FundMore, Ottawa, Ont., announced a partnership with end-to-end digital verification analytics platform VeriFast.

The industry strains and the mitigation strategies demanded in 2023 will not follow traditional cycles of boom and bust—more technology, additional standards, and M&A events. The mortgage industry is being remade, reimaged for the next-gen economies, and the solutions and outcomes will be unfamiliar for many leaders, consultants and outsourcers.

There is a great deal of uncertainty as to the health of the U.S. real estate business in 2023, of course, and we’re all hearing plenty of negative narrative as the industry contracts in the face of lower overall loan volumes. However, that’s not what many lenders are focused on. We’ve spoken to many lenders who are finding bright spots – opportunities amidst the challenges.

here are still opportunities to be found amid this difficult market. One of the best opportunities, in fact, are home equity loans, particularly HELOCs, and closed-end seconds as well—products for which borrower demand is still relatively strong. And this opportunity becomes even brighter with the right resources in place.

While no one has a magic ball that can tell us when the market will pick up again, it’s a good idea for executives at financial institutions to rethink and consider what a realistic strategy looks like moving forward in a low market as well as a high market. 

As mortgage marketers eagerly look to put ‘22 in the rearview mirror, now’s the time to start plotting a competitive social media strategy for ‘23. So, if you’re wondering, “what’s next?”, you’re not alone.