I realize not all of my followers are connected to mortgage lending, but from time to time I want to specifically speak to a subject I have close ties to. In my role as an Executive Coach with Building Champions I currently serve over 25 clients who are either loan originators, branch managers, or regional managers. All desire to be successful in business and in life.
As many of you are aware, the mortgage landscape for 2014 is shaping up very differently than just a year ago. With rates rising slowly (following a record 3 year run of historical all-time lows) the market is virtually void of refinancing opportunities. Most banks and mortgage companies saw this coming last summer and began telling their producers to wean their reliance on refinance loans to fund the majority of their pipelines.
To replace this record-setting volume, loan originators began a mad dash to re-engage with the real estate community in the hopes of shifting their production to purchase business. For a few, that business never went away and simply required an adjustment to the business plan. For most, it meant a completely new plan of attack… or a quick exit from the business.
For those that had the vision to stay and fight to be relevant in this space, 2014 has suddenly shown most a truism: what got you here won’t get you there. This market is lean, mean, and ready to frustrate even the most positive of people! Inventory is spotty, values are inconsistent, and buyers are coming to the table with really difficult credit histories. Add to that, the most common referral sources are the real estate agents who have buyers out in the market… and those agents are overwhelmed with lenders begging them to meet for coffee, lunch, or happy hour.
In this dog-eat-dog world of mortgage lending, only the big dogs seem to rule the porch. And they are not about to let any new puppies eat out of their bowls. So what is a loan originator to do if he/she wants to thrive?
I see many professionals in many markets, and the lenders who are making it happen have three common denominators: faith, hope & love.
The best lenders have faith in a market that has many positive factors, and they just refuse to listen to the bad news about the few things that aren’t working. They know their competitors are afraid and they thrive on that!
The best lenders have hope that the growing trend of value growth means that they can cast a 10 year vision and believe that a lot of better days are ahead. They hear the doubt in their competitors and they use it as fuel!
The best lenders love this business and all that it provides for them, their families, and the clients they get to serve. They love the pace, they love the battle, and they love winning. They shake off losses quickly and use that loss as fuel to go after the next one with even more vigor. They simply love mortgage lending!
Faith, hope & love. Do you have them? The greatest of these is love – because a love for this business will put faith & hope back in play. Without love, you can fake it, but you won’t make it. The best lenders already know this, and they are just waiting patiently on the porch to eat out of your bowl.
So… Where is the love?