If you were hoping for a quiet year…

While 2012 was an excellent year for many bankers and brokers, it’s difficult to say what 2013 has in store for the mortgage industry.  The recent CFPB definition of “Qualified Mortgage” still has industry pundits debating what impact, if any, the new rule will have on originations.  Although Basel III’s capital requirements for lenders were, to some degree, softened, the long term impact is up for discussion.  All of this against a backdrop of improving housing starts, higher home prices and, yet again, forecasts of  a decrease in the number of originations this year.

Against that less-than-steady backdrop comes the speculation that, with a federal appellate court ruling, the legitimacy of the appointment of the director of the CFPB is in doubt.  What would that mean for the actions they’ve already taken?  (Good story on the issue in National Mortgage Professional.)

How in the world does a broker or lender plan for the year when it’s unclear whether or not the proverbial roof will be caving in or not?  Product mix, marketing, compliance…all tough to plan when the rules keep changing.

Nonetheless, the only alternative to planning for each contingency is not planning.  And we’ve seen what happens to businesses that haven’t planned for change too many times in the past five years.  It’s a bit like doing taxes or getting a root canal, but if you’re not considering all of the alternatives right now, you’re doing your business a major disservice.

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