Closings are not as easy, and phones are no longer ringing off the hook with borrowers looking to buy or refinance. We're seeing a return to the kind of market where you must earn your keep. Without big profits, you cannot receive big commissions. It's potentially turning into the kind of market where only the exceptional are paid exceptionally.

The future health and viability of the mortgage industry depends on companies changing their compensation plans to match today's market revenues. We must focus our attention on something other than percentage-based performance. In a business that depends on referrals and repeat clients, commission is not nearly as important as customers. If we can't accept, embrace and adjust to this fact, we might want to find a new career.

Perhaps Thomas Jefferson put it best when he said, "Nothing can stop the man with the right mental attitude from achieving his goal; nothing on earth can help the man with the wrong mental attitude."

How to achieve success

Here are four practical tips for refocusing your business:

1. Don't focus on your commission: If you focus on the commission, not only will it put undue stress and pressure on you, but it will also cause your customers to sense that you are only thinking about your income, not their interests. They will probably take their business elsewhere.

2. Always focus on your customers: Your priority should be your customers' well-being. Exceed their expectations, surpass their needs and surprise them with your attitude and service. If you do this, you not only increase your chances of getting the sale, but you could also increase your chances at the repeat sale and the referral sale.

You must adopt a philosophy that allows you to get to know what customers want, not just what they need. Ask them about their retirement plans, college plans, investments, savings plans, major purchases or other life events. This way, you move beyond their immediate needs and identify things they want in their life. You show them that you care about their overall financial well-being. No longer does it become just another mortgage transaction for them. Instead of being an order-taker, you become a difference-maker.

Your customers will view you as a trusted source of financial information who is looking out for them. As a result, they'll often recommend you to their friends and family.

3. Focus on transactions, not dollars: Because most originators get paid a percentage of revenue for their commissions, they tend to focus primarily on loan size and corresponding revenue. This is a major-league mistake for numerous reasons.

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