Mary Kay Scully on Embracing Change
Mary Kay Scully is Director of Customer Education at Enact, where she trains over 35,000 mortgage professionals annually on topics including tax return review, fraud detection, process improvements, and compliance. With more than 30 years of industry experience, she has held multiple leadership roles at Enact (formerly GE/Genworth) and began her career as a loan officer. She is former Chair of the MBA of New Jersey Women’s Committee. The statements in this article are solely the opinions of Mary Kay Scully and do not necessarily reflect the views of Enact or its management.
Woodrow Wilson once said, “If you want to make enemies, try to change something.” This is still true today. Even in the mortgage industry, where change is one of the few constants, a fear of change is undoubtedly present.
Whether it’s welcomed or not, change is coming – and will continue to come. The only thing anyone has control over is how they react to it. With that in mind, let’s talk about change and why we should embrace it.
Defining – and Redefining – Change
Merriam-Webster defines change as an alteration, transformation or substitution. These are all positive words that signify progress. So, why does everyone fear change?
Whenever we face change, it’s easy to think about what there is to lose: comfort and familiarity, opportunities or even subject matter expertise. To better embrace change, reframe it by thinking about what you stand to gain. Innovation and growth are just more words for change, but do not come with the same stigma. When people think of innovation, they think of blazing new trails and making positive progress.
How can you think about change in a more positive way?
Changes on the Horizon
Mindsets around change are incredibly important because change will always happen. The mortgage industry is currently facing some significant changes. The new Uniform Residential Appraisal Report (URAR) will be required for broad production starting in Q1 2026, with full adoption mandated by November 2, 2026. Some big credit changes are also on the horizon, though what those are and their exact timing are still to be determined.
It’s easy to be anxious about changes on the horizon, but this industry has seen some significant changes in the last few years. We’re approaching the 10th anniversary of TRID, which may be far enough out that some people have forgotten what a significant change that was, while others who are new in the industry may not have been around to experience it at all. However, the Uniform Residential Loan Application (URLA), also known as Fannie Mae Form 1003 or Freddie Mac Form 65, became mandatory for use on March 1, 2021, which is probably fresher on people’s minds.
Looking back on these milestones is important because these new changes are no different than what this industry has already been through. Like all the other changes before, we will adapt and move ahead – and the learning and growth that happens along the way will make us better professionals.
The Importance of Change
Since no one can avoid change forever, it’s best to embrace it. Embracing change fuels your personal growth. It forces you to learn new skills and use new tools. This makes you a more knowledgeable resource and builds on your confidence as a professional.
Keep in mind that the reason many of these changes happen is to help the industry innovate. Most of the changes we see are focused on using new technology, helping new kinds of borrowers or streamlining operations in some capacity.
On the other hand, resisting change can wear you down. New rules will become mandatory whether you like them or not. You’ve navigated big changes before like TRID, or even internal changes at your company. Think back on those experiences and the lessons you learned along the way so you can apply them to any new changes and adapt even quicker and easier.
Instead of letting change be your enemy, make it your friend. Think of all the positive things that can come from a big change. Lean into your previous experiences with change and take the opportunity to learn, grow and become a better professional.
(Views expressed in this article do not necessarily reflect policies of the Mortgage Bankers Association, nor do they connote an MBA endorsement of a specific company, product or service. MBA NewsLink welcomes submissions from member firms. Inquiries can be sent to Editor Michael Tucker or Editorial Manager Anneliese Mahoney.)
