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Restructuring for Success: Strategies to Enhance Service Delivery and Efficiency

This document discusses the importance of restructuring within the HUD framework to establish a sustainable and streamlined approach to business operations. It emphasizes the need for improved service consistency, effective communication, and the retention of quality borrowers. Key points include the importance of consistent habits, the ripple effect of actions, and ways to improve interactions with HUD. The session aims to foster dialogue on necessary changes and collaborative strategies to create a positive ripple effect in industry practices and service delivery.

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Restructuring for Success: Strategies to Enhance Service Delivery and Efficiency

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Presentation Transcript

  1. WORKING SMARTER THROUGH RESTRUCTURING AND BEYOND

  2. “If you see a light at the end of the tunnel, it’s the light of an oncoming train”. --Robert Lowell

  3. Now we know….

  4. Goals of restructuring: • Create sustainablestreamlined infrastructure. • Deliver more consistent service to industry. HUD RESTRUCTURING

  5. Very simple….change how WE do business or reap the consequences. What consequences? • Delivery time will only worsen during period of implementation. • Fail to retain quality borrowers who have come to the program due lack of alternate financing in recent years. Now What?

  6. Written by Jeff Olson • Impact of doing little things consistently; and • Impact of not doing little things consistently • Slow down to go fast. If you didn’t have time to do it right the first time, when will you have time to do it a second time? • Creates a ripple effect – for better or worse. What’s The Slight Edge?

  7. FIRST A RIPPLE, THEN A WAVE

  8. RESULTS OF HABITS • Source: The Slight Edge, Jeff Olson

  9. Originators • Underwriters, Analysts, & Processors • Market Analysts • Appraisers • Environmental Firms • AEC Firms • Closers • Lender’s Counsel • Borrower’s Counsel What are you willing to do?

  10. What’s Working and What’s Not? • Suggestions & issues to be discussed with HUD – establish “parking lot” of issues to address with HUD. What will we ask HUD to do?

  11. Intake process – Make sure all disciplines receive their information. • Review process – let the lender know if further reviews are on-going as comments are received. • Work with us to expedite review periods – what can we do to help. Extension fees are costly. • Work with us on when closing packages can be submitted. Holding up until RL Amendment approved causes costly extension fees. • Be reasonable and/or help us understand why so many sets of closing documents are required in some offices. What will we ask HUD to do?

  12. Here’s a start from Jacksonville…. • Narrative - include comments from Concept Meeting. • Application on CD – break it up – do not include on one CD • Submit Wheelbarrow on CD • Deficiency Responses – 1 Original package & 4 Copies mailed. Submitting Deficiency Responses via Email is not recommended. • Reserves – Appraiser to explain differences in market vs. project. What will HUD ask us to do?

  13. NOI – use market NOI for 2264 to support Criterion 3. Difference in project NOI, address in narrative & use that amount for Criterion 5. • Suggested Application Format - Jacksonville has suggested formats for application submission - expedite distribution. • Flood Zones – If in a flood zone, submit the flood plain elevations. • Onsite Contacts – Include name, phone # & email of onsite contact in narrative. What will HUD ask us to do cont’d…

  14. Goal of this session is to get us talking. - what needs to change - What are we willing to do Continuing dialogue of how we create a positive Ripple Effect. 2013 SMAC COMMUNITY COVENANT

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