Author Description

"In mortgage banking, there is no strategy. The government tells you what to do. You do it or face litigation and enforcement. That's why the business is so commoditized." This is a startling assessment of the state of the mortgage banking business and comes from an executive in the industry. This individual was serious. Many in our industry appear to accept the 'no strategy' view of our business. If you concur, then read no further.In my opinion, 'no strategy' cannot be the answer, especially at this point in mortgage banking's history.I can understand why so many are entrenched in the idea of 'no strategy.' It's true that the residential housing and lending space in the United States is one of the most regulated areas of the economy-- sometimes oppressively regulated. It may sometimes feel like regulators 'tell you what to do.' But there are many choices that can be freely made by mortgage executives. Some executives, in fact, are rapidly examining strategy and becoming disruptors in the mortgage banking business.There are choices--strategic choices. We need to learn from these as an industry and learn to leverage these proactive solutions across mortgage banking. Our culture and industry are going through some seismic changes and it behooves us to keep up, adjust, and leverage true and active strategy against a 'shifting tide.'