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“When COVID hit, everybody’s fear in the mortgage industry was of a repeat of 2008 and that there was going to be a crash. But it didn’t happen, because 2008 was related to foundational structural issues in our housing industry. You had widespread fraud, you had folks getting into complex products without appropriate disclosures. COVID was not a real estate thing, it was a health care crisis.”
Dalton Elliott
“A lot of people are thinking that this is a bubble and that there’s going to be a 2008-type collapse. The difference is that this is completely different. The 2008 collapse was mainly due to the mortgage market – a lot of bad loans and everybody qualifying for a loan. The reason why prices are so high is because we have very limited supply and very high demand.
“The industry is definitely changing and there’s definitely going to be margin compression. Volume is going to slow down, and I think that there are going to be company mergers. Technology will also have an impact on the economy. Companies can work at a smaller profit margin and still be very, very competitive, and we can be more competitive because technology makes things quicker, easier and cheaper than before.”
Yury Shraybman
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