“The reality is now we’ve got to go through this,” he said. “We have too much liquidity, which needs to come out. What that means for our business is that we’re seeing, like everyone else, a period of rapidly rising interest rates once a year, and we don’t know how many times we’re to increase our interest rates, but it seems like it’s pretty much every two weeks or three weeks.”
Beacham noted that the significant decline in overall lending volumes is just a “natural reaction” as it becomes harder to find deals for borrowers.
“As we look forward to next year, there’ll be more pressure on the housing market, probably more pressure on mortgage rates, and that will mean more declines in housing prices,” Beacham said. “So, we’re prepared for that, and we’ll be ready for that.”