How should today's mortgage brokers respond to 'The Big Short?'

Take it as an opportunity tell consumers about how the industry has evolved
  • 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.

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.