*An Industry Wish List*
**By Nancy Alley**
***Can you believe 2011 is almost here? It has been an interesting year, with much change, many new regulations and some interesting announcements. And, as with every year, as January quickly approaches, I think it is best to reflect on the past by making resolutions for the future.
****Before I share with you the first of what I think would be good industry resolutions, let me say that while people tend to get bold in their personal goals – dreaming of a complete overhaul of their shortcomings – I’ve come to the conclusion that an industry revolution is unlikely.
Instead, we need to make some joint resolutions to evolve.
****So, take a read and feel free to add your thoughts. I am by no means claiming to have the perfect solution for the industry, so I’d love to hear your ideas on how we can improve.
****Resolution #1: Embrace the Inevitable Change
****Let’s state the obvious – the past few years have been a rollercoaster of change and turmoil. And while some would like to believe everything has been figured out, I think 2011 has more change waiting on the doorstep. To name a few:
****>> Dodd-Frank: With massive compliance changes ahead, how will we sort through the impact and know how to react?
****>> A contracting market: Industry analysts predict as much as a 40% contraction. How can we do more than just brace for the fall?
****>> A potential GSE overhaul: The secondary market as we have known it may look very different going forward. What does this mean for our future business models?
****While many view change as an obstacle (it often is), I would argue that it also creates tremendous opportunity. It pushes us to grow and evolve. It forces us to create new plans, new responses and new approaches. The old adage of “business as usual” rarely works for long when an industry is required to take new steps to reach better heights.
****The changes we face as an industry are an invitation to act and improve. So, rather than fight change as we often want to do, let’s make a collective decision to direct our energy to finding unique solutions to face interesting challenges. Let’s start by having a discussion and sharing best practices from how your organization has faced a challenge head on.
****For me, the change that lies ahead just gives me hope for a great 2011. What about for you?
Nancy Alley is VP, Strategic Planning at Simplifile. She brings more than 24 years of financial services and mortgage industry experience to her role as the Vice President of Strategic Planning at Simplifile. She has dedicated her career to driving innovation and leveraging technology in the mortgage industry. As a Co-Chair of the eMortgage workgroup at the Mortgage Industry Standards Maintenance Organization (MISMO), Nancy is actively involved in driving adoption of industry standards.