2022: The year many of us may want to forget

As we head into the final quarter of 2022, we can all agree that it has been a crazy ride for mortgage professionals across the country! The recent consumer price index report came out higher than we thought, mortgage rates shot up, and this year looked nothing like what we saw in the industry in 2020 and 2021. CEO of Success Mortgage Partners and MBA Board Member, Owen Lee, shares some mortgage industry news as we close out the third quarter of 2022.

What can we do to persevere? 

Many economists, including Chief Economist of the MBA, Mike Fratantoni, are projecting a moderate mortgage increase in these final months of 2022. In turn, this will also lead to another slight increase in mortgages in 2023.

If 2023 has 10% more volume than 2022 and 30-40% of industry professionals have left the mortgage business due to this year’s turmoil, what does that mean for the rest of us? Are we only winning by 10%? The answer is NO! Those who continue to persevere in this market will see tremendous opportunities for success in the new year, but this success will only come to those who work for it.

Looking ahead

How do we work to move the needle for ourselves and our businesses in 2023? Owen’s advice is to start planning now and to remember that the basics never go out of style. Whether you prioritize in-person meetings, fine-tune your technology plan, or contact referral sources, focusing on your basic tools and skills as a loan officer is always a great idea.

For more insight on where the state of the industry stands today and how you can win in 2023, tune in to this update from Owen Lee! If you have any other questions or concerns, schedule a call with one of our advisors, who are happy to discuss this further. Keep coming back to Success Unlimited for more mortgage industry news.