With the mortgage rules, compliance issues and compensation limits, its difficult to change the way industry execs do business. While some loan officers are struggling or quitting the business because of it, there are also other reasons why some LOs just arent making it.
So, here are nine ways to determine if you are in this business for the right reasons or not.
1. Youre In It for the MoneyLOs can make an obscene amount of money, but not without doing what it takes to be successful, including investing in education, classes, database software and marketing strategies.
2. You Are in Charge of Your Own ScheduleOf course you are, but the failure to schedule each day and each activity will hold you back.
3. They Told You It Would Be EasyIf that were true, everyone would be doing it.
4. People Like You, So Theyll Do Business With YouWhile being likeable and sociable will get clients in the door, it isnt enough to keep them there unless you know how the entire loan origination process works.
5. No Sweat! You Are Supported by a TeamWhile thats great, what would happen if one of the team members left? Do you have the skills to fill in? Continually improve your own skills, because you wont always be on a team.
6. You Are Good at Marketing and Getting LeadsSee No. 4.
7. You Work for a Top CompanyWell, every company calls itself a top company. While the company is important, people only do business with people who can help them through the complicated mortgage process.
8. You Are a Hard WorkerYes, this business is hard work. But if you spend every waking hour at the office or on the phone, you are working hard and not smartand will eventually burn out!
9. They Promised to Train YouYou are not getting business because you are sitting around waiting for someone to train you? If the company promised to train you, constantly bug them to get the training you need. If they still arent training you, take on the responsibility of training yourself.