2016 in Review & a Look at What’s Ahead
Perhaps your next new hire won’t have to be a compliance-related position.
Reshaping the Mortgage Market
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
- 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.”