As published in Scotsman Guide's Residential Edition, November 2005.
Let's face it: The market is always changing. Rates rise and fall, programs change and U.S. Department of Housing and Urban Development regulations change. Also consider state legislation, client trends, war time, recession, etc.
Change can be good. It keeps us on our toes and makes us hone our skills to better help our clients. This makes our job more rewarding. Change inevitably also weeds out some of the "bad apples" in our industry, which can reduce competition. This is good because many of those bad apples offer rates that don't exist. In turn, this can help the public and legislators feel more positive about our industry.
There are many good things that come from change. Unfortunately, change can also make it difficult for some good mortgage professionals to stay in business.
There are ways to keep from going out of business or to ease the negative effects of change. Most people can't live without their personal digital assistant. Well, I can't survive without my PDF, and I don't mean an Adobe portable document format file.
Persistence, determination and faith
My PDF -- persistence, determination and faith -- are the main reasons I have endured in the mortgage industry. If you focus on your PDF, you will excel.
Persistence: Never give up on a loan unless you've tried everything to close it. Ask questions, read, research, post scenarios on message boards and call bank representatives. Make the most of every situation. Never take no for an answer. Ask "why not?" and "who will?" Don't give up on marketing in general. If an idea doesn't work, try another one.
Determination: You must have the backbone to go after what you want. Take control of your career. Get excited and stay positive. I've never seen a determined person fail consistently. If you aren't spoon-fed answers, go after them. Discover who knows what you don't know and ask for a moment of their time. It's your career. Own it. Excel at it.
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