I started in the mortgage business in 1991 and moved into originating in 1994. I realize that makes me old, I'm just hoping it has also made me wiser. Since we all learn from mistakes and challenges, I thought I would share with you what I wish I had known 20 years ago.
1. Rejection is good. Well, not really but if you accept the fact that you will be told no you will not waste your time on fears and discouragement. Some of your referrals will choose another lender, real estate agents will go to lunch with you and then never send you a deal, underwriting guidelines will keep you from closing loans and the list goes on and on. Letting these things get you down and keep you from improving and working on getting other business is what keeps most loan officers from succeeding.
2. Success doesn't take longer hours. Success takes focused passion and determination. Most loan officers' waste time doing non-productive work. They say they "work" 50 hours a week, but I guarantee you that if they are closing less than four to six deals a month they are not doing the right kind of work. We all battle with being productive in ways that increase production. There is not one way to do business. Top producers are always looking for new ways to improve their systems and marketing.
3. Set goals and keep them visible. Don't let your eyes glaze over here. My first January as a loan officer, my manager asked me to give him my production goals. I thought that was the most ridiculous thing. I was going to do as many loans as possible. What difference would it make if I wrote down a number? If I could go back and smack that weirdo (me, not my manager) I would. Seriously. I set goals and then review them monthly. I do a vision board and keep it visible. Goals help you succeed. Amen.
4. Keep calm and carry on. Have you ever lost sleep because of a loan? Ever stared at your computer or phone waiting for an answer on underwriting or conditions? I have on steroids. We all know this doesn't solve problem any faster, but we become paralyzed by stress on files. I think we can improve with experience and maturity (something I get more of each day) but it is also something we can work on. Clients, real estate agents and your support staff need you to be calm and the leader in your transactions. If you don't handle the problems and stress well then your future business will suffer. People want to work with problem solvers that are even-tempered, kind and passionate.
The past 20 years have flown by and I’m sure the next 20 will be a blur. My hope is that I continue to improve and be the best mortgage originator possible.
