We’ve been an industry of constant change, really since mortgage originations exploded sixteen years ago at the onset of the 2001-2004 refinance boom. That boom was followed by the loosening of credit, a few years of massive originations, the ’07’-’08 “Mortgage Meltdown”, and then the seven year period of rampant regulatory reform that seems to now be coming to a close.
I think we’ll look back at ’17-’19 as “The Technology Era” of the mortgage lending industry. Steady, if unspectacular, from a total originations standpoint. But years where we’ll see the manufacturing and customer delivery components of mortgage lending completely revamped.
Technology aside, boy is this going to be an interesting year for our industry. The new administration has only been in office for 13 days, and all this stuff has already happened:
Ben Carson’s nomination for HUD Secretary was confirmed by committee and sent to the Senate for a full vote
The Trump admin suspended the FHA MIP reduction
Ted Tozer stepped down at Ginnie Mae
Senate Republicans unveiled a bill to replace the CFPB Director with a commission
The CFPB fined Prospect Mortgage $3.5M for RESPA violations
President Trump signed an executive order to decrease regulation
MBA released a proposal to reform Fannie/Freddie
On top of all this, we’re still waiting to hear who the next FHA Commissioner and President of Ginnie Mae will be, two positions expected to have huge influence on soon to be Secretary Carson. And who knows what will happen with the confirmation of Trump’s Treasury Secretary pick - Steve Mnuchin.