This September is the one year anniversary of when many of the financial institutions started going down and the government stepped in to manage the process. I certainly never dreamed that we would see Fannie Mae, Freddie Mac, and a host of other large financial institutions go away almost overnight. We then saw the economy "freeze up" and everyone's business reflected that consumer fear. Then beginning in November and December, we saw business take off and the 2009 refinance tsunami came ashore. We went from a fear of "too little" business in October to "too much" business in May and now the tide has returned to a more normal level. We have also had to communicate and absorb an overwhelming number of guideline changes and new refulations put in place "to fix" the situation. The immediate impact of which further increased the work load and uncertainty as to "what is an approvable and saleable loan, today?". We have been in a reactive mode for the last year and while there are still changes to come, I believe it is time to look forward. We believe the healing process has began and we are happy to have survived so that we may continue to serve you.
Slightly altered comments from Steve Smith, MIG.
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