For what seems like a regular occurrence in an unusual January (even for Chicago) of weather, it’s another day of NOT getting as much done as you want to.
It seems the weather has thrown roadblocks literally and figuratively in everyone’s way. Ultimately, this has an impact on mortgage getting funded and real estate transactions getting to the closing.
This can happen in a variety of ways, let’s explain some of them.
1. Every day for the last four, I have had to spend 30-45 minutes clearing a few inches of snow from my house. It’s a drain of time that has to come from somewhere. Add to that extra driving time to get anywhere!
2. It’s been so cold or snowy that on three of the last 4 Tuesdays we have had to cancel my 7AM networking meeting. It’s tough to do business with people when you are not face to face.
3. My operations team has had a processor or an underwriter miss a day of work at least once each of the last couple of weeks. Sick kids, cancelled school, sick themselves, broken down cars etc. all impact their ability to get to work and distract when they are there.
4. Shoppers are not exactly excited about “getting out there” on days when the high temperature is zero or there are three plus inches of new snow. And those who do, are dealing with the same weather so when they need an extra paystub, bank statement, letter of explanation etc. they can get to it after their kids get to school, they get their walk shoveled etc.
It’s an amazing side effect of the weather…but we are working through it.
