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• W347720229 abstract "With dramatic changes taking place at an ever-increasing pace in the mortgage banking industry, traditional rules of operation have been turned on their heads. Everyone involved in the industry has been challenged to find clues and tools for survival. Much like the three Rs in education, there are three Bs in mortgage banking-- bucks, boxes, and brains. That is, bucks, meaning capital; boxes, meaning technology; and brains, meaning people. Those are the tools, if to survive and thrive in today's market. It is that simple--or that hard, depending on your perspective. Bucks To stay afloat and move forward as a significant player in mortgage banking, capital, and lots of it, is a must. The big guys are getting bigger. Market share of the top ten lenders goes up every year, even as the names change. At 1995 year-end, the top ten mortgage originators held a combined 26.7% of the market. While nearly 27% of the market may not sound like a commanding share, the trend shows that combined share will continue to rise. Only six years ago, the top ten mortgage originators held just 15% market share. This same growth trend is seen with servicing, but even more dramatically. At the end of 1995, the top ten servicers held a combined 24.5% market share. The top five servicers alone reached a combined 15% market share. Only six years ago the top ten mortgage servicers combined for around 11% of the market. Their combined market share has more than doubled. Players in the mortgage industry are feeling the squeeze. Margins are under pressure and unacceptable to many current firms. We are scrambling to make money on a product that has become a commodity. As a result, we are finding it more and more difficult to make a good return on the capital we employ. That is why we are seeing such a large amount of consolidation in the industry. Chase and Chemical, Fleet and Plaza Mortgage, Prudential and Norwest Mortgage. The list goes on and on. To stay in business, with acceptable profit margins, the big players are getting bigger. Increasingly, size is translating into success and, in many cases, survival. Organizations with large servicing portfolios can often reduce volatility in earnings over cycles. Norwest Mortgage will be managing nearly $200 billion by year-end. And that factor is especially important in managing business in today's market. It is also key to helping attract new capital. Investors don't like thin margins or earnings ups and downs. The race for size is on. And the only way to gain size is through capital. Capital brings the economies of scale needed to negotiate rates with the agencies, to negotiate prices with vendors and suppliers, to invest the millions needed in new technology. Capital also helps fund the marketing efforts and servicing improvements that help us to differentiate ourselves from the competition. Mortgage banking is a commodity business. Though there may still be a few innovative bells and whistles out there helping some of us attract new business, the bottom line is that most types of loans that can be invented have already been invented. Upwards of 84% of Norwest's business is currently fixed rate, for example. As a result, we are all selling the same thing--money. Capital also provides competitive advantages for hiring the best and most knowledgeable people who can help us differentiate ourselves from our competition. With capital, mortgage lenders can also grow their businesses to incorporate geographic diversity--another important element in managing the increasing risks of mortgage banking. Not only do we have to manage through sales cycles of typically slower winters and aggressive springs and summers, but we also have to manage through regional business cycles as well. Sufficient equity and reserves can mean the difference between surviving and succumbing. To protect against geographic risks, mortgage lenders are finding we must grow our businesses large enough to ensure we are always operating in enough areas of economic booms so we can weather the busts. …" @default.
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• W347720229 date "1996-10-01" @default.
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• W347720229 title "Can the Three BS of Mortgages Be Made to Work for You" @default.
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