For those of us in the mortgage world, the spring and summer market may be showing some signs of slowing down, and what a ride this market has been. If the past few years have taught us anything, even the veterans must find ways to adapt, and anything can happen in our industry. You deserve a pat on the back if you are still standing because it has been a wild ride. We have been through a pandemic, and many came out feeling like they and their business were invincible. Fast forward to post-pandemic, and we have endured interest rate increases, political shifts, inventory shortages, and, in some instances, a significant decrease in revenue and production. It is a hard truth for many, but it also gives way to new ideas and opportunities if you take hold of them.
Earlier this year, I found myself scrolling through social media, and every post seemed to be loan officers living the high life, with what seemed like endless closings, all while hosting event after event. I was feeling a bit drained from it all, and truth be told, it made me feel as though I had lost the “it” factor I once had in this industry. You see, social media glorifies success; think about it. How often do you see many of your peers showing the struggle or sharing what it took to get to those levels of personal success? You don’t see it often because we can portray ourselves as whatever we want online, and who wants to look average?
There are more smoke and mirrors online than you may think, and it’s easy to get caught up in the glitz and glamor that everyone sells. The truth is, not everyone is doing as well as they appear. I had a Recruiter contact me the other day, and he mentioned to the average loan officer that he has been speaking with an average of 1.6 loans per month, which puts things into perspective. There are months when we may have multiple closings and then others with just one or none. It happens, and honestly, it doesn’t make you any less successful; it just means you have a little more time to find ways to increase your production if you wish.
I myself work among the best of the best in the mortgage industry. The company I work for and the region I am aligned with houses more top 1% loan originators than some companies combined and while I feel like I am a small fish in a big pond I have found ways to learn from and thrive off the success sharing of those around me. While it may be difficult to drop the ego or humble yourself to ask others for help, this is a great time to do so.
You would be surprised how many others around you may be struggling or have struggled in the past and can share their stories and journey. Not only does it offer some solace that others may have felt the same emotions in this industry, but it also helps build new relationships that you may have not gained otherwise. Asking questions and leaning on others to help can be awkward but can also shed light on new ways to pivot your business model. Finding a mentor can be a valuable tool for both personal and professional growth, even if they are outside of your current company. You may be surprised by what you can learn from one another.
Those that have thrived even during the downturn usually share two common themes: process controls and consistency. Your process is your calling card. Now is a great time to step back and look at the processes you have in place and determine if they are effective. If there is one constant in this industry, it is changing, and if you find yourself struggling to adapt to change, you will most likely struggle to stay afloat in this market. Having solid processes in place can mean the difference between thriving and survival modes. Evaluate the processes you can control, and you will start to see results over time.
Consistency is another crucial component to success within the mortgage space. You have to be consistent in every aspect of your day-to-day business operations. Whether setting goals before you start your day or carving out time for your outreach efforts throughout the day. Without consistency, you will never see results. This is one space I genuinely find myself needing the most help with. I easily get trapped in the joys of the high-production months, which means I run at full speed and sometimes neglect my daily activities, leading to inconsistencies. Trust me when I tell you that your referral partners can also see and feel when you are busy vs. when you may be less busy. Our job is to treat every day as an opportunity to display what sets us apart, and the key to this is process and consistency.
Remember, you are not alone when you feel overwhelmed within the mortgage space. Many of us have found ourselves in positions that evoke many emotions, but now is the time to evaluate your current business model, get out of your comfort zone, and start implementing new procedures to help elevate yourself personally and professionally. In such a competitive industry, knowing that others may be in the same space is good. I can only hope that anyone reading this finds the strength to reach out and lean on others. You got this!
Tracy Chongling is the VP of Mortgage Lending at Guaranteed Rate.
This column does not necessarily reflect the opinion of HousingWire’s editorial department and its owners.
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