Let me tell you a story. I have two sons, one is eight years old and the other is eleven. Growing up I was never an ambitious career-driven guy. My ambition was to get married and have kids. I love being around children and being a father. It’s the most fulfilling job there is.
My older son is in sixth grade this year. Every year the sixth grade class goes on an away trip to Nature’s Classroom that lasts four days and three nights. Nature’s Classroom is a campus nestled in the forest. The kids still have all the modern conveniences like heating, air conditioning, running water, electricity, etc., but they do a lot of outdoor activities. It’s a great experience. I went to Nature’s Classroom when I was in high school.
So, my eleven-year-old son was very excited to go. I did not share his enthusiasm. He’s only eleven after all. It was his first away trip where he left home for an extended period of time without my wife or me. Needless to say, I was freaking out about all the possible trouble that he could get into. As the trip got closer and closer I worried, and cried and obsessed. The day came nonetheless, and I had to get him off to the bus. As we pulled into the school he was so excited to go that he jumped out of the car and he wouldn’t even let me help him carry his bags. He was ready for this trip to start.
As the bus pulled away I didn’t cry. The world continued. In fact, nothing bad happened at all. I know that you’re wondering why I’m telling you this story, right? During the run up to any new rule the lenders that I speak to complain, worry that the rule is going to put them out of business, etc. The fact is that never happens. The industry adapts and moves on to the new normal after the rule goes into effect.
Today my son has returned home. He had a great time. He bonded with his friends and made some good life-long memories. I’ve also noticed something else, he’s grown up. He’s more eager to help out around the house and do things for himself that he would normally ask me to do for him. In the end, I was frustrated and upset for nothing. Everything worked out just fine even though things have certainly changed.
Similarly, mortgage lending will go on if lenders are willing to change. Here’s my advice: Don’t cling to antiquated processes because that’s how you’ve done things in the past, use this opportunity to rethink and perfect your process. Don’t cling to old technologies because they’re comfortable, look for new technologies that will take you to the next level. Don’t be afraid to embrace new concepts like perhaps electronic signatures, or dare I suggest full electronic mortgages. These things will help you take your business even further.
Don’t resist change. Sometimes you just have to let go.
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