TheMReport — News and strategies for the evolving mortgage marketplace.
Issue link: http://digital.themreport.com/i/1196118
4 | M R EP O RT INDUSTRY VOICES INSIGHTS FROM MREPORT'S EDITORIAL ADVISORY BOARD Built for Agility Rocky Stubbs, Head of Consumer Direct & Digital Mortgage Lending at Flagstar Bank, discusses industry innovation and "building a ship that can sail regardless of the weather." A t Flagstar Bank, Rocky Stubs leads a team on a mission to "completely disrupt the mortgage industry with high-tech digital tools while delivering a high-touch, personal- ized service experience." With more than 15 years of mortgage industry experience at both privately held and Fortune 100 companies, Stubbs has earned a reputation as a strategic thinker and innovator who is skilled at leading rapid growth agendas, attracting top talent, and creating a white-glove, customer-centric service culture. Prior to joining Flagstar Bank, Stubs led the Di- rect & Digital Mortgage channel for Capital One Home Loans. A member of the MReport Editorial Advisory Board since 2019, Stubbs recently spoke to the publication about how lenders can remain nimble and prepared for any environment— regardless of the unexpected. M // What are the biggest takeaways lenders should be focused on as we enter 2020? STUBBS // The summary of the year is that the best thing that you can possibly do for your platform is to organize it in a way that it is built for agility in whatever the market circum- stances are going to be. We're in a very volatile market. It's hard to forecast and predict, and after 17 years doing this, I don't think our forecasts have ever been entirely correct, even in the years where they're close. Even when we get it right, we get it right for the wrong reasons. My team probably gets sick of hearing me say this, but I say, "I'm not focused on what the forecast says. I'm focused on building a ship that can sail regardless of the weather." In 2019, the weather broke in originators' favor, with a larger total market that was buoyed by refinance volumes that we didn't see coming. That's great, but it's not something to build around. This year, I think everybody should take it for what it was. It was great. It was great to have a market tailwind and artificially low environment. But part of the concern comes when you say, "Maybe this is our new normal." We're planning for a year where we stay focused on our architecture and our digital transformation. We're focused on becoming a more efficient machine regardless of what the market is going to give us by way of advantage or opportu- nity. Next year, we do see less refi business, and more of that