This is one of the big mistakes I used to make. I am sharing it with you so that you can avoid making the same mistake. Let's get this out of the way first before we go on, ok?
Yes, there are no more no-doc loans. There are no more 100% and 110% loans. The subprime market as we know it is pretty much gone and will not return. Yes, there are other programs and companies that are gone and not coming back.
So STOP moaning about it and let's get on with it.
There's no sense crying about it. The one constant in this industry is that everything changes. Right now, we are probably going through the most changes to ever hit our industry.
So you have three choices (sorry to be so blunt):
1.) Get out of the business like the other two-thirds of our industry has.
2.) Cry, be upset, be depressed and go broke,
3.) Sell what you've got!
I am sure you are picking number three.
How do I know? Well, you're reading this, which tells me that you are still in the business.
Now get up from under your desk and look at what products you do have to sell. Do you have FHA? Do you have VA? Do you have commercial loans? Do you offer reverse mortgages? Stop focusing on the programs you had and the way things used to be and get busy finding people who are in need of the programs you do offer. Then let them know you offer these programs and give them a reason for using you instead of your competition. Oh, and the reason CANNOT be price.
In your next Loan Officer Formula Marketing Tip I will talk about the idea of being a specialist versus being a generalist *head of lettuce commodity*!Brian Sacks is the CEO of
