In 2010, I was asked by Dr. Jay Butler, to give a presentation to his senior Realty Studies students at ASU on the “Economic Impact of Legislation.” In this presentation, I did an annual overview of the financial crisis starting with 2007 as the “year of compression.” I continued with 2008 and 2009 as the “year of legislation” and “year of change,” respectively. I concluded the discussion by explaining that 2010 was the “year of implementation.” Today, I could continue that historical update by labeling 2011 and 2012 as the “years of being a ‘kept’ nation” or “years of phantom euphoria,” or even “living in a house of cards.” So the question to ponder now is how will 2013 be remembered? Or maybe even more important, are you prepared for what 2014 may hold?
The success of any long-term real estate business is centered upon the strength and stability of the financial markets. As previously explained, we have endured massive changes to our industry and government intervention has created an entirely new landscape for us to compete. New laws, new rules and a new market are on the horizon. How prepared will your business be at adapting?
As comfortable as ignoring the issues may be, as confusing as the vocabulary may sound, and as safe as putting our heads in the sand may feel; successful real estate professionals must understand what changes the new rules will have not just on their business models, but on how they market, who their clients may be and what liability may be placed on them. Never before have we seen such sweeping changes being made to the details of exactly how we do business.
The implementation of Dodd-Frank, the retraction of FHA, the announcement from the FHFA of their proposal to combine Fannie Mae and Freddie Mac and create a new secondary market is going to impact your clients. Will you be able to guide your customers through all of the anecdotal 30-second sound bites that they hear from the sensational media to get them to their goal of homeownership? Will your business model survive the increased liability and regulation created by the CFPB?
These are the important questions and Amy Swaney, CMB will answer them at the AAR Spring Convention in her session, “Today’s Mortgage Environment,” taking place on Monday, April 8 from 10:15 am to 11:15 am. To see other sessions taking place, visit the AAR Spring Convention site.
AMY SWANEY, CMB
Amy Swaney got her mortgage career started at the age of 19. In 2000, she was appointed to the Board of Directors of the Arizona Mortgage Lenders Association (AMLA). Amy’s responsibility with AMLA grew over the years, and in 2006, she took the helm as president. Amy regularly speaks across the country to real estate, title and legal groups on topics from legislation, preventing mortgage fraud and regulatory changes. Today, Amy still manages her own multi-million dollar production pipeline. She is one of only 10 residential mortgage professionals in the state of Arizona with the Certified Mortgage Banker (CMB) designation and one of 1,000 nationwide.
Follow Amy on Twitter: @AmyCMB