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“I’ve seen my share of boiled frogs”
One industry titan said of struggling industries “I’ve seen my share of boiled frogs”.
While resilient the reverse mortgage industry has struggled since 2009. Battered by the storms of the housing crash, principal limit reductions, numerous product changes and the financial assessment those who remain may feel like they have been slowly boiled as the heat of change is continually turned up.
However amidst upheaval there is opportunity; the opportunity to revamp our approach, improve our internal processes and create new efficiencies in doing business. The fact is the paradigms that applied to our industry just a few short years ago no longer apply. To adapt and thrive both industry leaders and loan officers should examine the steps necessary for long term survival and success.
Here are some take-aways I’ve found in watching how other industries have dealt with chaos and adversity.
1- Throw away faulty perceptions. That’s right, throw them away. From needs-based borrowers, easy qualification standards and quick…
Download a transcript of this episode here.
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