![]() ![]() People moved into new homes and populations shifted to more family friendly environments with open space they couldn’t find in urban areas. As interest rates dropped, millions more benefitted by refinancing their homes. Our industry helped millions of people who struggled in this new reality to pay their mortgages or access government enabled forbearance and not damage their credit. It was this life preserver that allowed us to individually persevere and collectively to thrive. Last year, broadband was the life preserver our economy clung to. Only five years earlier, what was a bad situation would have been far worse economically. We found purpose, and many of us found ourselves to be more than we knew or believed we could be. Large numbers of people, particularly children, were going hungry.įor the most part, we went to work, and in this work, we found solace. Social injustice and inequity became a part of our everyday lives. We found the worst of ourselves and society taking center stage. We turned to our televisions and computers and phones for amusement, entertainment and news. There were significant breakdowns in the supply chain. Huge amounts of fiscal stimuli flowed into the financial system. The government mailed checks to nearly everyone, suspended taxes, and passed aid bills which were signed into law. Foreclosures and evictions have been put on hold. We cautiously ventured out at our own risk and saw huge swaths of the population sick or even dying.Īs unemployment soared, mortgage and rental payments were in many cases suspended. We spent a year in captivity, either working from home or sleeping at work. For generations, we will reflect on 2020 as did those who lived through a world war, the Great Depression or any number of such events throughout history. Last year was by any view or appraisal, extraordinary. I think it is wise to start with what we do know and couch our expectations or at least possibilities from there. Originators join with servicers, investors, and borrowers all wondering what comes next. One third of the way into 2021 we find ourselves immersed in questions and wonderment as to what the future of the residential finance business will look like. MBA's Diversity and Inclusion Initiative.Conferences & Education Expand subnavigation.News, Research & Resources Expand subnavigation.CFPB 2.0: Advancing Consumer Protection.State Legislative and Regulatory Resource Center.Advocacy and Policy Expand subnavigation.The time is now to #SoarWithUs at Freedom Mortgage. You can only blame yourself when things go awry, so make sure you plan ahead for success.” You are, in fact, your own worst supervillain, but you can manage this enemy by being sensitive and aware of your surroundings and preparing to meet the challenges that the world will present to you. “If you don’t prepare for things to go your way, then you are inviting them to not go your way at all. “The greatest supervillain is always yourself,” he told us. We asked Stan: If the mortgage industry had a supervillain, who or what would it be? How would you combat this supervillain? As mortgage professionals, we are responsible for making a profit in every environment, and we must ensure we are prepared to do that as market conditions change.” However, if you make the time and prepare for the future, things will happen for you. If you don’t put the time into preparing for the future, then the future will happen to you. “Whether interest rates are high, low, or stable, it shouldn’t affect you too much. “The mortgage industry is interest-rate sensitive, and, knowing this, it is imperative to prepare for every possible outcome,” Stan said. At Freedom Mortgage, we always have and will continue to put our customers first.”įor mortgage professionals struggling or facing a changing market, Stan advises them to be proactive and prepare for any outcome. This was probably the hardest test we have ever faced, and I’m proud we passed. We opted to do the right thing and put our customers first, offering loans that benefited them. ![]() “There were opportunities to offer consumers loans that were less valuable for them and more valuable for my company. This commitment to doing the right thing was put to the test during the 2006 housing crisis. Through serving a diverse group of customers, he learned about the needs of people from all economic backgrounds and made it his mission to always leave his customers in a better position than they were before they worked with him. Stan learned this early in his career as a broker, helping consumers become homeowners and consolidate debt at a time of high-interest rates. Congratulations to Stan Middleman, Freedom Mortgage’s President and CEO, for being recognized as a National Mortgage Professional 2023 Titans of the Industry honoree!Īs a mortgage professional, it is important to always put your values and customers’ needs first, even in the face of challenges or difficult market conditions. ![]()
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