Mortgage Industry Trends

Let’s get right down to basics. We all know that if we ever hope to succeed at anything, it takes a lot of effort. There are many different ways to spend our most precious resources: time and energy. I am a firm believer in doing things properly the first time. It may take more time and effort at the beginning, but consider it an investment. If we focus on the right outcome and the steps or procedures necessary to get there, then we will ultimately minimize missteps and rework along the way.

So where do we start? At the beginning of course …

The first real thing we should ever do is make sure we, everyone that will be impacted, have a very clear vision of the desired goal and outcome. Without a clear vision, all else is doomed to a life of misery and futility. Once the stake holders share a common vision and it has been communicated effectively, then planning can begin in earnest.

I am a firm believer that a manageable plan will get us to the right end game as long as we do not lose sight of our goal. If we break down the path to our goal into manageable steps and sub-steps, we will be able to better define the effort, time and money required to accomplish our goal and any intermediate stages. This is especially important when we look to technology to be a core component of our strategy.

In today’s world, there is technology to do almost anything we can imagine. The challenge is finding the right technology to help solve a particular problem for the right amount of money and expected benefits. Let’s face facts, liquid capital is always a major consideration, especially in a struggling economy. The best way we can set ourselves up for success is to educate ourselves about the unique sets of challenges as they relate to our goals.

There are many ways to educate ourselves on the particular benefits and concerns of various technology platforms. Usually, we need to enlist the efforts of vendors and trade organizations. There is a vast wealth of knowledge and experience that exists. We are better off tapping into that knowledge, rather than deriving it organically. An added benefit is that this can typically be achieved very economically and usually without spending any money on the technology itself.

As we consider a particular technology platform, we must talk with others that have experience with it. This may be the manufacturer, integrators, and consultants. And by all means interact with existing customers. This is where trade organizations really help. They allow us to network with people that are more than willing to share their experiences and knowledge with us.

Now that we have a clear vision, a manageable plan and are attuned to the technologies to help us get there, we need to refine our plan. At this stage, we map our plan to the technologies that fit and budgets that have been allocated. This will allow us to develop a detailed roadmap and make educated decisions for what challenges will be solved at what stage of the plan. This is not for the faint of heart. This is where our organizations will have to start making some tough decisions.

Decisions, decisions, decisions, don’t let them kill the vision …

While this is one of the tough stages, we can’t afford to lose sight of our goal. Yes, we will have to decide on technology, costs, functionality, change management techniques, rollout plans and much more, but again remember small manageable pieces will save the day. This is also might be a great time to engage an outside consultant if we haven’t already done so.

Consultants, aren’t they expensive? Well, that is a definite maybe. Some consultants charge higher fees than others, but you typically get what you pay for. Besides, I said this was an investment. Remember that every dollar and ounce of effort you put in early will reap great rewards down the line. At this point, we come to one of the biggest decisions to date. Do we move forward and achieve our goals or not?

This should be an easy decision, but many times we get scared when it comes time to really spend money and make a commitment. To this point, the risk has been in wasting time and maybe a little money. There are many factors that will impact our decision now. That list is too long and unique to attempt to list here. However, I am sure you have an idea of what the big items are.

When you take the next step and decide to execute your plan, you open the door to new opportunities and risks. Just be sure to be flexible in your plan while being true to the spirit of the vision and everything will work out. If you keep in mind that you have prepared that best you can, you will be able to weather any bumps in the road ahead.

Parting thoughts…

In today’s world, there is stiff competition all around us. We can’t afford to sit idly by and hope that things will work themselves out. We must aggressively pursue our goals, but we must also be smart about how we go about it. Even though we are in uncertain times, I strongly urge everyone to think strategically, plan now and execute when appropriate. After all, if everyone fades to black, who will be left to read my articles?

If there are particular topics you would like for me to drone on about, please let me know. I am always interested in leveraging others ideas.