seen if a Republican-dominated government will lessen the CFPB’s regulatory pressures. What is known is that there is a higher level of optimism and a slight lifting of the shoulders. Perceived or real, the regulatory pressure seems to be lifting slightly.
Perhaps your next new hire won’t have to be a compliance-related position.
Cloud-based solutions are becoming the norm for many lenders and Software as a Service (SaaS) platforms certainly make sense. At LBA Ware, we have two SaaS offerings and believe 100% in the growth and security of those systems.
The interesting trend I see with cloud-based systems of record (normally your LOS or CRM =) is that many companies don’t have an onsite backup of their data but rely on the vendor for backup and disaster recovery.
In May of this year, Salesforce's NA14 instance went down for 20 hours and lost 4 hours’ worth of data. For many companies running their businesses on Salesforce, this was a devastating blow.
I think that lenders should leverage technology vendors in order to scale their business, but it is critical to perform stringent vendor reviews, work with trusted providers, and ensure your data is protected and accessible at all times. Looking Forward to 2017 for the Mortgage Industry. Many business owners (including yours truly) are eternal optimists. So when we look ahead at tomorrow, we're always going to reflect the belief that tomorrow is going to be sunnier than today and bottom lines in 2017 are going to exceed those of 2016.
- The National Association of Realtors predicts home sales will increase 2% in 2017 to around 5.52 million units.
- Home prices are also predicted to increase 4% and interest rates are going to rise slightly.
- Gen Y’ers and Gen X’ers are hitting key ages in their lives and will be on the move.
- And, if you still believe in polls, they are predicting 2 million new jobs will be created in 2017.
Forecasts aside, what actually transpires in 2017 for the housing market is up to us. After all, as Peter Drucker famously said, "The best way to predict the future is to create it."