But there's another area of focus that many organizations are leaving out – the cultural attitude of the staff toward the TRID transition. If attitude isn't managed, integration cannot be sustainable.
Of course, getting people ready for TRID on one level is rather straightforward. People need to understand their new roles and responsibilities and how they fit in with the overall process. But getting people to understand the new requirements of their jobs is one thing; getting people to like those new rules and requirements is quite another. If people react negatively to their new responsibilities, all the costly changes in compliance and technology will be for naught. As always, attitude will make or break the organization.
In general, attitudes in the mortgage industry toward regulation have been fairly cynical. Of course, that's understandable on one level. The heavier the regulatory burden, the more difficult it is to get our jobs done. But, regardless of how invasive the legislation becomes, expressing bitterness toward the regulators is only going to make things worse.
Attitude, for better or for worse, is infectious. As a leader in your organization, you've got to spread a positive mood regardless of how you feel about the situation. Sure, lobby against regulators outside the office. But when you're in front of your people, don't let the bitterness show. The attitude of the team will always mirror that of the leader.
Over the past several months, I've spent an increasingly large amount of time discussing the upcoming changes organizations in the mortgage industry must make to prepare for the TILA-RESPA Integrated Disclosure rule. Much of the discussion has revolved around compliance and technology. Clearly, these departments are top priority.