After that shrimping was easy…
These are stormy times in the mortgage industry.
Mortgage volume has slowed to a trickle as a result of rate increases. There are layoffs in every sector associated with mortgages, including the valuation space. We are in the center of an economic storm that makes many of us wonder if we will survive financially. These difficult times remind me of one of my favorite lines from the classic movie Forrest Gump.
In the movie "Forrest Gump," there is a scene where Forrest and Captain Dan are caught in the middle of a hurricane while on their shrimping boat. The scene is tense and dramatic, with the boat being battered by high winds and rough seas. Despite the danger, Forrest remains calm and focused, working to keep the boat afloat and bring them back to the harbor. Back in the harbor, destruction is widespread with debris scattered everywhere and boats overturned and broken apart. A newscaster covering the devastation states, “The entire shrimping industry has fallen victim to Carmen and has been left in utter ruin… In fact, only one shrimping boat actually survived the storm.” Forrest and Captain Dan are “the only boat left standing.” Very next scene, we have the classic line from Forrest, "After that shrimping was easy."
Staying in the storm and surviving its fury launched "Bubba-Gump Shrimp" and incredible success for Forrest and Captain Dan. Really, odd as it seems, the storm was the best financial thing that ever happened to Forrest. Others that sought the safety of the harbor were set back for a while, giving Forrest a foothold in the seafood market.
We in the mortgage industry ( and valuation sector) need to stay focused on "surviving the storm" and not following all the other boats to the perceived safety of the harbor. Forrest’s famous line is a testament to the idea that success can come more easily once you have persevered through difficult times. The storm in the movie can be seen as a metaphor for the obstacles and challenges that we all face in life, but with determination and persistence, we can overcome them and achieve success. Success often requires hard work, perseverance, patience, and determination, especially when faced with challenges and obstacles.
Storms wreak a lot of destruction but are temporary. Rebuilding starts as soon as they are over. Like storms, these current economic conditions will not last forever. As professionals, we must keep our eye on enduring these difficult times, knowing that on the other side, as survivors “shrimping will be easy.”
Take four minutes and watch the clip on YouTube - https://www.youtube.com/watch?v=pHmf6eJQVuw&t=90s
