Cotality's Product Array; NEXA on the Move, Mike Kortas Interview; AI and Experimentation

“Hey, it’s either network or no work.” For lenders, networking is an important part of their business. In addition, generally speaking, renters are prime “feeding grounds” for loan originators searching for clients. But there’s some disturbing signs out there: what if renters can’t even afford their rent? I was talking to a successful LO recently who uttered, “50 calls, 5 leads, 2 applications, 1 closing. The next day, 50 calls, 5 leads, 2 applications, 1 closing. Rinse and repeat, every day, it’s a pyramid.” Being an originator is a numbers game, as is running a branch. A manager recently told me, “Manage to the numbers. It doesn’t matter how long your team has been with you.” You can be cheap, easy, or fast. Pick one. You’re not going to be all three consistently. Meanwhile, LOs faced with keeping up with technology. Recently I received, “I stopped asking, ‘Will AI replace me’ and started asking, ‘How can AI make me better?’” And I regularly receive emails to the effect of saying, “I am not competing against other LOs. I am competing against Google, YouTube, TikTok, AI search, Reddit, ChatGPT, and (Today’s podcast can be found here. This week’s ‘casts are presented by Spring EQ, the clear choice in home equity and non-QM solutions. Since 2016, Spring EQ has helped more than 160,000 homeowners access over $16 billion in equity. Today’s has an interview with Spring EQ’s Reno Heine on actively navigating a volatile mortgage market by expanding into non-QM offerings, evolving its third-party origination strategies to meet modern broker needs, and advancing a new digital platform to capture future growth opportunities.)