Yesterday the news broke that IndyMac laid off 2,403 employees, or 24% of their total workforce. including 470 sales staff in addition to closing operation centers in Tampa, Philadelphia, Boston, Columbia and Kansas City.
At 8 PM last night I was sent an email from
Frank Sillman
Chief Executive Officer
Mortgage Bank
IndyMac Bank
Frank sent his email to reassure me that despite the news, they were still strong.
Frank, I want you to know I got your email. As you probably know I’ve received many of these “we’re still here” emails over the last couple of months and I admire your proactive approach. I read your email line by line. I have to say that yours is the first that directly and purposefully compared your company to your competition. It’s a very different approach.
Most emails and advertisements would have said something more like,
“Unlike our competitors….” Instead you called them out by name.
“Unlike Countrywide, we don’t have any material assets to finance outside the bank.”
and
“There is much discussion about whether BofA will allow Countrywide to stay in the Wholesale business. Is Indymac bank committed to the Wholesale (Mortgage Broker, Banker and Financial Institution) business?”
It’s a bold move Frank. It may be one of the most interesting “we’re still here” emails I’ve read.
It might have been the reason I read the whole email. I also liked the way you answered questions we brokers might have.
Maybe my next letter to my client database should start like,
“Unlike Mike Jones, I don’t have any …”
Frank, thanks for the inspiration and I do wish the company well in the future. I just hope you didn’t fire my wholesale rep.
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