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3 Guys and an iPad | Patrick F. Stone and Joseph Murin ‘Assessing the Mortgage and Title industries as COVID enters Third Month’

By June 10, 2020 One Comment

In his ‘3 Guys and an iPad’ podcast debut, Williston Financial Group Founder and Executive Chairman Patrick Stone joined JJAM Financial Services Chairman Joseph Murin as guests to share perspectives from decades of leadership in the real estate and home finance industries. The show’s Brian Rieger, Kevin Breeland, and Rick Grant asked how mortgage and title companies are meeting the challenges of the COVID pandemic.

The two veterans’ answers were in sync.

Regarding what characterizes companies who have continued to provide service for clients and employment for staff during a time of shuttered businesses and stay-at-home orders, Murin cited having a good pandemic plan in place.

Stone, too, had anticipated a day when WFG might need employees to temporarily work from home. That preparedness comes from both a personal review he conducts quarterly to anticipate all potentialities – best case and worst case – and then formulate a response plan. He also has been an outspoken advocate for technology integration, which has allowed WFG to handle the current shift to conducting business online and digitally.

Stone also noted that, due to heavy regulation of our industry, it does not change easily or readily, which slows adoption of key technologies. However, as important as technological integration, he said, is personal integration between one’s company and its vendors and clients. It’s something you need to do continually.
“Make sure vendors and clients know you appreciate them,” he said. “Thank them and cement those relationships.”

Both men complimented the Federal Reserve for its actions in response to the current pandemic and the Great Recession of a decade ago. They credited the Fed and its policies with keeping markets liquid and helping stabilize the housing and mortgage industries in 2008 and 2009, when Murin was president of Ginnie Mae and Stone was preparing to launch WFG.