McGarry is the CEO of Guild Mortgage, a San Diego-based lender that's been in business for over 56 years.
National Mortgage News asked McGarry five questions about her experience in the industry and her take on the originations market for 2019. Responses have been edited for length and clarity.
By and large, the mortgage industry is "pale, male and stale," according to last year's MBA Chairman Dave Motley. How did you break in and what were your biggest obstacles getting to where you are today?
It's important to be confident in who you are and not intimidated. It's fairly common for women to be hesitant to ask for what they're worth salary-wise. Stand up for yourself and what you're worth.
What advice would you give other women aspiring to reach your heights?
The industry is constantly changing, so you have to be flexible and adaptable. The people who take initiative and come up with creative, outside-of-the-box solutions are those who succeed. If you can do those things, collaborate with others and focus on being solution-oriented, you will have a long career. Also, never think any task is below you. Whatever it takes to get the job completed. Be a team player.
I also recommend making a concerted effort to train someone below you so they can take your position and allow you to move up the ladder.
Nationally, mortgage originations have declined annually for four consecutive quarters. Do you see this trend continuing and why?
Small-to-midsized production companies have a difficult time surviving in this type of environment. I see a lot of lenders consolidating and exiting the business, while others will grow and capture more market share.
I believe we're in the new norm and this is what the market will look like for the foreseeable future. Originations will be more competitive and those who can adapt to the market change will survive.
The latest breakdown of mortgage applications showed a 58% split for purchases and 42% for refinances. How do you predict that split of originations goes in 2019?
Overall, the market will look a lot like this year, but we could certainly see a shakeout of lenders. We'll see more consolidation and people either moving or exiting the business, which may free things up by the second half of the year.
I think you'll start to see more creative products as lenders compete for their piece of the pie in 2019. We'll see the private market come back and start to impact the competitive landscape, as well.
Millennials are in the prime age bracket for home buying, but are having trouble buying houses for a variety of reasons. How will the market shift to accommodate them? Is there anything they can do to help themselves?
At Guild, we offer the 3-2-1 Home program with The Home Depot, which provides first-time homebuyers with a low down payment option. Customers can purchase a home with as little as 3% down. Guild provides a $2,000 Home Depot Gift Card and a $1,500 grant that can be applied toward closing costs or increasing the down payment after the minimum 3% investment is met. We have several other bond and down payment assistance programs as well.
We'll likely start to see more affordable homes and affordable lending programs for millennials, too.