How to survive in a shrinking mortgage market: lessons from Jodi Hall

Hall said one of the ways they prepare for the future is by creating a sustainable model of purchase-focused lending business.

“We did the refinance business when it came to us, but we’ve always been a purchase-focused organization, and that’s what sustains companies in a rising rate environment because people are going to continue to buy homes,” Hall said. “What we’re challenged with today, with the increased interest rates and compression and margin, is doing loans more efficiently and also offering a wider product range so that we can gain more market share by offering a number of products to our clients and referral partners so that we can help them in a unique lending environment where they need to have different resources available and be creative in the way that we can help borrowers get the financing that they need and have the ability to win the bids when they do have the homes available.

“I think it’s a very strategic risk-taking that has to take place. I also continue to look at ways to be more efficient and to use technology so that we can do more production. We have taken the change in the market as it really is a benefit to us. We have been recruiting heavily. We believe that we have created a very sustainable business model, and we have been able to attract recruits and bring on new production from branches across the United States, even hiring nearly 100 employees in May when many other lenders were laying people off. So, we’re going to be creative with offering additional products, but we’re also recruiting and showing individuals that we have a sustainable business model, and we attract them to join us.”

Hall shares more executive insights in the new MPA TV episode, which you can watch here for free.