What to Do When you Feel Defeated in the Mortgage Industry and are Ready to Give Up

Every day I hear from loan officers across the country who are fed-up with low commissions and dwindling paychecks as the reality of the new mortgage economy sets in. They’ve had it and many can’t hold on much longer. Others take a more balanced view and decide to hanker down and weather the rough seas ahead by changing their approach.

Here are some things to keep in mind when you feel defeated and are ready to give up.

* With all things being equal, realize that what you are doing now isn’t working. And in order to survive you will need to modify your tactics. Keep doing what you’re doing and you’ll keep getting what you’re getting. Take a cold, hard look at your marketing efforts and decide now to change your approach. Consider new lead sources.

* Go after the customers that need you and stop chasing the customers that don’t. Refinance loans are done. Trying to save someone an 1/8 of a point on their interest rate isn’t worth the closing costs on the loan. The re-coup period of their upfront cash investment in the process can be 7 to 10 years or longer. Not to mention the volatility of the interest rates and their “savings” could go poof in an instant.

* Change your viewpoint. Know that however well you are doing, someone else is always doing better (this gives you something to strive for). And, no matter how bad you are doing, someone else is always doing worse (this shows how far you’ve come in your career). Knowing where you stand in relation to others helps you to put a stake in the ground.

* Try something new. The difference between success and failure is knowledge. Improve your sales skills by taking a mortgage training course or by using some of the sales tools that are currently out there. Although, I mostly train here in the northeast, there are many good mortgage trainers in all parts of the country who can help you. If you don’t have any money, you will want to consider some of the free sales training seminars put on by the larger wholesalers. These are often 1 to 2 day events packed with some of the best and biggest top producers in the mortgage industry. They give you a tremendous amount of sales and marketing information you can use immediately—and it’s all FREE!!! (By the way, my system at http://www.loanclosingsystem.com lists a lot of the free seminars, tools and resources available, including contact information).

* Decide how much longer you can stick things out. Having a definite end-game in mind, puts things into perspective. It also gives you “fight or flight” motivation. Often times when the stakes are high, people rise to the occasion and achieve new heights. Look at your cash reserves, review your expenses, then set a “must-achieve” goal for the month you’ll need to hit in order to survive. If you don’t hit that number and have little in the pipeline, decide then and there if a sales career is for you. Don’t wither on the vine and deplete your savings. If you don’t love your job, look for something else in the industry that is still mortgage related such as processor, appraiser or underwriter. Maybe that position would better suit you?

In closing, remember no matter what happens, know that nothing happens unless you MAKE IT HAPPEN.