There are so many things that happen in the world and the economy that can impact the mortgage industry. Demographic changes can influence who is more likely to buy homes. Regulatory changes can influence how we interact with potential homebuyers. Right now, the big issue is the likelihood that the Fed is going to raise interest rates. The only way that we as leaders in the mortgage industry can stay competitive in light of all these constant changes is to stay aware of what's going on.
There was a time when we could bury our head in the sand … at least to some extent. We could get all the news we needed from the headlines in the morning paper or the chatter around the office. But now, with the 24/7 news cycle and instantaneous transfer of information via the Internet and social media, we cannot afford to settle for the daily headlines. Knowledge is power. We've got to always stay vigilant, so that we'll know when we need to take action.
Whether it's the response to the Fed raising interest rates, regulators creating a new policy, or homebuyers shopping a new way, those of us who react last in the industry will be those who lose out the most. Never has the first mover's advantage been so important.
The only way to stay competitive in today's world is to be able to react immediately. The success organizations in the mortgage industry of today will be those who are most nimble. What about you? Are you able to take action the moment you find out—or do you find out too little too late?
David Lykken, a 43-year veteran of the mortgage industry, is president of Transformational Mortgage Solutions (TMS), a management consulting firm that provides transformative business strategies to owners and “C-Level” executives via consulting, executive coaching and various communications strategies. He is a frequent guest on FOX Business News and hosts his own weekly podcast called “Lykken On Lending” heard Monday’s at 1:00 p.m. ET at LykkenOnLending.com. David’s phone number is (512) 759-0999 and his e-mail is [email protected].