You're Not a Kid AnymoreDave LuczakNational Association of Mortgage Brokers, Pennsylvania Association of Mortgage Brokers, Commonwealth United Mortgage, Regulators, Consumer Advocates
At some point in our lives, we have all been told, "You're not a
kid anymore." If you are a parent, you have probably said the same
to your children. Of course, growing up is signified in different
ways, depending on how old you are. At the age of three, for
example, maturity means outgrowing diapers. As a young teenager, it
means taking on more responsibility. A few years later, you've
gained enough responsibility to drive a car and stay out without a
curfew. And life goes on ...
But what does growing up actually mean, and how does it relate
to Mortgage Brokers? When compared to other businesses, the
Mortgage Broker industry is still relatively young-analogous to a
teenager. And, like any adolescent, the industry has had its
free-spirited, I-can-do-no-wrong, I-can-do-anything stage. However,
there comes a time when the world expects maturity and
responsibility. Society will not tolerate the antics of a child
from what it perceives to be a mature adult.
When a teenager takes his first job, his employer and co-workers
expect him to behave responsibly and carry his weight. If he
doesn't, he will be admonished by his boss and disliked by his
fellow employees. The teenager must either learn to adapt to his
surroundings, or else, find himself without a career. As time
passes and responsibilities grow, the teenager must also recognize
that his success depends on learning about his profession,
networking with colleagues and following industry rules. One of the
most important things he can do is to join a union or a
professional trade organization, which will provide networking
opportunities, business information and protection to help his
career.
And so it is with the mortgage industry. The "adults"-in this
case, regulators and consumer advocates-not only expect responsible
behavior from Mortgage Brokers, they require it. They insist that
we act responsibly regarding disclosures and fairness to our
clients. They demand that we are knowledgeable about the products
we sell and expect us to provide a benefit to the customer, instead
of simply filling our pockets with money.
So, what's a budding broker to do? Just like that maturing
teenager who must learn to adapt to adult expectations, brokers
must also adjust to the changes around them. This is most
effectively accomplished by becoming proactive: Increase your
knowledge of the laws governing your chosen industry. Utilize the
training offered by your lenders and account executives to improve
your knowledge of the products available in the marketplace.
Practice uncompromising ethics and quality control, and become
actively involved with your industry's trade organizations. The National Association of Mortgage
Brokers maintains a library of informational and educational
resources. More importantly, it is the only organization wholly
dedicated to the protection of the Mortgage Broker industry. By
monitoring legislative activity nationwide, NAMB is proactive in
heading off unreasonable demands on your business.
Legislation does not simply appear out of nowhere. To the
contrary, it is drafted in direct response to consumer groups and
enforcement agencies. In addition, most legislation is highly
politicized. When drafting proposals, politicians are essentially
trying to please the majority of their constituents and protect the
general public at the same time. It is, in short, a simple numbers
game involving people, votes and money. Your membership and active
involvement in NAMB provides the figures needed to effectively
protect the mortgage industry. Remember, there is safety in
numbers.
Just like a maturing teenager, the mortgage industry must face
and accept the responsibilities expected of it. Increasing your
professional knowledge and becoming an active part of your
industry's trade association is not merely the right thing to do,
it is the adult thing to do. Remember, you are not a kid
anymore.
Dave Luczak is an account executive with Commonwealth United
Mortgage and Western Region Director for the Pennsylvania Association of Mortgage
Brokers. He may be reached by phone at (412) 823-1565, by fax
at (412) 823-6808 or e-mail
[email protected].
