The old maxim “necessity is the mother of invention” has long been used to describe change and innovation. Consistency can then be called the father of longevity as it is paramount to ensure that a company is around for the long haul.
We have witnessed several economic cycles and many companies come and go since we started in 1986. When we started TeleVoice, the average interest rate was close to 11 percent, cell phones were a rarity, serious computing still meant mainframes, and that whole Internet thing was still a few years off. Consolidation in the mortgage servicing industry had not begun, and there were hundreds of servicers managing relatively small portfolios.
The regulatory environment also was very different 30 years ago. An entire alphabet soup of agencies and rules have since sprung up. Servicers operations a now dominated by considerations of CFPB, TRID, TCPA, RESPA, SPoC, TILA, UDAAP, HMDA and more.
Over the last three decades, the only real certainty has been change. Adapting to address inevitable changes has been the challenge for servicers and vendors alike.
For a company to survive and thrive in this ever-changing industry, we have learned that we must be consistent. We must be consistent in our core principles and passionate about providing the very highest level of service to our clients. Here are a few guiding principles that have kept us on track and contributed to our longevity.
Strive to be a trusted partner to clients. Our clients face an array of challenges driven by market changes, customer expectations, portfolio growth, regulation and innovations in technology. Our role is to listen to their concerns and deliver recommendations tailored to their particular needs. That often requires the development of unique solutions, not just trying to use a standard application to address a very non-standard need.
Provide over-the-top service in addition to top-tier products. Mortgage servicers rightfully expect dependable service from their vendors, but we have worked hard to develop a corporate culture of exceeding expectations. All team members understand that they are to go the extra mile to ensure that projects are completed on-time and any necessary resources are applied to promptly resolve support issues. The extra effort ensures better operations and builds lasting relationships.
Embrace change. Change is the reality of our lives, and consistency in our service to our clients requires that we not only acknowledge that truth, but that we build a culture that is quick to respond to change. To be of genuine value to our clients, we must adapt to their changing needs. A commitment to innovation makes it possible to ride the waves of economic and regulatory changes and survive when other are failing.
No one has a crystal ball, but it seems safe to say that the decades ahead will be filled with their own set of challenges. Whatever they may be, a steady and consistent business philosophy will be the key to long-term success.
About The Author
Barry Hays is Co-Founder and Senior Vice President of TeleVoice, a provider of customized call center solutions, to the financial services industry. Barry may be reached by email at email@example.com.