Jim Paolino talks with CEO and Founder of BeSmartee, Tim Nguyen, about what’s ahead for mortgage in 2024, and how companies should size up various challenges on the horizon.

The Tide Raises All Boats… Some More Than Others

A lot of big players in lending have bought servicing in the last several months, whereas smaller lenders and IMBs have been selling off servicing for cash. If there’s ever been a time to “just stay afloat,” it’s the last two years, especially the end of 2022 into the beginning of 2023. Now that we’re starting to see a light at the end of the tunnel, it’s fairly certain that mid-tier and smaller lenders won’t do quite as well as their better-off counterparts. The tide raises all boats… some more than others.

The big difference for those smaller players will be how well they prepared during the downturn. Did they recruit aggressively and wisely? Did they retool core processes? Did they implement automations? These will be key factors as we see the market correct over the next year.

Recruiting

As lenders size up the coming months and the market changes they will bring, personnel remains one among many question marks. It’s no surprise, then, that lots of companies in both the lender and vendor spaces are talking about recruiting. Tim Nguyen is specifically curious to see how personnel turnover will affect and is affected by the way the market normalizes in coming months.

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