PERSON OF THE WEEK: R. Hillary Willett, Esq., is the director of publications and services for USFN, America's Mortgage Banking Attorneys, where she is responsible for overseeing and managing a wide variety of publications for the organization, including USFN Report, eUpdate, National Mortgage Servicer's Reference Directory and Desk Guides/Timeline Matrices. MortgageOrb recently interviewed Willett to learn more about what servicers' partner law firms can and should be doing to keep their clients up-to-date on the flood of new regulations that are reshaping the servicing landscape.
Q: In recent years, the introduction of new legislative and regulatory changes has increased at a rapid rate, resulting in an entirely new industry landscape. What are the perils, from a communications standpoint, of not keeping up-to-date on these new developments?
Willett: With any professional organization, including a law firm, one has to stay current on the developments taking place in the industry in order to be successful and uphold a credible reputation. Servicers trust their partner law firms to be ‘in the know’ and inform them when new laws or rules come into play that will impact their business. For the mortgage servicing industry, there is a particular concern with staying up-to-date on ever-changing legislation, case law and regulations. Failing to stay informed of the latest changes can harm relationships with existing and prospective clients.
Q: What can firms do to assist their clients and peers in staying informed of the latest changes happening across the country?
Willett: Newsletters and client alerts are two great ways that firms can communicate quickly and effectively. Ten to 15 years ago, few law firms had introduced their own publications describing what was happening within their firm and practice areas. Important changes would get transmitted, but it would take longer.
Today, more and more law firms are implementing their own regular print and electronic publications, sharing information and increasing transparency. The shifting industry landscape has a lot to do with this emerging trend. Laws are different from state to state, even municipality to municipality. For industry professionals – especially those doing business in a variety of states – networking with, and subscribing to, newsletters of numerous firms helps in keeping tabs on the changes taking place among the states and offers a vantage point from which to observe regional and national trends. Enhancing communication among a broader audience is good for the industry.
Q: What are some challenges of keeping both external and internal communications effective and relevant?
Willett: There are many dynamic aspects of external and internal communications, and that can make it challenging to stay on top of industry changes. With any communication, there is a process that needs to be followed. Naturally, you want to be accurate and do your due diligence before disseminating any information. That can be difficult, as decisions are being made at all three branches of government – executive, legislative and judicial – and on a local, state and federal level. This can affect the accuracy and timeliness of information, which is especially true for print publications because they take longer to compile, edit, print and distribute. During that time frame, for example, court rulings can get appealed (even vacated), and if you are not tracking those cases closely, there is the risk of misinforming your readers.
Conversely, with electronic communications, one can feel pressure to quickly send out an update on a recent court decision or new proposed laws. In a rush to get this information in the hands of clients and peers, errors can occur. So, it is a delicate balance of taking the time to capture all of the necessary information correctly, but still getting it sent in a timely matter.
Second, you have to keep your target audience in mind. Internal communications among lawyers can often be full of legalese. Attorneys will understand the nuances, legal citations, etc. The same should not be expected for external communications to laypersons. External newsletters and alerts need to be easily understood by all recipients, with the content tailored to the audience. This can be overlooked sometimes by lawyers who are used to a certain method of writing for courts, legislatures and academia, and who may not have published many articles for public consumption.
Q: Credibility is important, raising special concerns as to any substantive content that is authored or distributed by law firms. What are some steps that firms can take to help ensure the suitability of the information being distributed?
Willett: Detail is everything. The best rule of thumb is to take your time and have multiple people review, fact-check and carefully proof. We should all know by now not to rely solely on spell check. When summarizing important legislation or case law, one letter or one word can greatly change the meaning. In those instances, having another set of eyes with a legal background and understanding of the field look at the article can help to catch errors before publishing.
Also, don't be afraid to ask questions. If something doesn't sound right or isn't clear, go back to the author. It is better to double-check than to move forward with a potentially damaging error that can hurt one's thought leadership and credibility among clients and peers.
Q: From your experience managing a variety of publications, what thoughts do you have for firms looking to implement their own communication programs?
Willett: Determine a budget and cadence for your publications. Don't waste time – yours or your readers – sending out multiple "inaugural" communications. Setting a budget is key. For example, a budget can help to determine whether it is feasible to send out quarterly or monthly communications, as well as the type of communication. For firms or organizations looking for a timely, yet cost-effective solution, electronic communications will be the way to go. Here's a tip regarding e-communications: Have excellent IT support available, and keep the electronic template and processes as streamlined as possible. Time and effort should be spent on the content, not on a cumbersome electronic procedure.
It is also a good idea to form a committee to handle the compilation and distribution of communications. With the rate at which the industry is changing, it can be daunting for the same person to produce a consistent stream of communications – especially if there are other job responsibilities requiring their attention. Rotating contributors and editors offers new content and a fresh perspective; it can also allow more employees to be a part of the process.
Lastly, keep in mind the limited time of your readership – and the abundance of information that hits their inboxes every day. Quality trumps quantity. Make your publication stand out of the pack with content worth reading. Also, ask for your readers' feedback. Often times, communications will include an email address where individuals can send suggestions for future topics to be addressed, helping to ensure that your publications provide a continual value to your readership.
