PowerPoint Presentation
Jennifer Massey, Highland Commercial Mortgage Carolyn Whatley,
Beech Street CapitalGaining theSlight Edgein the Southeast1If you
see a light at the end of the tunnel, its the light of an oncoming
train.--Robert Lowell2Now we know.
3HUD RESTRUCTURING
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.
4HUD RESTRUCTURINGImplications & 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.
5HUD RESTRUCTURINGGoals of restructuring:
Create sustainable streamlined infrastructure.
Deliver more consistent service to industry.
6Now What?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.
7Whats The Slight Edge?Written by Jeff Olson.Impact of doing
little things consistently; andImpact of not doing little things
consistentlySlow down to go fast. If you didnt 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.
87 SLIGHT EDGE PRINCIPLESShow 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 DesireBe willing to pay the price.Practice Slight Edge
Integrity What you do when no one is watching.9SLOW DOWN TO GO
FAST
Slow & Steady Wins The Race. Not really.
Steady wins the race.
Slow will only make everyone mad.
10
ACTIONS BECOME HABITS
Source: The Slight Edge, Jeff Olson11FIRST A RIPPLE, THEN A
WAVE
12What are you willing to do?OriginatorsUnderwriters, Analysts,
& ProcessorsMarket AnalystsAppraisersEnvironmental FirmsAEC
FirmsClosersLenders CounselBorrowers Counsel
13SMAC Community Covenant
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.Lenders 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.
14SMAC Community CovenantWhat will we ask HUD to do?
Whats Working and Whats Not?
Suggestions & issues to be discussed with HUD establish
parking lot of issues to address with HUD.
15FUTURE OF FHA PROGRAMSFHA 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.
16LENDERS FUTUREHUD 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.17Take Away
Points.Dont 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, its the
Slight Edge at work - working for you or working against
you.Leadership grows organically out of the natural rhythm of
learning.
18RESULTS OF HABITS
Source: The Slight Edge, Jeff Olson19COMING SOON..
20Sheet1
DaysCompounded1$0.012$0.023$0.044$0.085$0.166$0.327$0.648$1.289$2.5610$5.1211$10.2412$20.4813$40.9614$81.9215$163.8416$327.6817$655.3618$1,310.7219$2,621.4420$5,242.8821$10,485.7622$20,971.5223$41,943.0424$83,886.0825$167,772.1626$335,544.3227$671,088.6428$1,342,177.2829$2,684,354.5630$5,368,709.1231$10,737,418.24Source:
The Slight Edge, Jeff Olson
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