THE TRUTH HURTS! -- Mortgage Coach Series(ZT)

 A wholesale account executive who is a close friend recently went into a mortgage office and met with the loan officers who had been in the business for only a few years. When he asked them where they got their business, they replied, "We wait for the loans upstairs that they can't do." What they meant was the difficult or rejected loans. In other words, they were surviving on "scraps." Reminds me of the story of a species of seagull in Northeast Florida. This particular species went far out to sea to hunt for food, often a hundred miles round trip. The shrimp industry moved into the area and the birds quickly learned that if they simply sat around the docks, they could get the leftovers or "scraps." Ten years later, the shrimp industry left the port. Unfortunately, the birds had forgotten how to hunt. Many died from starvation rather than to go out and find food. Are you one of these? 

The truth hurts, but here it is. Well-planned, consistent action creates a world of success. So many loan officers are complaining that there is no business. What they really should be saying is, "I'm not creating any business."  Whether it is the effects of the last refinance boom, house business that disappeared, Realtor relationships retiring, or the business changing around them, they have created their own reality and many are suffering because of this "perceived reality." We work with too many loan officers to buy into that mentality. Here is a great exercise. Look in a mirror and repeat to yourself, "I am doing everything possible to be the best." When you finish, continue staring into that mirror and you will know the truth. Let's get rid of some "poor me" excuses right now: 

1.  "None of my Realtors have any business." Maybe they don't, but have you tried to help them find business? We teach loan officers how to do this every day. Better yet, go out and find Realtors who are doing business or find alternative sources of business- do not just wait to be fed by people who are using the same excuse you are using!

2.  "We're not competitive!" Question, is there a loan officer in your company who is doing business with the same rates? I think you know the answer! Great loan officers do not dwell on rate but on value. What value do you bring to the dance?

3.  "If I only had 'X' product!" This is the worst one of all! Most of the business in today's market is in traditional products. Gear your business and your prospecting toward what you do have. I once knew a loan officer who decided to take one product, reverse mortgages, and build a business around that product. He was incredibly successful. Sure, he still provided other products but he went out and found ways to find the right customers. Do not go after high end business if you do not have a jumbo product! Take what you have and build your marketing and sales around it.

4.  "All the Realtors and builders have their own mortgage companies!" Did you know that in most of these companies, less than 30% of the business goes to the internally owned mortgage company? It is higher when builder concessions are offered, but there is still a large amount of business available in these accounts.

5.  "But Ken, they won't let me in the door in these accounts!" This is related to number four above. If you have not figured this out, the top producing Realtors in these companies send business where they choose and they are seldom in the office. Find where they go and show up! Get the appointment in person!

6.  "I don't have time to prospect!" I'm confused! A loan officer has very little business but no time to prospect, yet the top people with lots of business are prospecting all of the time! Let's rephrase that statement, "I don't want to prospect." You will seldom find time for the things you do not like to do and there will be an avoidance of the truth (Ouch! There's that word again!)

7.  "The Realtors and builders don't want to see a bunch of loan officers right now!" Correction, they do not want to see loan officers who offer no value, who are nothing more than order takers. It is your job to create value, not the prospect.

8.  "The streets are crowded with loan officers!" Hardly! Most are in their offices waiting for something to happen! I hope you are not in that group that is waiting for the next refinance boom, the next great product, or your rates to become more competitive!

Here are a few thoughts to live by: 

"In the arena of human life, the honors and rewards fall to those who show their good qualities in action." Aristotle 

"The secret of success is the consistency to pursue." Harry Banks 

"The individual activity of one man with backbone will do more than a thousand men with a mere wishbone." William Boetcker 

"The person who refuses to let excuses rule, who values the minutes of the day and spends them in focused and relentless action will find success only dreamed of by the common person." Ken Taylor 

One of the wonders and joys of life is tomorrow. It can all change in a day. Tomorrow can be dedicated to success, tomorrow can be the day you stop making excuses and start making money, the day your life changes. Why wait?