HousingWireHousingWire
If the mortgage industry had a mantra at the start of last year, it was something like: Just survive to get to 2025. With high rates keeping volume low, everyone was cinching their belts and feeling the pain but yet, hope remained, fueled by predictions of pending interest rate cuts that would bring welcome relief to all.
But now here’s 2025, and it’s clear that mortgage rates aren’t falling the way we’d hoped, and the market is going to take more time than we thought to find its new normal. But while this fact might be daunting, I encourage my colleagues in this tumultuous industry to look at the situation another way.
A moment for inspiration
If my years in this industry have taught me one thing, it’s that success in the mortgage business comes from recognizing – and embracing – its cyclical nature. Much like the seasons, each phase offers unique opportunities for growth and preparation. In autumn, focus on harvesting opportunities and preparing for the challenges of winter. During winter, invest in personal growth—build skills, develop discipline, and stay open to new possibilities. When spring arrives, apply your knowledge, plant seeds of opportunity, and harness the energy and momentum of the industry. In summer, nurture your efforts, strategize, and make impactful decisions while preparing for the next cycle.
Always remember, just as spring inevitably follows winter, the industry will recover from its slow periods. Stay persistent, keep learning, and have faith in the process. Perseverance and preparation are key to long-term success.
While this suggestion is not exactly new, it might still be a valuable one to hear, especially for those who want to position themselves as leaders in this business. To be a leader in an industry that is defined by a series of peaks and pits, you’ve got to be tenacious, motivated, unflappable and also – perhaps most importantly – inspiring. You have to be the type of person whose enthusiasm is contagious. Someone who isn’t deflated by a tough market but excited about the innovation and creative thinking that can transpire in the midst of a downturn. And, you have to be able to communicate this excitement effectively, getting your team on board and inspiring them to dig their heels in.
Leaving a lasting legacy in the mortgage industry means driving meaningful change that transcends immediate results and lays the groundwork for future progress. Throughout my career, I’ve focused on three core pillars: innovation, mentorship, and building resilient relationships. Here’s why.
An invitation for innovation
I began my career when loan applications were just four pages long, every loan required a manual underwriting review, and we collected Service Release Premiums (SRPs). Rate sheets were emailed each morning by account executives who often fostered relationships through weekend trips to Vegas, followed by Monday morning guideline exceptions for tricky loans. Back then, we proudly branded ourselves as one of the first online finance companies with the tagline, “Buy a house with your mouse.”
Fast forward 27 years, and nearly every aspect of the mortgage process is now completed electronically. The industry has evolved dramatically, embracing technology, automation, and stricter regulatory frameworks.
This is why I believe the key to success in the mortgage business – whatever the state of the current market – is championing innovation. The mortgage industry is rapidly advancing with technology, from digital closings to AI-driven underwriting. Leaders in this sector who are committed to thriving will embrace these changes, advocate for responsible risk-taking, and ensure these tools are used ethically and effectively to enhance the borrower experience.
Those of us who have been in the mortgage space long enough have the unique ability to leverage the wisdom of the past to inspire the innovation of the future. We can use our deep knowledge of the industry’s evolution, from manual processes to seamless digitization, to guide the next generation. By sharing the lessons learned from navigating market cycles, regulatory changes, and economic crises, we provide valuable insights that can help others anticipate challenges and seize opportunities. A down market, to me, is an invitation for innovation.
The meaning of mentorship
I am a firm believer in the power of collaboration and mentorship. By fostering a culture of inclusion and continuous learning, we empower the next wave of industry professionals to think critically, innovate, and maintain the trust of borrowers and stakeholders. We also stand to learn a whole lot ourselves. Because while a seasoned professional might be used to doing things one way, perhaps an up-and-comer has a new idea that will bring immeasurable value. In this way, I believe mentorship can be a worthy two-way street.
I think it’s important to remember that creating a professional legacy and having a meaningful impact on your industry isn’t just about what you build, but who you inspire. I’ve made it a priority to mentor and develop future leaders in the industry, instilling in them the importance of integrity, adaptability, and customer-centricity. By sharing knowledge and encouraging others to take bold yet calculated risks, I hope to have empowered a new generation of industry professionals to innovate and lead with purpose.
In shaping the future, our experience isn’t just a resource—it’s a responsibility. By combining the wisdom of our journeys with forward-thinking strategies, we can ensure the mortgage industry remains resilient, accessible, and trusted for generations to come.
Relationships matter
In late 2008, during a week of relentless capital calls from my warehouse lenders, I received purchase advice on loans that were set to settle. As a TPO shop, we prioritized fraud prevention and leveraged multiple detection tools. However, on the day of settlement, we uncovered a massive fraud ring involving straw buyers and undisclosed mortgages in a particular portfolio.
Faced with a defining choice, I could either let the loans go, risking widespread consequences, or reject the wires, confront an immediate crisis with one of my warehouse facilities, and commit to a long, arduous legal process to personally recover the assets. I chose the latter—the harder but ethical path—and refused to sell the loans.
This decision, along with many others during the tumultuous fall of 2008, ultimately forced us to close our doors. Yet, it was in those darkest moments that I found strength and clarity. We honored every investor, fulfilled every commitment, and upheld every relationship from that era. Those loyal connections and the relationships that grew from them became instrumental to my success.
That’s why I focus on building relationships by collaborating with others and acting with integrity, knowing that this always yields dividends in the future. The mortgage industry thrives on trust and collaboration. I’ve worked to foster relationships with clients, partners, and colleagues based on mutual respect and transparency. Whether navigating challenges like market downturns or leveraging opportunities for shared growth, I’ve focused on building connections that withstand the test of time and create long-term value for all stakeholders.
The takeaway
We know that 2024 wasn’t a great year for the mortgage industry, and 2025 might not be either. But that doesn’t mean we don’t have a reason for optimism. In any market, there is an opportunity for growth for those who foster innovation, seek efficiencies, and embrace change. Understanding the importance of taking responsible risks while remaining committed to improving the industry is critical. The approach I suggest is simple yet effective: be proactive, lead with integrity, and embody the changes you wish to see in the mortgage world.
Throughout my career, I have consistently sought to challenge the status quo, embracing technology and forward-thinking solutions to improve efficiency and transparency. Whether it was adopting AI-driven underwriting tools or streamlining workflows to eliminate inefficiencies, my efforts have always aimed at making the mortgage process simpler, faster, and more accessible for borrowers and professionals alike.
Ultimately, my goal has always been to leave the mortgage industry stronger, more collaborative, and better prepared for future challenges. I hope the initiatives I’ve spearheaded and the values I’ve instilled in others will resonate long after my time in the field.
Ryan Marshall is the CEO of Voxtur.
This column does not necessarily reflect the opinion of HousingWire’s editorial department and its owners.
To contact the editor responsible for this piece: zeb@hwmedia.com.
