“As mortgage companies and as originators, we’ve got to focus on what (we) can control,” he said. “I can’t control if the Fed is going to do two more rate cuts this year or change their mind and do three or four, or change their mind and do zero. I can focus on my daily activities, my processes, my systems, and be ready when that time comes. So, when the market does turn a little more favorably, we’ll be ready for it.”
Mental health is critical
While the challenging market continues to be a headwind for mortgage brokers, Hodgson said that brokers must be able to step back and maintain their mental health to avoid burnout. He said focusing on mental and physical health is something they stress at UMortgage.
“It’s something we’ve talked about a lot,” Hodgson said. “I mentioned we’re big on coaching and development, that includes personal development as well. We’re hoping that people can realize your mental health and your physical health are just as important to your success in business and your longevity in business.”
The cyclical nature of the mortgage business is what he sees as a challenge. Devastating lows can follow incredible highs, and it’s hard for mortgage professionals to be able to balance it all out.
“Having high energy and being able to deal with the ups and downs of the market,” he said. “I think people don’t understand. We do, because we’re in it every day. If you really step back, our industry is so cyclical, up and down. You deal with these highs and lows on a daily and weekly basis, too.