![Melissa Langdale](https://mortgageorb.com/wp-content/uploads/2024/06/Melissa-Langdale.jpeg)
When asked to rank the most important issues facing mortgage lenders today, respondents to The Mortgage Collaborative’s 2024 Pulse of the Network survey cited business development as their top concern.
While 36.7% of respondents are looking to expand their business, three in five respondents said they are more concerned about achieving or maintaining profitability than increasing market share.
Mortgage Collaborative (TMC) is the nation's largest network of independent cooperatives serving the mortgage industry. This report highlights the top five key issues for lenders this year, their top 10 goals and anticipated strategies for success.
Not surprisingly, respondents cited increasing hiring volume as their top goal for 2024. To that end, they are looking to diversify their hiring processes (21% are working with recruiters) and referral relationships to ensure their companies are taking advantage of every opportunity.
And while new technology adoption ranks relatively low among mortgage business goals for 2024, respondents cited customer relationship management (CRM) platforms as one part of the technology stack they will prioritize this year.
“Based on this year's survey results, lenders' priorities for 2024 appear to be improving, but not necessarily getting bigger,” Melissa Langdale, president and CEO of The Mortgage Collaborative, said in a statement. “The combined effects of rising interest rates, inventory shortages and affordability challenges have severely tested lenders over the past year, but with some relief on the way in the form of expected lower interest rates, lenders are using this leeway to improve their operations, maximize existing new business opportunities and make plans to replenish reserves that may have been depleted in the pursuit of survival in 2023.”