To outsiders, the mortgage banking industry can often seem somewhat mysterious. People don't really understand the process until they're in it. As a result, students looking to enter into a new career may overlook the field because they don't really understand all that it entails. What we need, I think, is a simple course that outlines the basics of what it means to work in the mortgage industry. Well, it turns out, there already is one ...
During the April 27th broadcast of my Lykken on Lending radio show, I got the opportunity to discuss with a few representatives of the MBA their "Mortgage Banking Bound" program. As they described to me the overall format of the program, I couldn't help but marvel at the simpliicty with which they lay out what it means to work in the industry.
The five course series begins with a general overview of the industry. Then, the certified mortgage bankers teaching the course begin to deep dive into specifics. The second course covers the essentials of loan production and the third covers the basics of loan servicing. In the fourth course, instructors get into discussions on secondary markets and investor relations. Finally, the series is closed with the fifth and final course covering what is probably the most relevant to contemporary times--compliance and technology in the mortgage industry.
The more the general public understands about how the mortgage industry works, the better off the industry will be. As people come in from other industries or into enter the field as recent college graduates, we need to learn to more clearly communicate what the fundamentals are. People will run away from the industry if they don't understand it. But I believe that, once we've properly communicated what it means to work in the industry, people will flock to the field in droves.
David Lykken is 40-year mortgage industry veteran who has been an owner operator in three mortgage banking companies and a software company. As a former business owner/operator, today David loves helping C-Level executives and business owners achieve extraordinary results via consulting, coaching and communications, with the objective of eliminating corporate dysfunction, establishing and communicating a clear corporate strategy while focusing on process improvement and operational efficiencies resulting in increased profitability. David has been a regular contributor on CNBC and Fox Business News and currently hosts a successful weekly radio program, “Lykken on Lending,” that is heard each Monday at noon (Central Standard Time) by thousands of mortgage professionals. He produces a daily one-minute video called “Today’s Mortgage Minute” that appears on hundreds of television, radio and newspaper Web sites across America. He may be reached by phone at (512) 501-2810 or by e-mail at [email protected].