JAN 10, 2014

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What We're Hearing

Nine Reasons That Argue Against Being In the Mortgage Business


With the mortgage rules, compliance issues and compensation limits, it’s difficult to change the way industry execs do business. While some loan officers are struggling or quitting the business because of it, there are also “other” reasons why some LOs just aren’t making it.

So, here are nine ways to determine if you are in this business for the right reasons or not.

1. You’re In It for the Money—LOs can make an obscene amount of money, but not without doing what it takes to be successful, including investing in education, classes, database software and marketing strategies.

2. You Are in Charge of Your Own Schedule—Of course you are, but the failure to “schedule” each day and each activity will hold you back.

3. They Told You It Would Be Easy—If that were true, everyone would be doing it.

4. People Like You, So They’ll Do Business With You—While being likeable and sociable will get clients in the door, it isn’t enough to keep them there unless you know how the entire loan origination process works.

5. No Sweat! You Are Supported by a Team—While that’s great, what would happen if one of the team members left? Do you have the skills to fill in? Continually improve your own skills, because you won’t always be on a team.

6. You Are Good at Marketing and Getting Leads—See No. 4.

7. You Work for a Top Company—Well, every company calls itself a “top” company. While the company is important, people only do business with people who can help them through the complicated mortgage process.

8. You Are a Hard Worker—Yes, this business is hard work. But if you spend every waking hour at the office or on the phone, you are working “hard” and not “smart”and will eventually burn out!

9. They Promised to Train You—You are not getting business because you are sitting around waiting for someone to train you? If the company promised to train you, constantly bug them to get the training you need. If they still aren’t training you, take on the responsibility of training yourself.

Comments (9)
10. Invest in yourself. If your a W2 employee paying for business development out of pocket, STOP it. Never invest in a company you don't own. If your employer isn't investing in you(business development), quit and find one who will. Or, start your own company if you can truly afford to invest in yourself.
Posted by Inigo Montoya | Friday, January 10 2014 at 4:37PM ET
It;s not what you know, but who you know. There is still too much corruption in this business. By company/bankers/realtors/customers. All are involved to meet their sales quotas, and if you are not greasing someones hands then sales quotas will not be met. Corruption/greed still in this industry. Change is needed!
Posted by Jeff Otter | Friday, January 10 2014 at 11:06PM ET
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