You tend to hear from Jim in our LodeStar Reports, but it’s time to hear from the other folks who make up our amazing team! This week, we talked with David Spektor, our CTO and a co-founder with Jim…
So how did you get your start at LodeStar and, for that matter, in the title and mortgage industry?
LodeStar was my first title or mortgage job. Of course, I was aware of the mortgage industry, but I’d never really heard much about the title industry. Jim was a college buddy of mine, and after school, he reached out for help with his family title website.
So I worked with him on that for a few months. Around then, Jim started to seriously consider breaking away from the title company with his own business. About a month into that, he asked me to join. I’ve been here ever since!
You’ve been with LodeStar since the very beginning (almost six years!). What are you proudest of as you look back?
I mean, honestly, I’m so proud of EVERYTHING we’ve done just to get to this point!
When we started, it was me, Jim and another guy in his apartment, just trying to make it work. We were in our early/mid twenties at the time. Now, we’ve come so far. In the earliest days, it seemed like the money was going out faster than it was coming in. We didn’t see where our product growth was going at times. But as our approach to identifying client needs and learning how to reach them, things really skyrocketed.
When I look back now, I can’t believe some of the things we’ve done—things I never thought we’d be able to do.
Looking into your crystal ball, what will be the biggest story for our industry in 2021?
I’d say maybe the shakeout and byproduct from the pandemic. Just last March, everything shut down. The interest rate dropped, and our market took off. We saw people moving to less populated areas, and the purchase mortgage market went up.
Everyone went remote and the industry started moving toward remote closings, too.
Then we started to see consolidation. I think that will continue this year. Maybe we’ll see more of the big players from outside the mortgage industry buy into the market or the existing big firms start to gobble up the little guys.
The point is, there are a lot of different possibilities for the coming year. I think change and flexibility will really be the biggest story.
Tell us one thing people would never believe is true about you?
I was born in Russia. I left there to come to America at 4 and Russian is actually my first language. But I speak better English now than Russian. When I visit Russia, people who don’t know me tell me I have an American accent!
I even think in English now. I distinctly remember the moment I switched over from Russian. I was 7 or 8 and laying in bed, and suddenly my thought process just changed languages. It was an existential moment for me!