1 / 20

Gaining the Slight Edge in the Southeast

Gaining the Slight Edge in the Southeast. Jennifer Massey, Highland Commercial Mortgage Carolyn Whatley, Beech Street Capital. “ If you see a light at the end of the tunnel, it’s the light of an oncoming train”. --Robert Lowell. Now we know …. Reasons for restructuring :

cerise
Download Presentation

Gaining the Slight Edge in the Southeast

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Gaining theSlight Edgein the Southeast Jennifer Massey, Highland Commercial Mortgage Carolyn Whatley, Beech Street Capital

  2. “If you see a light at the end of the tunnel, it’s the light of an oncoming train”. --Robert Lowell

  3. Now we know….

  4. Reasons for restructuring: • Sustainability of program – 60% or more eligible for retirement; • Inability to continually fill positions with qualified individuals; • Continuing record of applications received; • Budgetary issues – maintaining 50+ Offices – management & staff for each office; physical infrastructure for each, etc. HUD RESTRUCTURING

  5. Implications & Timing: • Reorganization will take over 2 years to implement. • Business is business; but also very personal. 900+/- people may be impacted. Time of mixed emotions. • Buy-out, Early Retirement and/or Relocation. • HUD will most likely be working with a shrinking workforce during implementation. • Natural to expect change in attitude by all HUD staff. HUD RESTRUCTURING

  6. Goals of restructuring: • Create sustainablestreamlined infrastructure. • Deliver more consistent service to industry. HUD RESTRUCTURING

  7. Very simple….change how WE do business or reap the consequences. What consequences? • Delivery time will only worsen during period of implementation. • Fail to retain quality borrowers who have come to the program due lack of alternate financing in recent years. Now What?

  8. Written by Jeff Olson. • Impact of doing little things consistently; and • Impact of not doing little things consistently • Slow down to go fast. If you didn’t have time to do it right the first time, when will you have time to do it over? • Creates a ripple effect – for better or worse. What’s The Slight Edge?

  9. Show up – Attend training & share knowledge. • Be consistent – Consistency yields results. • Have a good attitude – Every truth passes through 3 stages before it is recognized. Ridiculed; Opposed; Self-evident. –Arthur Schopenhauer. • Be committed for a long period of time. • Have Faith and a Burning Desire • Be willing to pay the price. • Practice Slight Edge Integrity – What you do when no one is watching. 7 SLIGHT EDGE PRINCIPLES

  10. Slow & Steady Wins The Race. Not really. Steady wins the race. Slow will only make everyone mad. SLOW DOWN TO GO FAST

  11. ACTIONSBECOME HABITS Source: The Slight Edge, Jeff Olson

  12. FIRST A RIPPLE, THEN A WAVE

  13. Originators • Underwriters, Analysts, & Processors • Market Analysts • Appraisers • Environmental Firms • AEC Firms • Closers • Lender’s Counsel • Borrower’s Counsel What are you willing to do?

  14. What are we willing to do? • Personal & professional growth – Training & share with others. • Lessons Learned – quantify time impact; quantify cost impact. • Format of Reports - carry-over data does not remain. • Automate Reports - adjustments among unit types are consistent. • Lender’s Counsel – MUST review closing package exhibits prior to submitting. Meeting a submission deadline only to cause weeks of delay is counterproductive. • Implement & enforce a quality control plan. SMAC Community Covenant

  15. What will we ask HUD to do? • What’s Working and What’s Not? • Suggestions & issues to be discussed with HUD – establish “parking lot” of issues to address with HUD. SMAC Community Covenant

  16. FHA Programs vital to multifamily and healthcare industries. • Consistently there during times of financial crisis when other lenders fled the landscape. • Restructuring is necessary to ensure the future. FUTURE OF FHA PROGRAMS

  17. HUD likely moving to structure of approving lenders, rather than underwriters. • Accountability. • Poor quality – face limitations in program participation and higher level of scrutiny. • Better quality – rewarded with faster processing. LENDER’S FUTURE

  18. Don’t complain about what you allow or cause. • Kaizen – Plan, Do, Review (Ready, Fire, Aim) = Continuous Improvement. • A simple positive action. A simple error in judgment. Either way, it’s the Slight Edge at work - working for you or working against you. • Leadership grows organically out of the natural rhythm of learning. Take Away Points….

  19. RESULTS OF HABITS • Source: The Slight Edge, Jeff Olson

  20. COMING SOON…..

More Related