Anyone in the mortgage industry will tell you that the market has evolved significantly since 2008, but these evolutions haven’t been explained well to consumers. Frankly, the industry could learn a lot from how ‘The Big Short’ manages to explain the various financial tools used to perpetrate the crisis. That’s where mortgage brokers’ real response should be: not in being overly defensive or pushing blame elsewhere, but in using this opportunity to explain their business.
- The mortgage industry is taking a lot of criticism lately, but much of it is fair.
- Mortgage brokers shouldn't be defensive; it's more productive to use this criticism to start a conversation about what's changed since 2008.
- This conversation also presents the opportunity to be vigilant about preventing a return of the kinds of abuses that crashed the market in 2008.