Is it possible that in the coming years we will live in a world where the future becomes flexible enough to accommodate the things we can’t see or even imagine? The term for this is the “unknown’s unknown” — where the trends and disrupters that are hard to understand today will have a dramatic unforeseen impact on how we do business tomorrow.
Why can’t the consumer have total transparency and track their loan (start to finish) through a smartphone application? Borrower surveys point to the time between application and approval as being the most stressful for borrowers. If anxiety is driven by the unknown, shouldn’t lenders take the unknown out of the equation?
As the mortgage lending industry continues to work through a myriad of challenges, one truth is emerging clearly. The consumer will be won or lost based on how easy lenders make it to engage with them.
“Larry’s unique background combining top level hands-on mortgage industry operational and consulting experience is indispensable to our clients as they seek critical assistance navigating the complex mortgage and consumer lending market,” said Mark Twerdok, KPMG partner.
News broke late yesterday that New Century will shutter the rest of its business, laying off the remaining 2,000 employees it had been keeping in hopes of finding a buyer. Bloomberg reported yesterday that company officials finally conceded what I'd suspected all along -- that nobody wanted to touch New Century, even with a 10-foot stick.
Fannie Mae announced today that it has filed suit against KPMG LLP, the company's former outside auditor, for negligence and breach of contract in a complaint filed today with the Superior Court of the District of Columbia.
Company executives were not available to comment further at press time.
Some of our 2016 award winners have worked their way up in traditional mortgage companies, while others started their own businesses. They have made their mark in marketing, technology, economics, compliance, asset management, operations and business development.
According to Harvard University’s Joint Center for Housing Studies, the supply gap in 2015 was 400,000 units. Of course, that leads to price inflation on rental rates for existing units as well as driving developers to build. But today’s construction isn’t necessarily providing for all of tomorrow’s renters.
The solutions that offer so much promise also open up the possibility of 24/7 availability. The mission of many in our industry is satisfying consumer demand, and understandably so. But we should be careful. Sometimes consumers are ridiculous and unreasonable. Sometimes meeting their demands comes at too high a price.