With all of the recent media frenzy in regards to Real Estate and the Lending industry it has changed the way many of us do business.

I for one am taking further steps to insure that my buyers & sellers best interest is not only looked out for but that I take the initiative to look deep, second guess, and head off any problems that I have the slightest inclination that something may be going astray. Better to be extremely cautious than try to explain your way out of a bad situation latter.

Make it a best practice to connect, and reassure your clients in every step of the transaction. This is the direction that the industry has taken and we need to adapt, adjust, and accommodate the best we know how. Make sure that you let your team (assistants, lenders, escrow officers, home inspectors etc.) what you are doing, changing, and expect as you change the way you are doing business. Being proactive and embracing the "New Industry" will help you avoid falling into Crisis Management Mode.

Here is an example of what one of my team members (lender with Countrywide where the loan was being obtained) sent out to a client who was feeling a little uneasy with what he was hearing in the media & friends about Countrywide. Needless to say this gave him a sense of security and we are continuing on the path of home ownership with excitement and optimism.  

Dear Jim

News about the current state of the mortgage industry can be unsettling for those of us who make our living in this business.  This challenging time has brought about greater than usual media coverage of our sector, including coverage about Countrywide.

With all the information that's being distributed, I wanted to take a moment to personally update you on what's going on at Countrywide.

·        We have supplemented our existing liquidity options by infusing an additional $11.5 billion in to our operation through a syndicate of 40 of the world's largest banks.  More than 70 percent of this facility has an existing term of greater than four years.  

·        We announced our strategy to fund a significant portion of loans through Countrywide Bank, which has approximately $100 billion in assets.  Today, we fund approximately 70 percent of our loans through Countrywide Bank, and expect that nearly all of our loan volume will be funded through the bank by the end of September.

·        We expect that approximately 90 percent of the loans we originate will be eligible for funding through Countrywide Bank or the Government Sponsored Entities (Fannie Mae, Freddie Mac).    

·        Just this week, we increased our product options for fully documented Jumbo loans.

As the Industry continues to change, as it will continue to do so, we have to learn to roll with the punches and find a way to work with what we are faced with.  Instead of complaining about the changing market and reminiscing of the good o'll days. What are you going to do to make it work for you?