2023 Year End thoughts
As the year comes to a close, I find myself reflecting on the past and setting goals for the future. This year, I can’t help but feel a sense of déjà vu as I draw parallels between the 2008 financial crisis and the current challenges to our friends and clients in the mortgage industry.
Back in 2008, as the owner of a mortgage bank, the crisis impacted not just me, but also my employees, partners, investors, and the entire industry. Despite seeking advice and giving my best, it felt like an all-time low, and I was consumed by feelings of potential failure and uncertainty. After much thought, I decided to exit the mortgage bank I co-founded. But during my time as a banker, I discovered a critical gap in the industry, which inspired me to start a CPA firm specifically focused on serving the mortgage banking industry. Once I understood the power of specialization, we expanded our practice to include the education and the governmental sector.
Building this firm and assembling a team of experts was a gradual but rewarding process. Today, our team at CWDL stands out not just for our expertise, but for our client-centric approach, born from firsthand experience as clients ourselves.
Fast forward to 2023, and the mortgage industry is again facing difficult times. So, I look back to the lessons we learned in 2008 as we navigate today’s challenges.
To those in the mortgage industry facing adversity, remember that resilience and adaptation are key. Our cyclical industry has weathered storms before and emerged stronger. And it’s important that we keep perspective as we face these challenges. We've survived major market shifts, a global pandemic, and now, as we face a difficult market again, knowing what is essential and focusing on controllable factors is critical. And for those who are prospering, your success in such challenging times is admirable and we wish you continued success.
As we look to 2024, let's aim high with a growth mindset grounded in sound financial decision-making. Let's learn from the past, adapt to the present, and confidently prepare for the future. Here's to embracing upcoming opportunities with optimism and strategic thinking. Together, we can navigate any challenge.
As we reflect on the passing of another year, we are full of gratitude for our clients, team members, colleagues and friends who have partnered with us, weathered the ups and downs, and put their trust in us. May you have a very happy holiday season full of time with family and friends, and a prosperous and healthy new year!
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