Powering Through Change: Six Steps for Making Change Work for You By Sharon Bitz Everyone must find their own way of dealing with change. Yet, because change is the norm in the mortgage industry— new regulations, new market conditions, new products, new employers—handling change effectively is an essential skill. Here are six steps that experts point to as strategies for not only dealing with change, but for powering through it on the way to accomplishing your goals. 1. Be flexible Don’t be so regimented and set in your ways that unexpected events knock you off your stride. When facing an unplanned situation, take the time to plan out alternative ways of addressing it. Break the problems into smaller bite-sized pieces and think of them as a puzzle to solve. Your calm and calculating approach to change will enable you to remain focused on results and will provide a clear differentiation from your competitors. 2. Maintain a positive attitude We have heard it a million times, but it never loses relevance—our attitude impacts our performance. Psychological research clearly demonstrates that the ability to handle stress and not develop negative feelings about the particular circumstances we face produces more effective decision-making.
AUGUST 2013 n Nevada Mortgage Professional Magazine n
NationalMortgageProfessional.com
18
3. Live in the present One of the great life lessons a co-worker of mine credits to his father: “When facing a difficult challenge, simply do what is next.” The problem in front of us is the key to moving forward, so give it your undivided attention. 4. Ask for help More sage advice I received from a college professor: “If you need or want something, ask for it.” There are people all around us willing to provide their time, expertise or simply an ear to aid us in solving a problem or meeting a challenge. Use these resources and be that resource when the opportunity arises. 5. Don’t sweat the small stuff Every day is filled with thousands of actions and interactions. Some are vastly more important than others in pursuit of our goals. Don’t get bogged down or discouraged by failure to master every detail of your day. Keep your attention and your energy focused on the crucial tasks and moments each day brings. 6. Focus on your foundation Never lose sight of who you are and why you do what you do. Values and inspiration should never be out of our mind. Being grounded provides a platform from which we can do our best work. We have all heard the expression, “Keep your head when everyone around you is losing theirs.” By following these six steps, you will not only handle change, but also use it as an opportunity to power ahead. Sharon Bitz is the national head of wholesale lending for WCS Lending, one of the largest privately-held mortgage banks in the U.S. that has been recognized as an Inc. 5000 honoree for the fourth consecutive year. WCS, which is licensed in 49 states, has offices in Florida, New York, California, Michigan, Maryland, Delaware, Ohio and Hawaii and generates $2 billion-plus in loans annually. She may be reached by phone at (916) 996-1620.
NMLS #4260
www.wcswholeslae.com SPONSORED EDITORIAL
nmp newsflash
continued from page 16
rupt financial government enterprises like Fannie Mae and Freddie Mac, whose top executives engaged in accounting shenanigans to trigger huge bonuses for themselves,” said Chairman Jeb Hensarling (R-TX). “With the reforms in the PATH Act, Americans will finally have a housing finance system that is worthy of them.”
Wells Fargo to Part Ways With Mortgage JV Businesses Wells Fargo & Company has announced that Wells Fargo Ventures LLC, a wholly-owned operating subsidiary of Wells Fargo Bank NA, plans to withdraw from its eight joint ventures in mortgage lending. The decision is effective immediately and is expected to be completed over the next 12 to 18 months. No impacts on customer service or loan processing are expected. The decision is based on the current regulatory and market environment as changes in state and federal oversight have increased the complexity and difficulty of operating mortgage joint ventures. Wells Fargo began forming mortgage joint ventures more than 20 years ago, successfully leveraging them to provide mortgage lending and services to customers and referral sources around the country. “This decision reflects our response to new operating realities and our commitment to continuously improving our business model,” said Franklin Codel, executive vice president, head of mortgage production. “As a leader in home lending, we want to ensure we’re always in the best position to help Americans achieve the dream of homeownership.” The eight joint ventures that Wells Fargo Ventures will be withdrawing from include: Bankers Funding Company LLC, Colorado Mortgage Alliance LLC, DE Capital Mortgage LLC, Home Services Lending LLC, Military Family Home Loans LLC, Prosperity Mortgage Company, Premia Mortgage LLC and Private Mortgage Advisors LLC. Joint venture customers with a mortgage loan application in process will continue to have their applications processed by the joint venture and may call their mortgage consultant with questions.
CoreLogic Renter Report Shows Improvements in Applicant Credit Quality CoreLogic has released its CoreLogic Renter Applicant Risk (RAR) Index Report for the
first quarter of 2013, showing a twopoint year-over-year increase to a value of 104. The rise in the index is a sign of improving ability to meet lease obligations among prospective apartment renters nationwide. Published quarterly, the RAR Index Report provides market-based benchmarks for evaluating credit quality and risk of default among renters applying for apartment homes in multifamily housing units and singlefamily rentals. Using a mean of 100, an index value above 100 indicates improved applicant credit quality and decreased lease default risk, and a value below 100 indicates declining applicant credit quality and increased lease default risk. “It’s encouraging to see better qualified applicants who are more likely to meet their lease obligations,” said Jay Harris, senior director, CoreLogic SafeRent. “As the economy continues to grow slowly, conditions appear cautiously optimistic for continued improvement in renter applicant qualifications in the year ahead. During this relatively upbeat period, renter trends are pointing toward increased confidence among property owners and applicants.”
CFPB Busts Utah Firm for Violating LO Compensation Rules
The Consumer Financial Protection Bureau (CFPB) has filed a complaint in federal district court against a Utahbased Castle & Cooke Mortgage LLC and two of its loan officers for illegally giving bonuses to Los who steered consumers into mortgages with higher interest rates. The Bureau is seeking an end to this unlawful practice, restitution for those consumers who were upcharged, and civil money penalties. “We are taking action against the type of practices that precipitated the financial crisis,” said CFPB Director Richard Cordray. “Consumers should be able to get a mortgage without worrying about how the financial incentives of their loan officers may cause them to pay higher rates than they actually qualify for.” Castle & Cooke originated approximately $1.3 billion in loans in 2012. The company does business in approximately 22 states and maintains approximately 45 branches across the country. The CFPB alleges that Castle & Cooke, through the actions taken by its president, Matthew A. Pineda, and senior vice-president of capital markets, Buck L. Hawkins, violated the Federal Reserve Board’s Loan Originator Compensation Rule that had a mandatory compliance date of April 6, 2011. continued on page 22