Written By: Theresa Furzland
The New Year brings new challenges to our industry. Good, bad or just plain frustrating we all know that to work in this business is to continually adjust to changes and 2011 looks to be no different in this aspect.
Current challenges and changes that we are looking at include – but are certainly NOT limited to:
Overhaul of the appraisal “system”, Originator compensation rules, “kinks” of the various relief refinance programs, RESPA – TIL and the continuing agency updates and revisions to laws that are too lengthy to list, investor overlays and general program updates not to mention the addition of more and more situations involving foreclosures, bankruptcies and other issues that affect clear title. Phew!!
What new surprises are in store for us around the corner? Can we even guess what changes we will see by January 2012? What is the best way to proceed and excel in this atmosphere?
I believe these questions can best be dealt with by remembering these two important points:
1. Update yourself continually! Search out information, utilize the information tools available through lender/agency websites, take advantage of training opportunities. On every new file opened, I like to pull up both the investor and agency guidelines to double check qualifying. As soon as you think you know how something is done – they are bound to change it on you!
2. Pay attention to details. Review and cross reference information in every file. Use and update checklists!! Document your file.
We certainly know only one thing for certain, and that is things will change. At least we can say there is never a dull moment in this business and if you are like me, the challenge of these changes is one of the things to love about our chosen field.
Welcome to 2011 -enjoy the ride!
About The Author
Theresa Furzland - As an NAMP® staff writer, Theresa Furzland serves as an instructor for Loan Processor University (http://www.LoanProcessorTraining.org). Theresa has 25+ years of experience ranging from origination, processing, closing and post closing. She is currently a producing Branch Manager for LendSmart Mortgage, LLC and own and operate Willow Wood Mortgage Services, Inc. If you're interested in becoming a writer for NAMP®, please email us at: firstname.lastname@example.org.