The April 21 episode of the Mortgage Leadership Outlook series
featured a conversation with Christine Beckwith, president and chief operating officer of 20/20 Vision for Success Coaching
, and series' host Andrew Berman, head of engagement and outreach for National Mortgage Professional
magazine. The pair discussed the state of the mortgage industry during the COVID-19 pandemic; her column in NMP magazine, The Beckwith Blog
; and more.
In her live discussion with Berman, Beckwith, a 30-year-veteran of the industry, urged mortgage professionals to continue to be resilient during this crisis, stay educated on what is going, and stay positive.
More Highlights From The MLO Chat
►“One of the greatest thing you can do in leadership, in friendship and life is show up to listen and to be there and not allow those people to be alone,” said Beckwith when asked how she responded after the crisis hit.
►She says a lot of professionals were looking for an economic breakdown of what exactly was happening in the market. “As we know, with Ginnie Mae’s withdrawal and government backing, it put all the lenders in a risk position,” explained Beckwith, who was faced with a number of questions from originators who saw interest rates rise, their lock desks shut down or raising the FICO score on certain products.
►“I still think we’re going to go back to a robust economy,” said Beckwith, based on economic reports she is reviewing. “I do think there will be bumps and bruises. Reading the Fannie Mae report in April, (Doug Duncan, economic advisor for Fannie Mae) would say home prices would go down about 15%.”
►“What do your referral partners want right now? They probably don’t want high solicitations. I think what they probably would appreciate is somebody who is out there being positive, somebody maybe who is sharing in education or resources to help bring the news forward. Remember that we are the frontline to the economics and when it gets volatile, it’s important that if we don’t know how to break that down, that we know where the resources are to go get the news and share it so that it’s a credible source.”
Check out the entire conversation below between Beckwith and Berman, as she talks navigating the economic information of the current market, predictions for the future, including refinancing at lower rates come the fourth quarter, and more.
See all the interviews from the Mortgage Leadership Outlook series on its YouTube channel