Turning the Impossible Into The Possible

I love positive quotes as much as I love history. I am sure you have probably heard of St. Francis of Assisi. Francis was a Catholic friar and the founder of the Franciscan Order, born at Assisi, in Umbria in 1181 or 1182. According to the Catholic Church, the exact year is uncertain; but died there, October, 3, 1226.

Among Francis’ accomplishments, one of the most difficult for people to understand was his giving up a life of luxury to live a life of poverty and minister to others. Now I am not saying we all need to do this, it was definitely a calling on Francis’ life. I love this quote for several reasons.

First, if we take the first line and try to understand it in its simplest form–start by doing what is necessary! Oftentimes we might find ourselves in a situation of not knowing what next steps to take. This is a great road-map for us. Do what is necessary. In the world of personal and professional coaching, the topic of toleration’s comes up quite a bit. What are you tolerating, right now? Pick 2-3 things that you can address. Things that will make your life a little better, but maybe won’t cost you thousands of dollars, like maybe making the trash can more convenient, tightening up screws on your door so the door shuts more effectively, or getting rid of old clothes that are taking up space in your closet–donate them to your local homeless shelter or non-profit thrift store!

Second, do what is possible! If we make lists and pick 3-4 things a day we can accomplish, we begin to experience a great sense of accomplishment. This accomplishment gives us the confidence to tackle the more complex or multi-faceted problems of the day. It is also important to identify the steps and map out a timeline so you can experience small successes along the way.

Before you know it you are checking things off the list, being inspired and freed up to tackle the more complex and before you know it you are accomplishing what you once perceived as the impossible. Thus, we tackle the necessary, then the possible and then we begin to accomplish more and can see the fruits of our labors in the start and completion of tasks!

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The New Mortgage Economy

Many people who are looking to purchase a home in today’s ‘New Mortgage Economy’ have no idea the level of detail, liability, and accountability is put upon residential mortgage originators.  For the past 5 years guidelines have tightened, underwriters have become wary and the industry has experienced major changes, some for the better, others have experienced more challenges with taking a borrower successfully through the transaction, while maintaining their own sanity and that of their clients. 

This is a relationship business.  At the end of the transaction if the client does not feel you have done your best, or you have not set realistic expectations you probably will not receive any referrals in the future, let alone another transaction with the current client.  A few tips that I have seen successfully work.

1) Communicate to your clients that you might ask them for documentation (for sure) that they may or may not feel is relevant.  Realize that much of the documentation requirements has more to do with borrowers ability to repay a mortgage, this includes their paystubs, tax returns, and most likely letters of explanation.  Prepare the client for this ‘New Mortgage Economy’ that subscribed heavily to President Reagan’s famous quote, “Trust, but verify!”

2) Have frequent check-ins with the client.  Ask questions about expectations, feedback, and the like. This gives you the opportunity to manage the stress and challenges that the client is likely experiencing. This will also help fend off the build-up and blowout that can occur when the communication loop is not open or constant.

3) Have a face-to-face when things get really bad.  I often find that meeting together (sometimes with their Realtor(R) present) to confirm what is happening, what to expect next, and possibly working through any challenges–which are in support of a successful closing.

Remember that mortgage lending, like many other service industries, is about relationships, communication, trust, and hopefully a longterm relationship that is value-added and beneficial to all concerned.