For this week’s pre-holiday break episode of Lending Leaders, Jim and Alayna slowed things down a bit and sat down with LodeStar Co-Founder and CTO, David Spektor, to reflect on what 2022 meant for the company.
2022 has been, well, a year. To quote Jim: “Least fun but most important year of business we’ve had.” LodeStar began the year riding the industry high. But of course, in March, the Fed rate hikes started, and things went nuts. The rest hardly needs repeating. Just peruse literally any industry or industry-adjacent pub if you need a refresher on the state of the industry.
Lots of talented people are looking for work right now. Unfortunately, more than a few qualified applicants were recently let go. LodeStar posted a position, received 130 applications, and quickly had to close to new applicants.
In this market, companies can onboard talent without the pressure of hyper competitive pay. This gives opportunity to invest in new talent at a lower price. Also, for those coming out of the mortgage industry, transitioning to a software company is a huge flexibility upgrade and a welcome stress downgrade. Software companies can offer remote and hybrid work options, and those coming from the mortgage industry will now have less pressure from borrowers, title agents, etc.
LodeStar has tons of new products, extensions, and integrations coming. Things are going to be busy. Despite market contraction, development is in full swing. People are innovating, automating, and pushing the envelope. In some cases, people are even more active since they have more time and less money. People have their eye toward efficiency, and they’re eager to streamline their processes.
We’re excited and optimistic, and we can’t wait to see you in the new year!
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