Margie Hennessey: It’s Still Uncertain How Rising Rates Will Impact Home Sales

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PERSON OF THE WEEK: Margie Hennessey is a regional executive for Embrace Home Loans. MortgageOrb recently interviewed Hennessey to learn more about what mortgage professionals need to do to be successful in the highly competitive marketplace – as well as what changes 2018 might bring for the industry.

Q: Throughout your career, what experiences have helped influence your current role? Furthermore, what challenges have you faced, and how have you overcome them?

Hennessey: Success is cultivated by challenge – it makes us stronger leaders. Most of the challenges I have overcome were a result of being a “career reinventor,” so to speak, which I’m sure many individuals can relate to. I have made not one, not two, but three major career changes in my lifetime – each one in a completely different industry and each one giving me a wealth of experience and a unique set of skills to succeed.

My first career was in the political/legislative industry as an interpreter in the D.C. area, where I learned a lot about business and politics. I then switched to work in human resources management at the Library of Congress, where I learned my true passion for people and communication. From there, I continued to search for a career that would best suit my values, needs, skills and interests – all of which I found in my current role. I made the transition into mortgage, and with an educational background in finance, it was the perfect fit. I guess it’s true what they say: “The third time is the charm.”

As someone who truly enjoys a career in mortgage lending, I have learned quite a lot along the way. My experience as a leader has shown me the power of diversity on all fronts – gender, age, ethnicity, etc. Professionally, I’ve had many opportunities to not just work with great people, but also have great people work for me. Over time, I’ve taken a little bit of inspiration and wisdom from each of my past involvements and weaved that into a wealth of professional insight that I now incorporate into my own role as a mentor to others.

Q: What are your main goals as a regional executive?

Hennessey: At the end of the day, we want to provide superior, consumer-friendly service to borrowers within the communities we serve. We want to cultivate and grow relationships and be viewed as trusted advisors within mortgage lending, and we want to help individuals better understand the lending process. Doing all of this is heavily dependent on a solid team and a great plan to execute on, and the power of diversity plays a key role in this.

An important part of my professional background is that I am fluent in American Sign Language, which has allowed me to hone my skills as a communicator. It is imperative that as leaders in the mortgage industry, we effectively communicate with prospective borrowers and really focus on helping them understand the process while also providing a level of comfort. Having a diverse team – different ages, backgrounds, genders and ethnicities – we’re able to work better with our communities and in a responsible way.

This is especially important as borrowers become more diverse. We’re seeing more Millennial buyers than ever before, and Latinos are projected to represent 40 percent of the market soon. These are just a couple of examples.

Q: What advice do you have for individuals on succeeding in mortgage lending?

Hennessey: As a leader in this industry, we need to do much more around mentoring and embracing our differences. We have an opportunity to see the world through a more inclusive lens by encouraging everyone to be a part of an exciting industry that is constantly evolving. My advice for other industry leaders is to take a step back and think about how we can mold and shape the next generation of leaders through the hard-won lessons (both good and bad) that we have learned.

First, I think it’s essential to focus on the why. Why do you want to pursue a career in mortgage and finance? It is a cyclical and emotional business, so there needs to be a personal, authentic mission for why. Once you understand the why, you can then concentrate on what you’re willing to do to make your goals happen. I truly believe we all have the tools to make things happen if we’re committed.

Have a frank conversation with yourself and ask – and know – the following: How many hours are you willing to put in? How many rejections are you willing to take? What is your plan for success? How much failure are you willing to accept? Do you have the perseverance for success?

From an extremely practical standpoint, an important piece of advice to any professional looking to enter the mortgage industry, as well as those currently in it, is to have your own finances in order. There are down times in mortgage lending; therefore, maintain about 6-12 months of living expenses for reserve at all times. This is something I tell all my employees, whether they’re new or seasoned.

Q: What do you anticipate for the mortgage lending industry in 2018? As interest rates rise, will we see a slowdown in lending and home sales?

Hennessey: Yes, interest rates are rising, but it is still uncertain how this will affect the market. Regardless, there are strong indicators that point to continued growth. After all, people still need to buy homes.

First, as Millennials age and move out on their own, the number of households increases. As those born after 1980 get married and start families, we’re seeing home purchases at rates equal to previous generations.

Additionally, single Millennials are more likely to own a home than prior generations of singles, so we’re seeing even larger increases. These new household formations indicate strong housing growth, so we should expect mortgage lending to also grow. Additionally, as inventory dries up, we’re seeing an increase in new home builds, which will further fuel growth.

Our industry is moving at a rapid pace, and it’s hard not to be optimistic about the future.

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