Even during downtimes, principles such as integrity and persistence hold value

Brad Cooper, managing owner, Cooper Financial Solutions

As published in Scotsman Guide's Residential Edition, December 2008.

The mortgage industry has taken a beating in the past several months. The truth is, however, that like any large industry, it has good and bad components.

It is still possible to be successful in the mortgage industry. There is money to lend, and there are people who want to borrow that money.

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It may take a little longer to reach your life and career goals, but focusing on six key principles will help you overcome the obstacles that the industry is facing. These principles include:

1. Integrity: There is no excuse to give away your integrity. It should be the one thing that even money cannot buy. The more people believe in who you are, the more they will be willing to trust what you have. You will become a better broker, and your business will be more successful, if you keep your integrity intact.

2. Truth: Telling customers the truth may not always be popular. But if you can be honest about the potential dangers of getting a particular loan, customers may actually thank you. You can even help them develop a plan that will put them in the financial direction that they want to go. Later down the road, you can then help them find the right product to fit their needs.

The worst-case scenario is that a customer walks out the door and never looks back. You may lose a commission check to a competitor, but at least you won’t be on the hook if trouble comes knocking.

3. Knowledge: Learn all that you can about the industry. Take classes and expand your book knowledge. Subscribe to — and actually read —  trade magazines to keep up with the industry’s future trends. Set aside time each week to visit industry-related Web sites to learn about the current trends. And read books by successful people inside the mortgage industry and outside of it.

4. Wisdom: You also must apply the knowledge you have learned. You can offer your wisdom by creating classes that your customers can attend. Consider also opening the classes for them to bring guests, as well. This could be a new way to generate some leads. Lead a seminar or give a speech for a local civic group or other organization. Share the information that you have gathered in ways that have practical applications in everyday life.

5. Focus: It is important that you know where you are going and have a plan for getting there. You wouldn’t leave on a road trip without clear directions to your destination. The same should be true for your life: Focus on your success by creating a map that will lead you to that vision.

6. Persistence: Nothing in this world can take the place of persistence. Be determined that you will be able to fly into the success that you desire.

Although the mortgage industry may be in troubled waters, it does not necessarily have to limit your potential for success. Your success is tied up in your attitude, your desires and your persistence to reach your goals. You can have a successful career if you will stick to the principles of integrity, truth, knowledge, wisdom, focus and persistence. These values can bring you to prosperity in ways that you never before dared to imagine.

Brad Cooper is a nationally recognized mortgage expert, coach and trainer with Loan Officer Success and managing owner of Cooper Financial Solutions in Farmington, Mo. He has more than 16 years’ mortgage experience. His blend of customer care, financial expertise and experience is the driving force behind his success. For more information and to receive a complimentary CD titled “How to Receive $1,000,000 Worth of Free Publicity,” visit www.loanofficerpublicity.com/freecd or e-mail Cooper at brad@loanofficerpublicity.com.