As business Gets tough, go ‘Back to the Future’
By Bruno Pasceri
June 16, 2022, 2:28 p.m. EDT
Fans of the movie “Back to the Future” will remember the joyful moment when Marty McFly, who travels from 1985 to 1955 and back again, realizes that he’s saved his beloved Doc’s life. With the advantages of hindsight and foresight, Marty warns Doc that in 30 years, terrorists will gun him down. Doc heeds his words, purchases a bulletproof vest, and survives. Marty’s decades of additional life experience help him keep his treasured friend.
After having led mortgage teams in up and down markets, including The Great Recession, I sometimes feel like the fictional Marty. The mortgage profession is not in any danger, but it’s at a tipping point in its W-shaped curve. Veteran mortgage leaders could not have envisioned some of today’s headwinds — from the Fed’s recent announcement of a 0.75% interest rate hike, to the exceptionally quick rise in mortgage rates from 3% to more than 5%.