A new captain at the helm
With turmoil in Japan, US job claims not as strong as previously believed, and inflation beginning to level off, “interest rates are for sure on the downswing,” Haddad noted, adding data indicates two more rate cuts this year. But although the current rate environment is the hot topic, it’s missing the forest for the trees. Take AIME’s data as an example: in 2023, there were more than 650,000 cash-out refinances in the US. Of that number, brokers accounted for just over 120,000 while one retail company did more than 130,000.
“We have to get out of the mindset of just interest rates, and get more into the mindset of opportunity,” he said. “We’re coaching members of our community to navigate this environment with that approach.”
With Haddad at the helm, AIME is laser-focused on sharing practical, on-the-ground strategies and skills — and he’s well-equipped to speak to both. Haddad is himself an originator, or “still in the trenches” as he likes to say. Coming from almost seven years with one of the largest retail companies in the country — during which time he “kept his head down and absorbed everything,” powering up through the ranks to attain a leadership position at 22 years old — Haddad learned a lot about the industry, including that what’s best for the consumer really is in the hands of a mortgage broker.
AIME is urging the broker community to leverage the resources at their fingertips — for example, CoreLogic is now available not only to those in retail, but in the broker space as well — so they’re not left behind. Those in retail haven’t been twiddling their thumbs, Haddad warned, and now’s the time for brokers to grow market share on a more even playing field. Currently sitting at around 25%, he has the goalposts set at a hard 50% in the next 5-7 years.
“Change is painful, but the truth is technology makes life easier. We’ve got to keep challenging people to adopt it, putting it in front of them, having conversations,” Haddad said. “The advantage with my background is I can show brokers how to sell these tools to real estate agents and how to talk to consumers about it. That’s what we’re showcasing to the community: the more we buy into the technology, the faster we grow, and the more opportunity we capture.”
Source: mpamag.com