It’s not easy being a lender in this market. With origination volume down and margins compressed, consolidation among mortgage companies is expected to continue, and even increase. But according to Stanley Middleman, president and CEO of Freedom Mortgage, current market conditions also present a real opportunity.
We recently interviewed Middleman, who founded Freedom Mortgage in 1990, to talk about the right strategy to deploy in the midst of a downturn and what the rising interest rate climate means for lenders.
From Middleman’s perspective, finding ways to optimize business during a downturn sets the stage for explosive growth as things turn around, and preparing for the next cycle keeps the business grounded in the right areas. And he should know, having led Freedom Mortgage to record growth in the last three years, earning a spot on the Inc. 5000 list of the fastest growing private companies in the U.S.
Middleman also addresses how to manage operational costs and what conscious decisions lenders can make to dodge interest rate risk over the next two years.