If you are not moving forward than you are moving backwards. With new RESPA laws, new appraisal ordering standards there is an all-out assault on mortgage brokers.
Big companies are shutting their doors; originators are leaving the business like the passengers on the Titanic before it sank. And on and on the bad news goes. Makes you want to just crawl under your desk and cry doesn't it?
No, not if you are smart. See there are only two possible ways to take all of this doom and gloom news. The first is to run and hide and the second is to go out with guns blasting and succeed. I bet you are sitting there asking yourself, "How is he so smart? Sure it's easy for him to say - he's doing great"
So I owe you an answer. The reason I am so smart is because I have probably failed more times than you. I have now been originating for over 25 years and so I will soon be able to officially be called an old coot! I've been through seven or eight big booms and busts. So I've done it all.
But here is where I want to impart a major lesson. My key to success has always been learning from my mistakes. Learning to see what I hate and find ways to make it better. Never to just accept things as status quo. Sayings like "that's the way it has always been done; that's just the way it is; or professional originators just don't do that, are just pure, unadulterated horse manure.
If you are hiding under your desk and feel the sky is falling, it will! If instead you are out there marketing and hoping to succeed, you will! Reminds me of a stone I keep on my desk that has the following saying on it: "Whether you think you can or you think you can't you are right."
Brilliant saying when you think deeply about it. Stay away from the doom and gloomers around you. Don't let all that negativity effect what you do. Stop those failure thoughts you are having.
Now is simply the best time ever to be an originator!
I am sure you are saying to yourself "how could this possibly be the best time when there is pain and misery all around our industry?"
So here is some good news.
1. There are fewer of us chasing the same deals which means there will be much more opportunity to succeed with less competition.
2. The lenders who are currently dropping their prices to stay in business will quickly be forced to leave the business. You can't do loans at a loss and stay around hoping that things will get better.
3. There is less mail, fewer ads and less marketing done by your competition so your pieces will stand out. Now is the time to mail more, advertise more and market more!
There are hundreds of my members having their best years ever so far this year because of all the reasons I just mentioned. You need to be always moving forward or by default you are moving backwards. This is what happened to a lot of the wholesale lenders, originators, and companies that are now going out of business: They got fat and happy and thought the party would never end. If you have been a member for a year or more you already know that I have been predicting this bust period and showing you how to avoid it. You obviously have or you wouldn't be reading this right now. Never take business for granted. Always be looking for newer, more creative ways to do business with less effort. Always be looking for ways to generate bigger commissions more often. That is what I hope you are getting from these articles each week.
What are you doing right now? Will you be successful? Or hiding under your desk?
Now go get 'em, with your guns blazing and moving forward.
Dedicated To Having Buyers Chase You,
Brian Sacks
Brian Sacks is the CEO of
