Changing Borrower Demographics: Part 2 - Knowing borrower's needs; my thoughts on the CFPB soap
Yesterday’s post talked about how lenders are using specific demographic data to create new business strategies. But let’s be honest, data only tells part of the story (and can be boring) and usually you learn the most when you look at what’s actually happening in the world around you. This article from National Mortgage News tells a story of how one mortgage executive used an experience in his own life to identify a need in a surrounding community. That translated into building his mortgage business (quite literally) on a larger scale while addressing an unmet borrower need. I won’t go into the details of the story, but I suggest taking time to read it…it’s truly fascinating how one small idea can have a large impact in many ways. This approach of thinking outside the box and willing to take risks (the executive in the story put up his own money) is the foundation to so many success stories. These types of leaders are going to be vital if we want to take the mortgage industry to the next level.
So, if you’ve been following the shakeup at the CFPB like I have, you know that things have gotten very interesting in the past few days. First, both Mick Mulvaney & Leandra English showed up to work on Monday thinking that they were the Deputy Director of the CFPB (I wonder who got the parking spot?). Then, after President Trump publicly confirmed and supported Mulvaney as the acting Director, English did what, so many people do when they don’t get their way – she sued. Tim Kelly, the judge assigned to the case, ruled yesterday that Mulvaney is the legal interim head (based on a bunch of legal acts & statutes) but what makes it interesting, is that President Trump (who supports the Republican Mulvaney), appointed Kelly to the case….now I’m not making any accusations here but, conflict of interest anyone? I’d love to hear your thoughts about the current turmoil at the CFPB and what impact you think it will have on the mortgage industry.