2020 is shaping up to be one of the most eventful years in recent history. There is change everywhere, and each change pushes the one before it out of the limelight. The Australian bushfires were eclipsed by COVID-19, the death of George Floyd and subsequent protests have taken the spotlight off the pandemic crisis, and all this in an election year where rhetoric runs high and the political battle lines are drawn. No one even thinks about “murder hornets” anymore.
What hasn’t changed? In the lead story in our report this month, Sr. Partner Jim Cameron analyzes the three immutable economic truths that have not wavered throughout the months of the pandemic — the law of supply and demand, the law of unintended consequences and the law that cash is king. Jim’s analysis of the various events, the market reactions and the outcomes, show that there is constancy amidst even the most chaotic change. Be sure to read, “Some Things Never Change: Supply and Demand, Unintended Consequences, Cash Is King,” with data highlighted by Jim’s insightful commentary.
In our Borrower Experience article, MortgageSAT Director Mike Seminari offers his insight on how lenders can sustain the positive performance metrics achieved in the last 90 days. He suggests getting back to the basics by following the three rules that have stood the test of time, including calling the borrower before closing, which, when missed, causes the Net Promoter Score (NPS) to drop from 86 to -4. Don’t miss Mike’s good advice for making positive change permanent for your customers.
Thanks for joining us this month. If you need help weathering what has — or has not — changed in your organization this year, please feel free to give your STRATMOR Partner or Principal a call. We’re here to help.
By Jim Cameron June 2020
This spring, STRATMOR conducted five workshops for more than 200 industry executives — just as the COVID-19 pandemic roiled the mortgage industry with extreme volatility, uncertainty and unforeseen risks.
The workshop discussions were highly interactive and productive, and as one would expect, the impact of the pandemic was a hot topic. Many ideas and best practices were discussed to address the incredible depth, breadth and pace of change in the mortgage industry. And yet what became clear to me is what has not changed — the three immutable laws of economics:
In this article, I summarize these three laws in the context of mortgage industry events since the U.S. began to experience the impact of the pandemic in March 2020.
How Can Lenders Maintain Strong Sales and Customer Satisfaction as the Economy Reopens? Get back to basics and follow three tried-and-true rules for optimizing the borrower experience.
In this article, Sr. Partner Garth Graham teases out the specifics of “the mortgage mullet” concept that aptly describes aspects of the current digital transformation in the mortgage industry.
There’s no doubt that business is feeling the effects of the COVID-19 coronavirus. In this article, we examine what lenders are dealing with as the COVID-19 waves continue to swell.
Robotics Process Automation (RPA) is more than the latest technology trend. In mortgage, RPA is helping companies re-engineer processes and transform the customer experience.