HousingWire Daily Bill Dallas on the right risks to take in this housing market
Apr 2, 2026
Bill Dallas, chairman of Dallas Capital and veteran mortgage executive, shares perspectives on navigating a volatile housing market. He discusses taking the long view, diversifying products like HELOCs and non-agency loans, and keeping staffing and costs flexible. He also explains why relationship-driven strategies, servicing retention, and bank partnerships matter now.
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Don't Panic Or Flip The Ship
- Do avoid panicking and avoid shifting your whole business direction in response to volatility.
- Dallas likens sudden pivots to tipping a ship and cites March 2020 where quick panic missed a huge refi opportunity.
Build A Company For All Markets
- Do build your mortgage company for all markets, not just agency loans.
- Bill Dallas shows this by recommending HELOCs, non-QM, IOs, reverse and non-owner-occupied products alongside agency capabilities.
How First Franklin Pivoted In 1994
- Bill Dallas recounts moving First Franklin from $1B/month 30-year fix to $100M HELOCs in months during early-90s rate shocks.
- He used that experience to permanently add non-agency capabilities after the 1994 Fed moves.