For this week’s episode of Lending Leaders, Jim chats with Allen Pollack, a product innovator, board advisor, and strategist, about the mortgage industry, tech, and how to build bridges and relationships in lending.
The LodeStar Kelsey joined was three people, including her. Now, LodeStar, though still a small business, has nearly twenty employees spread across several departments. And with that growth in personnel has come a growth in the amount of knowledge LodeStar possesses.
Known as “The Silver State” and home to one of the nation’s largest tourist destinations, Las Vegas, Nevada, like many Western states, takes a fairly straight forward approach when it comes to potential LE challenges.
As we explored more deeply our potential relationship, I was struck by how densely concentrated SVB’s investments were. The focus was on high-value, high-yield businesses. That’s great when everything’s going well. But with high wealth comes high risk.
It’s fairly simple. The decisions we make when designing and implementing these incredible and advanced technologies are going to reflect our own biases, principles, beliefs, and viewpoints.
There are signs that this down cycle, too, will not be permanent. Some of the industry’s best and brightest are starting to suggest that the market will return to some level of stability this year.
If my hopeful diagnosis does prove to be correct, it’s probably time for the industry to look around and, more importantly, take a good hard look in the mirror.
We at LodeStar have built our success on doing one thing well—mastering closing fee data and helping LOs and brokers access that information instantaneously.
It’s impossible to know when a turnaround in the mortgage industry will happen, but I can guarantee it is going to happen.
I think the real issue lies in the matter of setting expectations. Many times, especially in burnout cultures, we’re told one thing but quickly learn there are “unspoken expectations.”
More than occasionally, we all fail to get the result we want. We come up short. We make mistakes. And it’s here that we can truly take our lessons and develop judgement.
It’s time to take our industry’s conversation du jour beyond current market conditions. We’ve done that enough.
Read our CEO Jim Paolino’s Deeper Thoughts and get the latest mortgage industry news.