Wow, the noise in our industry is getting louder. I typically like to write articles that give you marketing strategies and ideas you can use immediately to generate new business.
But the times, they are a-changing!
Aside from the barrage of information coming at us from our own industry publications about the upcoming compensation changes, I am now seeing it in the local newspapers and other media. In fact that’s all everyone seems to be talking about. That’s what I addressed in last week's article. But the noise is louder now. If you are a manager or owner give your group a copy.
But it's more than just talk about compensation!
This morning when I woke up—I believe I was still in America. Where free enterprise and capitalism is still king although based on what I am seeing, it doesn’t really feel that way anymore. Does it?
No doubt there were bad practices and bad people just like every other industry. Don’t even get me started.
This article is not about that though; it is about you.
Over the last 60 days some of the major players in the reverse mortgage market have exited. Couple that with the barrage of information (or speculation) about the other big changes and no wonder everyone is in the dumps mentally.
So let’s go back in a time machine for a minute. This is now my fourth decade in this industry. I started back in 1985 just so you can see the math here. During that time I have seen major changes, some positive, some negative. But always change. Remember, back when I started brokers only controlled a small fraction of the business, maybe less than 15% and most loans were done by banks and mortgage bankers.
I see that we have come full circle.
I also saw the collapse of our country’s banks and the creation and then dissolution of the Resolution Trust Corporation. They were the government created entity charged with closing down the bad banks that made risky loans, and disposing of their assets. Sounds like déjà vu doesn’t it?
What does all this mean to you and what should you do now?
The one certain thing about our business is that it’s always changing. Always has and always will. You have survived tough times. You have survived the near extinction of certain business models and programs.
We have shrunk by two-thirds from some of the numbers I have seen. This is actually good since the strong are surviving and there is much less competition.
I want you to go to Best Buy or Radio Shack right now!
These changes are coming whether we like them or not. You could and should get involved with NAMB AND MBA and make your voices heard. But you also need to go out and get yourself a great set of sound-proof headphones!
I think Bose makes those noiseless ones that are great for planes. See if you listen to all of this “noise” you won’t be out producing new business. Yes, there is new business out there!
You become down in the dumps. You become depressed. You stop originating. You become mentally paralyzed.
But the bottom line is, you are not bringing in new business. That means you will not have income 90-120 days from now. You will not have changed what is going to happen anyway and you will not have any business.
BOTTOM LINE: Print this out and keep it next to you.
1. Make your voice heard thru MBA AND NAMB
2. Get those headphones and tune out all the noise right now. Heck, I have now heard five or six different versions of what “might” happen.
3. Go out and start originating.
4. This may sound harsh—it’s meant to be—Make the decision to be an originator or if it’s really getting to you and you believe you will never recover start finding your next career. You don’t want to be here three-to-six months from now still worried and upset and with no money coming in!
Brian Sacks and Sue Haviland are the co-founders of Reverse Mortgage Success. They have been in the industry for over 25 years and have closed over 5,000 transactions. Sue and Brian originate reverse mortgages each and every day and share their real world experiences with you at
