The Mortgage Bankers Association hosted another successful Annual Convention for the industry in October. This year’s gathering was in Philadelphia, Pennsylvania. As always, the conference hosted many prominent speakers including Tim McGraw and Jon Meacham who discussed their recently published book Songs of America: Patriotism, Protest, and the Music that Made a Nation. Industry leaders, regulators, and economists also spoke about the current mortgage market and offered prognostications of the year ahead.
The prevailing sense in my conversations with industry participants is that 2024 origination volume will mirror 2023. Of course, there are many factors that could alter that prediction, including a reduction in interest rates.
So, how will lenders navigate the year ahead? Likely by reducing the cost of originating. Everything seems to be on the table from a re-evaluation of their business model to maximizing the value of their current technology. It will undoubtedly be another difficult year for the industry, but it was reassuring to talk with so many mortgage bankers who remain committed to financing the American Dream.
As always, BMG was well represented at the conference. Chance participated in the MBA’s Future Leaders program which concluded at Annual. Chance’s team presented a mock project they worked on for months and took home first prize! Read our feature of Chance to learn more about his project and the Future Leaders program. You can also apply for the 2024 Future Leaders program here.
At the Advocacy Reception, MBA honored Tom with an award for his work over the years with MORPAC and advocating on behalf of the industry. Tom has always been a political junky, so mixing two of his favorite things in mortgage and politics was a win-win. You can read more about the award here.
Thanks, again, to the MBA for hosting another successful conference. I look forward to seeing folks at the MBA Independent Mortgage Bankers Conference in New Orleans next January 22nd – 24th.