Looking Around

Written By: Theresa Furzland

I’ve been writing about the different perspectives of the mortgage industry and it has really been an interesting mental activity for me.

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Not only did I get the opportunity to appreciate the wide variety of experience I have had the fortune to acquire over the years, it also makes me feel old.

Not only did it make me realize how many individuals there are that are involved/affected by the industry, it also brought home some of the dramatic changes we’ve seen, as well as many things that remain the same.

When I started in this business (yes, I’ll date myself – it was 1985)
• Interest rates were around 11-12% and the refi craze was on!
• No computers, email, cell phones
• Faxes had to be copied before putting in files, because otherwise they faded. Oh, the fun we had making copies of “curly paper” faxes. They would fade completely within a year if put in the file.
• Verifications were mailed out and we would usually provide a return envelope
• Credit scores did not exist
• Less than 20% down meant a government program
• Appraisals were delivered with 3 original sets generally – Or 1 set and 2 copies. ACTUAL photos were attached. The appraiser had to have them developed and paste onto the report.

There’s more I’m sure if I really tried I could fill a page or two – these are just off the top of my head. I remember the first computer we got, could only be used by the manager to get the daily pricing sheet. We would call our competitors on the phone and do a “rate survey” to make sure the rates where competitive. Of course they didn’t know who was calling – no caller ID back then!

And so here we are looking at the spring of 2011. Where are things going to go this year? There is a lot of fear, a lot of change and even more speculation.

However much has changed, and however many MORE changes we are going to need to live through in the coming months there is peace of mind in knowing that some things will never change.

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• We will continue to have regulation changes/law changes/investor changes
• We will continue to see the industry come up with programs to serve the needs of customers as best as possible
• We still need to educate ourselves and our customers on a daily basis
• We still need to pursue stress relief programs
• We’ll walk back into work tomorrow and keep on, because we love what we do!


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: contact@mortgageprocessor.org.


Opinion-Editorial (Op-Ed) Disclaimer For NAMU® Library Articles: The views and opinions expressed in the NAMU® Library articles are those of the authors and do not necessarily reflect any official NAMU® policy or position. Examples of analysis performed within this article are only examples. They should not be utilized in real-world application as they are based only on very limited and dated open source information. Assumptions made within the analysis are not reflective of the position of NAMU®. Nothing contained in this articles should be considered legal advice.