NMP National Mortgage Professional January 2021

LETTER FROM THE PUBLISHER

Hope Beckons

VINCENT M. VALVO Publisher, Editor & CEO

The mortgage industry is in a very strange place, philosophically, emotionally, practically. Across the nation – indeed, the whole world – Covid-19 is in the midst of a massive surge, infecting hundreds of thousands, killing tens of thousands, shuttering businesses and forcing untold numbers onto unemployment rolls, into poverty and swaddling in despair.

But at the same time, loan originators are having a year of financial rewards like no other. They can barely keep up with loan request volumes. Lenders are hiring thousands to process and underwrite the crush of refinance and purchase applications. Large lenders are seeing huge paydays by becoming publicly-traded companies. It’s almost nirvana, if it wasn’t a neighborhood carved out of hell.

We know that money, while important, doesn’t beat the loss of friends and family. Many mortgage professionals may have had bigger bank accounts, but were faced with much smaller holiday tables.

THE PATH FORWARD

Let’s put aside, for the moment, the way 2020 has been a boon to business. We’re starting the new year in the midst of spiking infections and deaths. But there is light waiting for us further along this road ahead.

Vaccines are rolling out. Some economic relief from the government is on the way. Winter is shortening, and Spring – with its promise of outdoor freedom – is just a few short months away. While the news through January will likely be dire – a result of too much holiday travel and merrymaking, coupled with too little compliance with mask-wearing – it’s probable that we’ll see these enormous numbers start a steep decline in February and March.

By June, with vaccines across the nation, we should be seeing a reasonable return toward normalcy – not normal yet, but within sight, and so much better than we’re experiencing now.

Throughout all of this, housing experts predict, the home financing market should stay strong. It’s good that our profession can do its part, helping folks refinance to ease their cash-flow strains, providing the funds for buyers to better their living arrangements. If 2020 was a stellar year for originator income, 2021 promises to do its part to keep the funds flowing.

By mid-year, we hope, the best of both worlds will be here. Business will be strong, and our country will be healthy again. For a new year, it’s a wish and a prayer, because we can’t be doing well until we’re all feeling well.

VINCENT M. VALVO Publisher, Editor & CEO