I came into the office this morning to find the latest email notifying me of guideline changes. In the current mortgage environment, this is a daily occurrence. Often, we are notified ahead of time regarding changes and loans in progress get grandfathered into the previous guidelines. Other times changes take place instantaneously with little to no warning.
As I was sipping my morning Casciano's coffee, I was pondering the best way to explain to a customer that the rules changed and we need to make some adjustments. This is always an issue I fret over as I am not the bait & switch type. I'm the type that will take a blow to my own bottom line to help make the changes as seamless as possible for my customer.
Those who know me will attest that I am a huge Philadelphia sports fan. I was fortunate enough to be at both parts of the clinching Game 5 of the 2008 World Series. Suddenly, a parallel struck me. Bud Selig, the commissioner of Major League Baseball, changed the rules in the middle of the biggest game I've ever attended. In the cold driving rain, Bud Selig called a rain delay in the middle of the 6th inning that lasted over 40 hours.
What made this move so controversial is that the Phillies were winning 2-1 after 5 innings. They were then forced to take the field in extremely sloppy conditions in the top of the 6th. Jimmy Rollins misplayed a ball the would normally be routine, which led to the tying run. With the score tied in the middle of the 6th, play was stopped. Normally, if play was not able to resume that night, the game would be ruled official. The score would revert back to the 2-1 lead the home town Philllies had following the 5th inning, and they would be declared the champions.
Little did anyone on the field or in the stands know, but Selig had decided he would change the rules of the game as they were playing. He decided there would be an extended rain delay to last until Thanksgiving if neccesary (this game was played 10/27).
Two days later we packed the stands again to watch the Phillies become World Champions in a 3-inning sprint. What does this have to do with mortgages? It made me realize that all we can do in these times is remain calm, explain what is happening, and everything will be ok in the end. We must continue to do our due diligence to process and close loans as quickly as possible to protect our customers from these changes. Keeping everyone on the same page and working together, we can continue to make 2009 the successful year it is starting out to be.
