Jeff Judy

Jeff's Thoughts - October 31 , 2007

Can You Handle Something Really Scary?

No matter what comes to your door on Halloween, few things are scarier to you and your customers right now than all the problems in mortgage lending. Some people are worried about the bursting of the housing bubble, and the gyrations of the subprime lending market, pulling the entire economy down.

But a lot more people are worried about whether they should be worried. In other words, you have customers who have read all the news, heard the media reports, and are wondering if they should be concerned about their own mortgages. But they may not have the knowledge to evaluate their own situations.

They could just ask you, right? It isn't as simple as that:

If you're sitting back and waiting for customers to contact you with questions, in these conditions, you might as well stick your head in the sand. And if you are reassuring your markets with a lot of defensive platitudes about how your bank isn't part of the subprime meltdown, you're probably fueling suspicion rather than allaying fears.

You're much better off taking the initiative instead of sitting back and responding only when necessary:

"Mortgage" has become a four-letter word, and there are plenty of people in financial services who are hiding from their customers and from the public. Take this opportunity to stand out front, to be proactive with your customers and the media, and show everyone how your standards and values set you apart.