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 “Recalculating
course…..recalculating course…” screamed the vehicle’s GPS system. It was
Friday night and several of us from the “Women in Mortgages Mastermind Event”
had decided we would check out the local cuisine. Now we were unsure if we
had the right address. To make matters worse, another vehicle of fellow
mortgage professionals was following us, and every wrong turn we took, they
took also. After a call to the restaurant, we verified the address,
“recalculated our course” and called our friends in the other car to
coordinate our locations, we finally made it.
It struck me later how our excursion to the restaurant is much like the
journey many mortgage professionals are on right now in this business.
Many have lost hope, lost their vision, and lost their way in these turbulent
times. Your internal GPS system may be screaming “recalculating
course” right now. The definition of the word recalculating
is “…to calculate again, especially to eliminate error or to incorporate
additional factors or data”.
Now is the time to reexamine your business model, your systems, your
leadership and management skills and your heart, to make absolutely sure that
you “eliminate error” not only in your systems and actions, but also in your
thinking habits. You might be doing the right things but have a
negative, “doom and gloom” attitude that permeates your company, your team
and your community. You may also need to “incorporate additional
factors or data” into your business plan and vision for 2008.
As you enter the second quarter of 2008, it makes sense to stop and think if
you need to recalculate your course. Utilizing the acronym C.O.U.R.S.E, I would like to share some thoughts with you on how
you can “recalculate” your course during these challenging times.
“C” is for clarity. Clarity of your vision
and clarity of your purpose. Now more than ever you need to have
a clear vision of what you really want. Whether you are the owner of
the business, a branch manager or a loan officer—is this
the business you love? Are you passionate about helping people
now, more than ever?
The word “mortgage” seems to be the new obscene eight letter word. But
the bottom line is that people still need long-term financing to purchase a
home for their families. Are you clear that it is still your purpose to
serve people by planning their mortgage?
Do you have a clear vision, a clear picture of your destination? And
why you are going? It has been said that your “why” can help you handle
any “what” and assist you in overcoming any “how.”
Whether you are the owner of a company, a branch manager, or a loan officer,
you must have a roadmap in order to make it through these turbulent
times. If you are a leader within your company, do you have a vision
that others can easily follow? Absolute clarity is essential right now.
“O” is for opportunity. The opportunities right now are
endless. Opportunities for recruitment as owners and managers and
opportunities for originators to align themselves with a great company.
Regardless of the state of the industry, great companies are still looking
for great people – and great people are always looking for great
companies!
This also could be your greatest chance for establishing yourself as the true
mortgage expert in your corner of the world. Thousands have left the
business and in doing so, have left a vacant spot. Are you keeping your
eyes open for those vacancies? Realtors are searching for someone
knowledgeable and who can help them through these tough times.
In the same way, you can leverage what is happening as an opportunity to create
relationships that may not have been formed one year ago. This could be
your opportune time to shine.
“U” is for understanding. Do you truly understand your market? Have
you researched the data on foreclosures to share with Realtors and
clients? Do you know the depreciation/appreciation rate for housing in
your area for the past year? Can you explain the turbulence of interest
rates?
Do you understand the new guidelines and are you staying current on what’s
coming up? Tightening of credit has made it even more difficult for
many to purchase a home. Do you understand the credit scoring module
and are you a resource for someone in need of credit repair? That
doesn’t necessarily mean you have to be the credit repair expert, market data
guru, and guideline king or queen. But it does mean you need to know
where to access this information with a click of the button. You don’t
have to know everything, just where to find everything! And in today’s
world, there is really no excuse for not having the resources handy and
referring to them often. Understanding is huge in today’s
marketplace. When you truly understand what is happening, it will
give you a quiet confidence that others do not have.
“R” is for “Re.”. Realize the power of “Re.” Maybe that
means you may need to REinvent your self, or REdesign your business
model, or REdirect the focus of your
business. Whatever it is, if you know your destination, and the way you
have gone in the past is not taking you there now – REcalculate!
What worked one year ago, may not be working right now.
"S" is for Systems. System means you have an organized
pattern of doing things. Do you have a “system” for finding, closing
and keeping your clients? You don’t have to reinvent the wheel every
time you originate and close a loan. Create a system and work from it.
If you don’t have a system, RECALCULATE and put one in place! Now more
than ever, it is crucial that you stay in
touch with past clients, advising them of any changes, calming any fears they
may have, and being prepared to refinance their loans at the opportune time.
What about a “system” for staying abreast of
changes in guidelines? What plan is in place to educate and train
yourself and your team on products with which you are unfamiliar? Are
you familiar with FHA and VA? And what about a system for educating
your referral partners on how the market is changing, that guidelines are
tightening? Do you hold regular “lunch and learn” sessions where you
can educate and inform the people who help you succeed what is
happening? These people are hungry for information and education.
Or maybe you have systems in place – they just need to be followed.
Have you lost your way because you stopped following a system that you knew
worked, but you wandered a different path of business?
"E" is for Encouragement. The definition of
“encouragement” is to “impart courage, inspiration and resolution.”
That is exactly what our business needs right now—for industry leaders,
business owners, branch managers and loan officers to begin encouraging one
another. If you have been on the train with the doom and gloomers,
get off!
The first person you encourage is yourself. Study success, positive
thinking and wisdom. And to reinforce it in your heart, teach it.
Find a mastermind group or if you can’t find one, create one. Look for
like-minded people who are ready to go the extra mile and do whatever it
takes to succeed in a tough market. It is easy to leave our team or
fellow mortgage professionals in the dust without encouragement and
direction even though we are soaking up success thinking, reading books (but
not sharing) and meeting regularly with mastermind groups. Teach what
you learn. If you just read a great book that helped you, teach it.
There are times when turning on the national news many times turns my
stomach. Yes, the market is tough, property values in some areas are
declining, underwriting is tighter, products are more limited, but the
reality is that people still want to purchase homes. It may be that the first
thing you need to “recalculate” is your mindset. Have you been focusing
on the positive or the negative? It’s all about your attitude!
Just remember you don’t change your life by changing your circumstances.
You change your life by changing your mind. Maybe the first thing to “recalculate” is your thinking!
This is indeed a unique time in this business. It is one that will be
talked about in years to come and books will be written about these
days. But I also believe if you have clarity of purpose and
vision, seize the opportunities that are available, understand
the market and your community, realize the power of “re”, implement
the right systems, and focus on encouraging yourself, your teams,
your partners, your clients and our communities, this could very well be one
of the best years in the business for all us!
***
LOUISE THAXTON is a certified
mortgage planner with Fairway Independent Mortgage Corp., Many, La. Phone:
877/256-5593
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