Well, I'm trying not to focus on much today. Reflect? Pray? Most definietely.
I've been asked if it is ok to pass these email on to others; yes.
To wrap up yesterday:
GMAC announced they would no longer accept locks on Manual Underwrites after 4/3/2008. We will get the specifics out on Monday. Please tell anyone that asks to wait until we put out an "official" announcement.
We expect that we will take locks through 4/3 and close the loans out through April
We will probably not lock a Manual/<580 unless it is approved
We will be very carefull about giving approvals on incomplete files
We will probably suspend a lot of files
The scenarios we laid out yesterday in the 1006 meeting and. yesterday's Focus, about Approved vs. Suspended vs Denied are suspended at this time
NOTE: please do not sepculate with each other or with clients on this matter. PLEASE wait for an announcement from me before talking particulars
The Future
I have spoke to some of you and we have some scenarios I will write up over the weekend. Please email me with any ideas and/or questions.
We are considering how we launch the temporary High Loan limits for FHA
We are reviewing our overall AUS strategy: adding people in-house to run DU and LP. We are also looking at the DU vs DO vs eMagic options
We are considering a Hi Level Help Desk; what does that mean? how would it work? who would man it? would it include processing? would it help people to know how to put together a file? will it help us be better?
Better Loan Officers and Processors: after a meeting yesterday, I realized there was concern about what direction I was going by holding some Loan Officer's feet to the fire on their processing and submissions; to the point they have resigned or been terminated. Was I trying to clean up the industry?
No...I am not. I do intend to clean up the loans we are funding: from origination through funding.
We have not been profitable, and barely sustainable witht he type of loans we have been getting
The new FHA guidelines imposed by the investors does not make that any easier
BUT....I am also very concerned about those loans being funded through Lender B/brokered out. When we run someone off because they "don't get it," I don't want them staying onboard with Alethes and submitting the trash somewhere else.
So, having said all that.....please try to put this all behind you for the weekend and relax.
This is a special time that Christians celebrate the death and resurrection of their Lord Jesus Christ. That is what I'll be doing and pray you would all know Him and do the same.
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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