You may be focused more on originations than servicing, or vice versa, but in a market where lending is now picking up speed and servicing is starting to wind down, diversification may be the way to go.
The new CEO of MortgageDocs Christian Redmond believes in this concept of not putting all your eggs in one basket.
In his role for only two weeks, Redmond told HousingWire that while his company’s clients are mostly banks and title companies on the originations side, he sees potential for the firm to use its tech solutions to eventually offer more solutions for servicers.
And why not? The market remains in flux. When originations are hot, servicing is not and the other way around.
As a company that provides notary signing services to mortgage clients using MortgageDocs' SignSTAT notary management application, Redmond is now focused on making the company's technology even better and eventually finding out if the company can expand its client base.
"I think it’s anybody’s guess at the moment. How long will defaults remain high and when will originations come back?" Redmond said. "We don’t want to be dependent on counter-cyclical events and circumstances."
Instead, he wants the company to be a strong partner in the mortgage space, and one that is eventually diversified, straddling two different bases.
His instincts are in line with what is happening at other firms. For example, Carrington Holding Company, which serves several segments of the market - from asset management to originations, special servicing, real estate sales and settlement services.
As Redmond steps into his new role his preliminary goals for MortgageDocs exemplifies an important truth facing the entire mortgage finance space -- the tide is changing and those trained to swim well in multiple areas are ahead of the game.