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MortgageOriginationPodcasts

Mortgage leaders talk rates, capital markets and fresh origination strategies

AFR’s Robert Pieklo and Polly’s Adam Carmel go in depth on executive strategies for success on the PowerHouse podcast

In the newest episode of the Power House podcast, host Clayton Collins chats with Robert Pieklo, chief operating officer of American Financial Resources (AFR), and Adam Carmel, CEO of Polly. They discuss the latest developments in the mortgage market, along with key dynamics and growth strategies for lenders as interest rates continue to fall.

The conversation also covers cost-to-completion metrics, new technology and tactics strategies for making customers happy in today’s market. 

Collins immediately kicks off the conversation by diving into the current state of the mortgage industry. He asks both guests to outline the dynamics and trends that will take precedence through the end of 2025.

Carmel chimes in first by highlighting the impact of declining interest rates on the mortgage industry following the Federal Reserve’s recent rate cut. Despite the recent trends of consolidation and downsizing, mortgage companies are eager to capitalize on the momentum shift with refinances and other offerings to benefit borrowers and business partners. Pieklo adds that lenders will need to find a way to scale their businesses at a sensible cost level rather than throwing more capital and new technology at consumers. 

Next, the discussion segues into rate sensitivity and how lenders are adapting to new environments. Lenders are eager to reignite their servicing components and lower their origination costs, which are still sitting near all-time highs. Artificial intelligence and other tools help lenders originate loans more effectively without staffing up, so to speak. 

“What everyone is looking to do is avoid having to staff up in a major way like we’ve had to do in previous positive cycle environments, and instead keep the team size static and leverage the latest and greatest technology in order to scale their business up,” Carmel says. 

Pieklo stresses the importance of scaling in a sustainable way with the help of technology. This is primarily why AFR partners with Polly, he says.

The trio go on to discuss Pieklo’s top priorities as COO for his new company. Pieklo explains that his main priority for the team is to build a system of values that enhances the employee and customer experiences. This also involves revamping outdate technology, so AFR has brought in Polly and other companies to add new flair to the company’s toolkit and shape its future.

Pieklo also says this is a slow and steady process that requires diligent focus on internal processes and building new technology around them. Patient and passionate investors are vital to the company’s scaling process, but nothing is more important than taking a “one customer at a time” approach to the business, he adds.

Carmel chimes in to offers insights on customer acquisition and pricing strategy trends. He confirms that other companies are focusing on developing a flexible pricing approach and automated workflows to manage interactions between brokers and internal assets.

Collins points out the differences between the “haves and have nots,” meaning the companies that implement new pricing structures and those that stick to archaic strategies. Carmel adds that innovative companies prioritize team alignment, long-term planning and technology. 

“You can’t deviate from those things, otherwise there’s misalignment,” Carmel explains. “So, there’s a growing list of lenders that are taking that approach, and some are not — and they might be negative.” 

Collins wraps up the conversation by questioning Carmel on additional product changes that lenders will focus on as 2025 approaches. With lower rates, lenders are shying away from second mortgages and other niche products in favor of agency and jumbo loans.

Pieklo also shares that lenders are most excited about certain channels such as wholesale lending. Technology and automation help lenders take advantage of these channels through greater efficiency. 

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