Mavericks New Year’s Resolution

Thank you to the Mavericks that provided New Year’s Resolutions.  Here’s a synopsis of a few I’d like to share:

First, a resolution we all should heed:

• Keep re-recruiting your existing top producers and loan officers. Keep asking what we can do for them.
• It’s a lot easier to keep top producers than recruit new ones!

Second, on the increasing impact of technology on our business.  The speed of change shows no sign of slowing, and our business models are being affected in every way:

• Use the technology one has on hand to its highest and best use.  New isn’t better than best use of what one has.

Third, on the business environment.  Rising rates, supply demand imbalance, affordability, pressure on profit margins.  This could be the most challenging environment we have seen since the end of the great recession.  Here are a few notable resolutions:

• Manage based on:
  • Profit Impact: By loan, by loan officer, by branch, by function.

Fourth, on the political process. Housing Reform – unfortunately an “oldie but a goodie”. New CEO’s at the GSE’s, a new FHFA Director, new leaders in the House.  A tone from the Administration to “shrink the footprint”.

• Be engaged in the legislative and political process, directly, through the MBA, state societies.  Now more than ever!

Finally, a few personal favorites to improve your quality of life in 2019:

• Insist my subordinates make my life easier.  If not, why am I paying them?
• The second time you think of firing an employee, vendor, client, do it.  Have you ever fired someone, and then thought “I acted too quickly” …. Didn’t think so!