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The general economy and flailing markets of the past year or so have definitely taken their toll on the people of the title and mortgage industry.  You can hear it in the way they talk about business—those that are actually still doing business, that is.

And as to what’s next…well, who really knows?  The only thing scarier than another lending collapse or historical inflation might well be the runaway train that is an angry (if uninformed) Congress, with scores of “me too” regulators and state legislators following behind them, torches and pitchforks in hand.  America is angry…so the mortgage industry will now pay.  There won’t be any TARP-lined parachutes for those who don’t work on Wall Street, it appears.

So whether it’s HUD’s “simplification” of RESPA (looks much like most of our income tax “reform” efforts to me); or the font of all unintended consequences, which we’ll call HVCC for now; or a new consumer protection agency skidding along the road of good intentions (and we all know where that road goes); the fact remains that the only thing worse than knowing things will be bad…is not knowing what they’ll be at all. 

And yet, I see the good people of the mortgage and title industries doing what they can to prepare and adapt.  If anything, I see the spark of innovation in many places.

I spoke at a state land title association convention recently.  It was a traditional crowd of title agents—mostly attorneys and/or owners.  My topic?  Well, social media, of course!  (By the way, never trust anyone who tells you he/she is a “guru,” “expert” or any other variety of Sith Lord when it comes to social media—not yet, anyway.  It’s the wild, wild west right now, and some just use it more often or more innovatively than others.  For my money, many of the social media “evangelists” out there are out-of-work marketers looking for work.).

Coming on the heels of grim speeches discussing the consumer agency, ALTA’s form fees, and other charming and enjoyable (albeit, very necessary) topics, I fully expected a mass exodus as I began to speak.  “Who’s ready to Tweet?!” I asked nervously.

To my surprise, nobody left.  In fact, the audience was engaged, and even excited to discuss new ways to spread the word.  From the reluctant adopters (“I never thought I’d do Facebook, but I’m finally accepting that I have to…”) to the enthusiastic newbies (“Is it time to do Twitter, now?”), this crowd of “traditional” agents was willing to embrace new methods to get the word out.

I’m seeing this over and over, lately, and not just when it comes to adopting social media tactics.  The few businesses stubbornly clinging to the old ways (other than traditional values such as loyalty, honesty and quality) are few and far between.  From mortgage brokers to title agents to appraisers to L.O.s, the industry has apparently received its wake-up call, and is taking it to heart.  And I have the utmost confidence that these folks will get through this next round of hurdles, obstacles and land mines as well.