Valon’s Post

“Just #weeks after New York-based #digital lender #Better Home & Finance Holding went #public, Better issued #pink slips to #employees in #early September in a #new round of #layoffs, Insider reported. Better #laid off about a #quarter of its U.S. #mortgage sales #and origination team, according to the news outlet, #citing two #former employees who were #affected by the latest #downsizing. The #layoff news comes on the #heels of #Better going #public via special purpose acquisition company (#SPAC) Aurora Acquisition Corp. #in August. #About 75 #employees are #left on the mortgage #origination team in the #U.S. as well as #some employees #in India, according to #Insider.”

💡THAT'S A GOOD IDEA 💡 "The LOs that we are bringing on board are those who are from other brokerages, people who want to start a new career, folks who may have been in the business in the past, got out of the business due to lack of leadership, and decided to jump back into the mortgage industry," said Michael Saleh, Co-Founder of Zoom Home Lending via Housingwire.com. This strategy makes sense for a new organization in the current environment. Organizations that are confident in their processes, people, vision, and direction are also confident in building or reviving successful originators. Hiring managers who think like this will create loyal team members as a basis to build their team. 💡 The days of simply enticing someone from another shop with promises of great operations (which everyone says) and throwing a hefty sign-on are unrealistic in this market when building a strong team. #Mortgage #Mortgages #MortgageOperations #LoanOfficer #MortgageRecruiting #RealEstate #Housing #HousingMarket #MortgageBroker #OnTheMoneyTalent

Layoffs have been a bitter reality across the mortgage industry. In a recent article, Mridhul Prakash, Founder & President of PrivoCorp, delves into Apple's outsourcing approach and its relevance for mortgage companies facing market challenges. Gain valuable insights about this strategic outsourcing approach. Read the full article here - https://lnkd.in/dMzBv7gv Mridhul Prakash Manoj Naik Margaret Boice Belton Sam Verma 🌺 Dave Demster Follow Us - PrivoCorp #Outsourcing #privocorp #mortgageindustry 

What would Amazon do if they got into the mortgage business? I recently had this thought, but then I immediately realized something. What we’re doing with TrustEngine is exactly what Amazon would do if they got into the mortgage sector and this is exactly what you should be doing as well in this market: 💻Amazon would measure everything and optimize for conversion. They would think about how to go from data signals in their database to driving digital engagement to people in their database and optimize for conversion at every step of the sales and marketing process.   Do most lenders and loan officers do this? Do they obsess over their conversion and measure every moment in their sales cycle? NO, but TrustEngine does. 💻Amazon would invest in data and be incredibly predictive of who will most likely buy, sell and refinance real estate.  Do most lenders and loan officers do this? NO, the mortgage industry is reactive, but TrustEngine is predictive for both purchase business and refinance opportunities.    💻Amazon would have a unique consumer experience that removes friction from the transaction process and creates obvious value to the consumer.  Do most lenders and loan officers? NO, just look at the fee worksheet that the industry has been using for decades. But TrustEngine delivers a Mortgage Coach Total Cost Analysis that delivers transparency and obvious value to  borrowers. Predictive Data + Coaching Advice + Optimize for Conversion powered by TrustEngine is the future of profitable lending. It’s time to get on board.  #TrustEngine #SpeedToNeed   #MortgageCoach  #AlwaysBeCoaching

🚨 Important Update for Homebuyers and Sellers! 🏡📉 The FTC's final $62 Million ruling against Opendoor is shaking up the real estate scene, and it's shedding light on why having a real estate agent by your side is crucial. Let's break it down, shall we? In case you're not familiar, Opendoor (an online real estate investment company) acted as a convenient shortcut in the home buying and selling process, promising swift transactions minus the usual headaches. But the FTC's investigation uncovered a different story. The ruling found that Opendoor sometimes fell short on their promise of fair pricing and transparency. From overestimating home values to understating fees, their practices weren't always above board. And this has big implications for anyone considering their services. So, why does this matter for you, the everyday homebuyer or seller? Here's the scoop: having a real estate agent in your corner is like having a trusted guide through a maze. They're there to ensure you understand every twist and turn of the process and to protect your interests. In light of this news, it's more important than ever to lean on the expertise of a real estate agent. They'll help you navigate the complexities of buying or selling a home, ensuring you're fully informed and empowered every step of the way. So, before you dive into the real estate market solo, consider the value of having a knowledgeable team of allies by your side. As a mortgage loan officer, I've seen firsthand the difference it can make. If you're ready to embark on your homebuying or selling journey, don't go it alone—reach out to a trusted real estate agent and myself today. Stay informed, stay empowered, and remember: a trusted team is your key to unlocking a smooth and successful transaction. 🏠💼 #RealEstate #FTCRuling #TrustYourAgent #mortgageloanofficer #flhomebuyers

