It’s not an existential crisis at day’s end, he suggested: “The world’s not going to end, and it also won’t explode with growth. You’ve got to thread a balance for that. Make business decisions and personal decisions for the long run, and don’t overextend. Businesses shouldn’t overextend and over-hire. Unfortunately, companies did but I don’t think they over-hired for the wrong reasons – the business was there, now there’s not as much.”

The upshot: “It’s going to be half of the business. Then guess what? They’ll need half the amount of people to service all the business – that’s processors, underwriters, front-line people. It’s the reality. So you find some balance in the middle of that to keep navigating and operating a successful, healthy business.”

Senko speaks from personal experience: “We started the business on the heels of financial crisis in ‘99. We navigated ‘07 and ‘08. We’re the only non-QM that continued lending during the coldest days of COVID. We prospered in the last couple of years, and we continue to keep the lights on with no fear or concern that we’re going to have to shoot the company down. I know for a fact that companies have had to leverage themselves, share equity – pieces of their companies – for survival.”

With old man winter roughly midway through his run, the old man of non-QM then points back to the heavens for solace. “If you maintain a calmness and look to the future, things are going to get brighter each and every day. Tomorrow and next week might not feel brighter, but there’s an extra couple of minutes of daylight.”

The bottom line: “In 2023, people will still need to buy homes,” he said. “People are still moving. So there’s still demand.”