Even though you work for a mortgage company, a bank or a credit union, in the mortgage loan origination business, you are truly “self-employed.”
I say that because most loan officers have to go out and find their own leads. Make sure your clients are happy and continue to refer business to you. Work nights and weekends. Watch how and where you spending your marketing dollars. You have to be licensed. And the list goes on.
I personally think that in order to be successful in the mortgage business, you must have an entrepreneur’s mindset.
I read an article recently about what it truly takes to have that self-employed mindset, and I wanted to get you thinking about how you too can adapt to this way of thinking.
- Ownership Mindset–While you may not own the company, one of the mindsets is to figure out how your position figures into the overall profitability of the company—including your role within the organization. I had the mindset that my income was supporting the families of two processors (and myself).
- Make-your-clients-happy Mindset–Know your limitations (and those of your company). So try not to over-promise and under-deliver. That’s what will keep your business coming in the door so you don’t have to worry about where your next deal will be coming from.
- A 24/7-Job Mindset–Just because you are tired, sick, or on vacation doesn’t mean that you can stop working. The business won’t wait for you, so it’s important to have a back-up plan (like a co-worker or assistant) to have someone cover for you if you are not available.
- Specialization Mindset–In other words, don’t try to be all things to all people. If you are known as the VA expert in your area, your focus will be on learning all you can about the VA rules and regulations. You’ll learn how to get more loans approved because you know the system. You’ll get
more referrals from veterans . And you’ll get more residual business because of your unique specialty. - Keep-Learning Mindset–Okay, so you are making a little coin. Business is coming in the door. But what tends to happen is that you get comfortable. Beware. The industry is always changing. New competitors. Mortgage rules and regulations change and pretty soon, your competitors are eating your lunch. Read industry newsletters, blogs, emails and keep up to date on what’s happening in your community.
- Protect-Your-Butt Mindset – You may be the most honest person in the world—but these days, the world is out to get you. Frivolous lawsuits from consumers. Auditing of mortgage files. Loan buybacks. If your company does not have a staff attorney, consider hiring one who specializes in the mortgage industry issues. Oh, and don’t forget a great accountant—especially when it comes time to file your tax returns.
- Thrifty Mindset–There is no need to pay more than you have to for your marketing. For your office supplies. For your transportation. Before you buy anything, look for coupons online or phone apps. I’ve found coupons for up to 50% off for printing services, 30% off office supplies. Or ask the store manager if they can offer a discount, especially if you buy in quantity.
- Support Your Employees Mindset–While it pays to be thrifty, the one place you don’t want to skimp is spending your money on good talent. Good assistants, processors and support staff are hard to come by. If you take care of your employees, they will stick with you for a very long time.
One last word of advice! It takes time to change your mindset, to think like a self-employed person. Think about each one of these suggestions. How can you change what you are “thinking” now? One day you’ll wake up and find that you’ve embraced the “entrepreneur mindset.”