Hey Producing Managers, What would Amazon do if they got into the mortgage business? I recently had this thought, but then I immediately realized something. What we’re doing with TrustEngine is exactly what Amazon would do if they got into the mortgage sector and this is exactly what you should be doing as well in this market: 💻Amazon would measure everything and optimize for conversion. They would think about how to go from data signals in their database to driving digital engagement to people in their database and optimize for conversion at every step of the sales and marketing process.  Do most lenders and loan officers do this? Do they obsess over their conversion and measure every moment in their sales cycle? NO, but TrustEngine does. 💻 Amazon would invest in data and be incredibly predictive of who will most likely buy, sell and refinance real estate. Do most lenders and loan officers do this? NO, the mortgage industry is reactive, but TrustEngine is predictive for both purchase business and refinance opportunities.   💻 Amazon would have a unique consumer experience that removes friction from the transaction process and creates obvious value to the consumer. Do most lenders and loan officers? NO, just look at the fee worksheet that the industry has been using for decades. But TrustEngine delivers a Mortgage Coach Total Cost Analysis that delivers transparency and obvious value to  borrowers. Predictive Data + Coaching Advice + Optimize for Conversion powered by TrustEngine is the future of profitable lending. It’s time to get on board. #TrustEngine #SpeedToNeed   #MortgageCoach  #AlwaysBeCoaching

No innovation and transparency, right? We're so busy in Mortgage World that we ensure the client never witnesses what we do. Right? Because people will get to know all those small details, and it's just going to make more questions. That's being very selfish, isn't it? To me, through transparency, it's where innovation occurs. It's like, if we can get to a more transparent environment back to the experience side, that's an experience we want to build. I don't mind sharing. Or, honestly, hold my feet to the fire. Hold us accountable for things that maybe you feel should be done. Hiding it doesn't help anybody. And, if the ultimate goal for us is to build a world where clients can come to us in a very easy, Amazon-style fashion, if you will, it's being able to go contract to clear to close, which means you're ready to close in seven days or less. But if you create that experience, people will want to keep coming back.

"It’s down cycles like 2023 that bring forth the next wave of mortgage industry leaders. And it’s the independent innovators, forced to take on the biggest challenges, who become the leaders of the next upswing. It’s time to move past the headlines about interest rate hikes and mass layoffs. Yes, this is one of the tougher market environments the industry has seen in many years. But while the focus of some is on the unfortunate casualties of market contraction and any signs that market stability is imminent, they’re also missing something important. Somewhere, someone in the business of mortgage origination is starting to grow." Read the rest of the article written by LodeStar CEO Jim Paolino here: https://lnkd.in/ecjba2qV

🏠 Navigating Layoffs in the Mortgage Industry: Let's Talk Real Talk 📉 Hey there, LinkedIn fam! Still lots of change hitting the mortgage world lately - more layoffs, shake-ups, and a whole lot of uncertainty all over the place. It's a tough pill to swallow, but I believe in keeping it real and shedding light on what's happening, while also giving a big shoutout to some unsung heroes in our industry - our operations professionals. Let's Break It Down: Rollercoaster Rides: Let's be honest, working in mortgages is like riding a rollercoaster - exhilarating highs, stomach-churning lows, and unexpected twists and turns. Lately, we've been experiencing one of those stomach-churning lows with the recent wave of layoffs hitting us hard. Feeling the Impact: Now, I don't know about you, but I've felt the impact firsthand. Friends, colleagues, heck, even acquaintances are suddenly finding themselves out of a job, and it's a gut-wrenching reminder of how fragile our industry can be. It's been over a year for some and yet still no positions, which can begin to wear on your mental state. But Wait, There's Hope: Here's the silver lining in all of this - amidst the chaos and uncertainty, there are some true gems among us, our operations and support professionals. These folks might be facing a bump in the road right now, but trust me, their value is beyond measure. Why Ops Pros Are the Real MVPs: Behind-the-Scenes Heroes: Let's give credit where credit is due - operations professionals are the unsung heroes of our industry. While the spotlight might be on the flashy roles at times, these folks are the ones working tirelessly behind the scenes to keep the engine running smoothly. Skills for Days: Now, here's what sets ops pros apart - they've got skills for days! From juggling multiple tasks to solving problems on the fly, there's nothing they can't handle. Project management, attention to detail, you name it - they've got it covered. Our Not-So-Secret Weapon: Here's the best part - ops pros aren't just good at what they do; they're downright amazing. Their expertise, dedication, and can-do attitude are the not-so-secret weapon that keeps our industry thriving. To all the ops pros out there - you're the backbone of our industry, the glue that holds our teams together, and the unsung heroes we can't do without. And to those facing layoffs, remember this - your worth goes far beyond any job title. Your skills are in demand, your talents are unmatched, and your resilience is inspiring. Let's keep lifting each other up, supporting one another, and showing the world what the mortgage industry is made of <3 #MortgageFam #OpsProsRock #Resilience #SupportEachOther

Extremely proud and impressed with the Loan Pronto team for posting a profitable Q1/2024. This isn't something I'd post in a normal market, but we aren't in a normal market. Faced with massive headwinds- high rates, low inventory, low margins, and high fallout rate, we were able to get back to a path of profitability while not cutting the expense that most mortgage companies continue to cut- our incredibly valuable employees. As you enter Q2, and what is shaping up to be a very challenging quarter, remember that if your first path to make money is cutting employees, that's a cheap way to get there and it rarely works. In fact, it almost always backfires. One of our proudest achievements over that last 2+ years is zero layoffs. Loyalty > profits and loyalty will lead to profits.