I'll begin today by asking everyone to reflect on last week and last month, if not the last 6 months. You'll agree that we have had a stressful trip, but one we need to remember so that we learn and maybe not repeat the mistakes; so we can purposefully build on the successes. Reflect and recognize the changes we've made, new pressures we've succeeded in overcoming, and the new level of intensity we are working. We need to recognize this so we can know we have changed and can continue to change.
As you reflect, take some time and read the focus' I sent out; read some of your previous emails; look at the path we've been down; review some of the things we/you were concerned about and what came to pass and what did not.
It has been difficult to maintain profitability during these changing times and sustainability is a real focus right now. I am thankful for how God continues to bring us through the battles and I want you all to know you are to be commended for fighting what has become a weary fight. At the bottom of this email you'll find an email from Woody where he passes on some of the congradulatories from GMAC. Thank you for staying in the game. Chasing these exceptions, running numbers, completing spreadsheets, analyzing cash flows.....it all gets old, and as Woody said to me; very weary. Thank you for staying engaged.
With the upcoming loss of the <580 manuals we'll be exploring new ground. I believe Alethes can come through this with incredible results because we've got some great people who have the willingness to redefine themselves in this redefining industry.
So, my focus today is primarily on asking questions along the lines "changing strategies" due to the loss of the <580 manaul underwrites...
Communicating the changes?
we will put out an official statement about our lock and underwriting guidelines in the early afternoon
Defining the boundaries of <580
what Lock periods are exceptable through 4/3?
what to do with existing pipelines?
suspended files, how to work conditions to get to approval
pipelines; what is our true pipeline?
What is the message we send out today about <580
What strategy scenarios do consider for moving forward?
DU vs DO
LP
eMagic?
Help desk for processing in field
What are our competitors doing?
How does this change our LO Hiring model?
How does this change our thoughts about Processors?
Employee vs Contract?
More emphasis on Corporate?
More Corporate hired processors in field?
Compliance: what changes should this cause us to consider
Communication?
Are there other investors we've not paid attention to in the past because of the manual underwrites and we should now?
People Processes
do we have the right people?
are they in the right spots?
is there immediate training that is needed?
is everyone engaging?
robust evaluation and correction
Please know that this is the time for "all-hands-on-deck." This is a time for serious engaging by all. We will undoubtedly be moving people to get the best results; some of this will be temporary, some permanent, but change will be a part of our agenda. Please be communicating with your staff.
To that end,
Danny
Remembering the trip, learning by changing, and striving for the vision.
The Theology of Work: Moving From Study to Practice
What in the world is Inside-the-Box Success?
Remember the scene in Apollo 13, after the infamous Houston - we've had a problem!, when the group of scientists and techs were in a room with a very large table and they had a bunch of stuff thrown on the table to FIX the problem with?
That is Inside-the-Box Success at its best. Knowing the problem and what you have to work with. Wishing you had something else, but succeeding with what you have!
It is about never giving up, and about succeeding with where you are. It is also about not wishing for something to be better, or about having a think outside the box - the grass is greener on the other side of the fence - if only I had.....
Actually, and you can read more about this herein, this is all about being more of a good follower, than a good leader. Leadership is way over rated and this is from experience, not just an opinion. Yet, the better follower I am, the more I find that I'm getting better results.
When I began this blog in early 2008 I had a simple agenda; let people within our company know more about what was going on. The agenda has changed and it is now a means for me to reflect on those changes and what I've learned and continue to learn. We, along with the rest of the mortgage industry have had our "whoes;" some due to what's been imposed on us, other self-inflicted.
Hopefully, I've learned a lot and will use this knowledge to change. I'm patiently working each day to learn where I'm going with my life, and my business. Still plenty of hurdles and slamming doors to deal with, but what doesn't kill you, will make you stronger. There are alot of opportunities out there for the survivors and I just need to remember that changes need to be s l o w .
Besides, if it does kill me, I'll be in heaven!
To that end....
God Bless, Danny
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A bit more about the blog.......These postings are not very well edited, so please be gracious in the critique.
In the beginning, many of the postings build from, or are a continuation of, a previous posting. At times a scenario I am discussing in one is not played out in another due to some event that has happened. So, to get the best flow, insure you are reading in chronological order, yet please understand this is not meant to be a journal of events.
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