I’m going to miss the Olympics this summer.
There’s no doubt postponing the games for a year was the right thing to do. The pandemic has led to the cancellation of many sporting events, and there is none larger or more widely attended in the world than the Olympics. The decision to postpone the games until 2021 was surely a difficult one, and in the modern history of the games, only three have been canceled — in 1916 during World War I and twice during World War II, 1940 and 1944.
The Olympic Committee had to strike a balance between the desire of athletes and countries to gather and compete (and spectators to cheer on our favorites) with the health and safety of everyone involved. The committee’s goal: to act responsibly to try and control the spread of the coronavirus. Finding the middle ground in situations like this takes herculean effort and a strong sense of balance.
Mortgage banking also requires balance, which is the topic of our InFocus article this month. Senior Partner Jim Cameron delves into multiple elements that lenders must consider each day, knowing that not everyone in the process is going to be pleased with the decisions made. Aligning corporate mission, vision, and values with competing objectives means striking a balance that, in STRATMOR’s experience, is how mortgage bankers succeed. Be sure to read Jim’s InFocus article, “Mortgage Banking is a Balancing Act.”
Also in this issue, MortgageSAT Director Mike Seminari discusses why originators should invest in referral partner relationships in our current refinance-driven market. When the market swings toward purchases, those relationships will help them regain balance.
Thank you for joining us this month. Please contact your STRATMOR Partner or Principal if you need help with finding balance in your organization.
By Jim Cameron July 2020
Sometimes I feel like we live in a world of extremes. Extreme political and social views seem to dominate social media and the 24-hour news cycle. And many of us get sucked into the drama and line up on one side or the other.
I know that there are times when radical action is required to effect change in any corporate body including society at large, businesses, churches and other types of organizations. Society is improved when leaders serve as agents of change (e.g. Martin Luther King, Jr.) and do not accept conventional norms. This forces us to think in new and different ways. I get that.
But on a day-in, day-out basis, most of us don’t operate in a world of extremes. We go about our daily lives trying to strike the right balance between competing objectives and sometimes making life changing decisions. For example, is it better to take a job with significantly lower pay if that job would be more enjoyable? Or, should a married couple with children take in an elderly parent with failing health?
It is the same in business. Each day is filled with decisions that often involve balancing competing objectives in a way that is aligned with corporate mission, vision and values. That does not sound exciting or sexy, and it certainly won’t make for an interesting sound bite. But in STRATMOR’s experience, that is precisely how mortgage bankers succeed, and it plays out in the realm of strategy, risk management, capital markets and operations.
It’s all about balance.
It’s a good time to be an originator, but what happens when the rates go back up and the refinances trail off? Building referral relationships in this refinance-driven market can make a difference.
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.