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I am curious what the general sentiment is on this topic. I hear a lot of my customers having to make adjustments because of all of the regulatory changes. There’s HVCC, loan modification rule changes, increased mortgage licensing requirements, robocall bans, and a host of other changes that target the financial services industry.
How are you dealing with these and other market changes?
Here are some of the trends I am seeing with my clients and in the market:
- Small and independent brokers are having to find bigger shops to join or operate under in order to stay compliant
- Everyone is monitoring regulatory issues and legislation much more closely
- Costs are going up and most increases are attributable to compliance
- There are fewer sources of funding for lenders
- The government is forcing more inefficiency, while cutting profit opportunity
This certainly is making it tougher to run a debt or mortgage business. However, I think there are some great opportunities to excel in this environment too.
- If you look for the right savings, like buying aged leads versus real-time leads, you can stretch your advertising budget a lot farther.
- The regulatory environment also weeds out the bad apples-improving the image and the trust of those remaining in the business.
- Finally, I think whenever market sand is shifting creativity always wins-learn to do something faster, more efficient, or more appealing.
Then, while your competitor are moping with their heads down you will be passing them by.
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