An interesting trend has revealed itself to me these last couple of years. To explain it simply, is easy: the latest generation of residential real estate mortgage loan originators always want something QUICK and they seem to hardly ever READ THE WORDS ... anywhere.

I haven't figured out why this is so, but the clear evidence of it is everyplace you look in this biz. "I need a quick this ... or give me a quick that" are common phrases we all hear daily. Can it be those that want everything quick, think they're all that 'special', that they shouldn't have to take the time to learn their trade. Is it only the answer that counts for their own payroll, and not how to grow and find it on their own when nobody's around with a silver platter?

Throughout my own long career in this industry, this has been a business sector immersed in constant change. Legislators, regulators, Wall Street, the GSE's and others have major influence on our careers, and have made significant changes on how to operate time and time again. If you don't Read the Words - everywhere - it is impossible to keep up. Words in training materials, educational websites, and several trade publications at a minimum. "Just give me the answer so I can make a fantastic living" (an 'entitlement' attitude I also see as pervasive these days) has given all of us a generation of dreadfully unprofessional people in the industry. You can't grow a career without hard work, time and the cost of an education one way or another. Google or strangers on the internet simply isn't enough.

"How do I fill out a 1003 correctly" (ever thought about reading the words on the form and answering all of them?) ... or "which wholesaler does this or that" (cross your mind to read rate sheets?) ... "what broker in another State will let me (unlawfully) run loans through them since I'm not licensed there" (how about reading the laws that govern this business you're in?). These are only three of hundreds of examples where, if these people realized they need to read much much more, we would all be less uncomfortable to tell people we meet we're in the mortgage business! I myself have made a change recently and now devote full time to training, as I for one was embarrassed frequently by today's generation or originators ... so many of them .... so very many that are not even remotely close to being professional.

The theme of this article, like those last month is clear - we all need to take positive outreaching actions to clean up our own houses, and our neighbors' as well, or the regulators will do it to us ... and we won't like how.

We must all look within and upgrade our reading & learning attitudes - this QUICK approach ain't gonna cut it anymore.
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Back in the day, if you were an independent residential real estate mortgage loan broker and you were sitting having a beverage during an industry conference or convention several States away, and you met a dozen or more others, here's how the conversations often went:

"Hi I'm so and so and I work for Acme Mortgage Company in Phoenix, what's yours?" Then as the conversation continued, pretty soon one of you would say "... so before you worked for Acme, where did you work?" Nearly 100% of the time, the answer you got went like this: "Oh, I worked 14 years for Beneficial Finance ... or ... I worked 22 years for Crocker Bank ... or ... 4 years for Security Pacific Bank ... or... 9 year for American Savings & Loan ...."

Ask that question today, and you'll rarely hear former institutional experience as the reply (Translation: they were properly trained back 15 to 20 years ago). And THAT'S precisely what we need, to turn around this industry today. There used to be a boot-camp (employers who cared) where people learned how to Read the Words, they learned Ethics & Integrity and they learned the business before they went out on their own to brutalize the unsuspecting public, as is the case so frequently lately. Newbies came into our industry to have a career being a financial professional, not sales types looking for a big-bucks sales job, as is common today.

We all had to start somewhere, that's for sure. But previously there were people who got paid to teach us our job ... except for industry consultants, trainers, and mortgage type schools - today employers don't seem to be like that much anymore

We gotta all pitch in and help educate & teach our way out of this mess. That's the core solution as I see it.
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Something On Your Mind?
Are you an interesting writer; have some great ideas? Do you play the guitar? If you would enjoy writing a short industry relevant article (approximately 500 words) for this monthly newsletter; please contact us. Lots of changes are coming this new year, maybe you've got a compelling viewpoint. Give it a shot, it could possibly turn into another career and you'll become famous! Take a look at what happened to Keith ... ya just never know about these things ....