Brokers who seize opportunity in today's market can continue to succeed

P. Morgan Brown, chief operating officer, New Day Trust Mortgage

As published in Scotsman Guide's Residential Edition, May 2007.

With all the media attention about the implosion of the nonprime-mortgage market and fears of a spillover to the Alt-A and prime markets in the past few months, mortgage professionals wouldn't be faulted for wondering what's left in this industry.

You can wonder about it, but you shouldn't dwell on it. There is too much at stake right now for your career and your personal success to be worrying about when the sky will fall. You have too much to do.

It is time to seize the opportunity presenting itself amid the current turmoil. What opportunity, you say? The opportunity to improve your business by distinguishing yourself as a professional.

Here are five things that you can do right now as a mortgage loan officer to stop panicking and start profiting from our current market:

1. Talk to your past customers. Let's hope you've done a good job keeping in touch, building a referral database and staying front-of-mind with your borrowers. If you haven't, start calling and e-mailing them now. Let them know how the market is changing. Identify those with interest-only, adjustable-rate and pay-option mortgages, and contact them first. Ask them how their current mortgage is going and if they are happy with their payments. Find out if they're looking to make improvements or if they want to secure some equity with a home-equity line of credit.

2. Brush up on your programs. Now that the lending market has gotten tougher, you must do some homework and learn about new programs. Get the edge on ways you can solve your customers' challenging lending scenarios. If you don't know new guidelines and programs, how can you consider yourself a professional capable of serving your customer's best interests?

3. Improve yourself. Have you thought about becoming a mortgage-planning specialist or taking continuing education in underwriting, processing or another area? Try expanding your knowledge of the latest marketing opportunities to improve your lead conversion. By doing something to improve, you can set yourself apart from the competition.

4. Perfect your presentation. When was the last time you read your cover letter? Do you have materials about credit scores, lending criteria and homeownership? How are your Realtor-focused materials? Every part of your presentation must look polished and professional. Record a phone call, and practice your voice mail. Be perfect every time.

5. Earn it and believe. The easy days may be over, but that doesn't mean you can't make a great living as a loan officer. Now, however, you must earn it. Don't cherry-pick your leads. Work each viable one to the fullest, and explore all avenues available for your customers. Talk to your lenders and research new ones to ensure you have a wide product offering. Be intentional about everything you do in pursuit of excellence in your career.

These five tips are common sense, but as the saying goes, "common sense is surprisingly uncommon." Put these tips somewhere you can see them, and review them often. Set goals and rededicate yourself each morning to being the best loan officer out there. Doing so, you can provide a valuable service to your customers and profit from the groundwork that you've laid with your past clients.

There still is opportunity in this market. People will continue to need loans and financing. If you believe, you will earn your share of the business -- and then some.

P. Morgan Brown is chief operating officer of New Day Trust Mortgage, an Irvine, Calif.-based lender. He oversees the company's marketing, operations and technology. The company was No. 4 nationwide in volume for Countrywide Specialty Lending in the second quarter of 2006 and was nominated for the Orange County Register's "Best New Family Owned Business" award. Brown also operates a mortgage blog, Blown Mortgage (blownmortgage.typepad.com). Reach him at www.newdaytrust.com, mbrown@newdaytrust.com or (949) 859-3045.