It’s been a couple of weeks since our 3rd Annual National Conference ended and I’m so pleased with its outcome. I am continually amazed by the business relationships that this company has cultivated in the last 14 years. Our Partners continue to grow, change, and adapt to this new economy. Our conference was aimed at helping our Partners gain a deeper knowledge about the mortgage industry’s current position and its future. Our industry is plagued with a lack of knowledge transfer; things change so quickly and sometimes so drastically it can be difficult to keep up. Our keynote speaker, Dave Stevens from the MBAA, gave a presentation about the changing landscape in Washington, D.C. and how Primary Residential Mortgage, Inc. is staying at the forefront of these changes.
There were three main points Dave Stevens touched on that really impressed me. First, he shared his opinion that we are about to enter the most prosperous time in our industry. There are 5 million more people today from Generation Y about to enter the housing market than there were of Baby Boomers in 1970; what a staggering statistic! Second, he mentioned an article from the Wall Street Journal that cited the fact that the ratio of house prices to yearly rents is nearly restored to its pre-bubble average. Furthermore, when mortgage rates are taken into consideration, houses are the most affordable they have been in decades. Third, he shared some statistics on the type of demographics that will drive the future of housing. Industry statistical forecasts predict Hispanic households will see a huge gain in Annual Household Growth from now through 2025. I am glad that PRMI is continuing to be a leader in meeting the needs of our Nation’s changing demographic profile.
These points show me that, while our market will continue to change and morph, we can anticipate and meet the needs of these new markets with unparalleled success. We will continue to fight an uphill battle in the short term as the economy and the Nation as a whole gain more confidence in the market. However, just as a real estate investment should be viewed long-term, the long-term future for the mortgage industry as a career investment will reap significant gains and I’m excited that our company and our Partners are ready for the opportunity.