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In my day-to-day business, I speak to a great number of mortgage professionals across the spectrum of the value chain. One thing I sometimes come across in my conversations with mortgage professionals is a singular focus on the business in which they work. Now, don't get me wrong, focus can be a great thing when it comes to productivity. But, it's also great to have a broader picture of the entire industry while you're trying to fulfill your small role in it.
If we don't know each step of the process that the loan goes through, we can't possibly make the best out of the step for which we are responsible. Originators must understand the values, issues, and priorities of services; and, vice versa, servicers must know how the originators think and operate on a daily basis. If you ask me, we need to spend more time with people from different parts of the industry. The more we know about how others do their jobs, the more successfully we can do ours.
And, it's not just the mortgage industry specifically that we need to learn more about. If we want to be the best leaders we can be in the mortgage industry, we've got to build relationships with realtors, builders, contractors, insurers, inspectors, and so on and so forth. Basically, anyone who shares the same customers we are trying to acquire—they are worth getting to know. So, what about you? Have you become an active part of the home buying community? If not, start now. There's no time like the present.
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].