It's not always sunshine and roses

May 30, 2023

In a year like this where markets are volatile and being able to predict how things are going to play out is harder than ever, it's inevitable that it won't always be smooth sailing. We managed to clear our lofty revenue targets in January, February, March, and April by grinding on all fronts and also catching a few lucky breaks along the way (as we always seem to be able to do). 

What we could not have expected is the application for our broker dealer to take this long and it has reached a point where we're inevitably going to be starting from behind every month to try and make up the shortfall with each successive month. May is most certainly going to come up short as servicing fees from the broker dealer and third party underwriter revenues are becoming a more material part of the revenue mix. 

Still, there is no reason to be down on ourselves or our prospects for the rest of the year. We have plenty of opportunities to make up for lost revenue by focusing on the things we can control - onboarding more third party underwriters, capturing new investor demand, and speeding up time to market for borrowers and their deals. 

Our broker dealer application will be approved at some point, I have no doubt about that, and with a little bit of luck falling our way and our continued focus on the multiple avenues we have to hitting our targets, we can right the ship yet again in due course 🙌