Yogi Berra said... "You can see a lot just by looking up."
Last week I had the opportunity to visit our corporate office in Pennington, NJ. I felt the pressures of doing business on the road but more importantly I felt the support of a team who is committed to one common goal.
You may have read that knowledge and awareness will define greatness, if not… you’re welcome. But don’t thank me, thank Dan Gilbert and the team over at Quicken Loans. That’s right, Quicken scaled culture all the way to becoming the nation’s largest retail lender, and it turns out you can read about it. I know this is not a novel idea or new concept, but I was fortunate enough to see it in a new light just before leaving New Jersey.
Culture boils down to relationships and hard work, it’s not just standing desks and ping pong tables. Culture is created when a group of people trust and respect each other. Why is culture so important? Because it makes people better! Open communication allows the entire team to get better! When you create excitement and your team genuinely wants to provide the best service to their clients you’ve created culture. Knowledge allows, you to execute and awareness will allow you to grow. But anyway, that’s just my take…
Now let’s get into the exciting news that will shape our future.
Wells Fargo remains an industry titan and always has our attention. According to HousingWire, 400 people on the brink of foreclosure tried to modify their mortgage and lost their home to a software glitch. But why were these people trying to make modifications to their mortgage in the first place? I know things got messy in ‘08, but are ARM loans still hitting people 10 years later? So many questions… Perhaps it’s time we start educating consumers prior to origination so they’re not relying on a Hail Mary late in the 4th (Pre-season NFL started).
Citizens Bank sealed the deal with Franklin American, opening their servicing portfolio to a cool $65 Billion. Franklin is on pace to do a little over $1 Billion a month in originations this year.
Mr. Cooper stuck a fork in the Washington Mutual deal, becoming one of the nation’s largest mortgage servicers. For those you who don’t let the media sway your opinion on Nonbanks, this should be exciting news.