Housing MarketMortgage

The next 100 days are key for mortgage pros

What originators can control is attitude and effort

Newly elected U.S. presidents have specific agendas they wish to accomplish within the first 100 days of their presidency. This started with Roosevelt. Young parents are reluctant to take their newborns out in public until after their first 100 days for fear of compromising the little one’s immune system. Once the first 100 days have been retired, a celebration ensures.

For those of us in the mortgage industry, the next 100 days is meaningful as it will be a period that requires the most focus and greatest amount of perseverance.

Dustin Owen Waterstone Mortgage Contributor

The housing market has been in a recession since mid-year 2022. Mortgage rates have doubled, and homebuyers are acting as if every seller has the plague. This will pass. Most industry experts predict mortgage rates will be back down around 5.25% in 2023 after peaking at 7.25% in 2022. Homebuyers are projected to start hopping off the fence as early as spring 2023. There is a light at the end of the tunnel.

The good news for those of us in the mortgage and real estate industries is that most folks, including us, can do practically anything if it’s for 100 days. The time period is ideal for achieving goals: These 2,400 hours are a sufficient enough block of time to achieve progress, but still short enough to leave no room for procrastination. This leads to a greater likelihood of success.

Want to train for a marathon? You can. And you can do it in less than 100 days. Want to learn a musical instrument? You can. All you’ll need to do is practice for an hour a day for 100 consecutive days. You might not be able to give up meat altogether, but I bet you can for 100 days. You might not be able to resist alcohol for the rest of your life, but I bet you can for the next 100 days.

As we bid farewell to 2022 (like peace the heck out!) and gear up for 2023, the key to success will be enduring the next 100 days. Layoffs will continue to happen. Forced mergers are a forgone conclusion. Businesses shutting down will be unavoidable. All three will be out of the control for the majority of HousingWire’s readers. What is not out of control is our attitude and effort.

2023 has the markings to be a solid year for mortgage professionals. But in order to appreciate all that 2023 will bring, we must first survive the first part of the year. Now is the time to put our blinders on. We keep our heads down. We march forward.

Collectively, we make the time to pick one another up and we are not shy about it. On those days we feel like throwing in the towel we channel our inner Stuart Smalley and tell ourselves, “I am good enough. I am smart enough. And gosh darn it, people like me.” After all, anyone, including you and including me, can do just about anything for 100 days.

Dustin Owen is Vice President, East Division Sales at Waterstone Mortgage Corp. and the host of “The Loan Officer Podcast.”

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