The unfortunate truth is that any time you are dealing with the government,patience is not only a virtue, but a painstaking necessity. If you have been around for any time at all, those of you in the mortgage industry are well acquainted with this “requirement.”
I’m sure it often feels like there are not enough hours in the day to keep up with the constant changes, the new rules, the reversals, the delays, the HASSELS—of the federal entities governing the industry. How do you know when to make the required changes if you can expect them to change at any given time?
As a technology company exclusive to the mortgage industry, Calyx faces some of the same issues. As we strive to stay on top of federal regulations, we plan our software releases to coincide with the needs of our customers. Timing is important to capture the latest changes at just the right time.
If you think about it, it’s just like that split second decision we have when we reach the intersection just as the traffic light changes to yellow. No matter where you are, you struggle with yourself. This may only take a millisecond, but it happens. See if this sounds familiar: Do I gun it? What if I don’t make it across before it turns from yellow to red–is Orange a safe color? What if there is a red light camera and I see a flash? Is there a camera? Does it work? Maybe the camera can’t read my plates. Ok, so if I don’t run it, will my short-stop cause an accident? Should I risk my stuff flying onto the floorboard? Is there a car behind me? Worse yet—is there a cop nearby? Should I stop? Should I go?
It’s nerve-racking decision—one that seemingly defines us as drivers and shapes our future. In our case, we’d rather have extra time on our side, and yours, instead of procrastinating. Fannie Mae’s requirement for a new 1003 was pushed until July, but we’re making it available to you now. This time, we’ve made the decision to go, and we hope you’ll go with us.