By David Lykken
Special to MPA
What doesn't kill you makes you stronger – that’s one of my favorite inspirational phrases that I've been thinking about a lot lately. Given all of the changes the mortgage industry has undergone over the last few years, it does seem that only the strongest have survived. The ones that win while others are languishing are those who have turned seemingly negative circumstances into opportunities for growth. And the latest of such opportunities is the 800-pound gorilla in the room – the TRID changes.
On the May 4th episode of my Lykken on Lending Internet radio broadcast, I was talking with Tyler Sherman of Motivity Solutions about this very thing. Most of us are viewing the TRID changes as one big headache. It's forcing us to make changes we don't want to make, and many of us are sluggish in doing so. But what if we saw TRID not so much as an obstacle as we did an opportunity for growth?
As we're making changes to follow the TRID guidelines, we'll inevitably be reexamining the technologies and systems that we've grown accustomed to using over the years. Many of our processes could use an update anyway, and we would never even be looking at them were it not for TRID. As inconvenient as it is for us, TRID is forcing us to look in the mirror and ask ourselves what needs to change. And that is always a good thing.
As we adapt to the TRID rules, we can use the transition as an opportunity to become more efficient. In doing so, we can create a competitive advantage that helps us win out over those who are simply doing the "bare minimum." What doesn't kill you makes you stronger. Will you be killed? Or will you become stronger?