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NAMB: Paving the paths of professionalism and nationwide success

National Mortgage Professional
Dec 29, 2004

Commercial Mortgage InsightAnthony M. Gramzacommercial, loan processing Are you starting off the new millennium with the same goals as last year, or are you challenging yourself to new frontiers in the loan brokering industry? Is the residential side of our industry the name of the game for you as we begin this new millennium, or are you seeking opportunities that provide new challenges as well as both mentally and financially handsome rewards? Commercial loan brokering can provide both. Don't expect it to all happen overnight. It takes time, the willingness to learn new terminology and experience the mechanism of calculations, and most importantly, patience, patience and more patience. Furthermore, don't let the next guy try to discourage you from getting your feet wet. I have talked with many brokers who, upon hearing commercial loan brokering, shudder. Ladies and gentlemen, it's not that difficult, and since you are already in the industry, many of the procedures will be old hat to you. As you begin this phase of our industry, you need to educate yourself by taking courses in commercial loan brokering, and have the willingness to move forward in the "on the job training" phase of your learning experience. Although there are various training classes offered by real estate organizations including the National Association of Realtors (NAR), I would recommend that you consider the "Commercial Loan Brokering" class offered by the National Association of Mortgage Brokers (NAMB) and its affiliate, the NAMB Educational Foundation (NAMBEF). This is a full eight-hour, hands-on training session, and is conducted throughout the various states by your local chapter. Furthermore, it is offered at various NAMB national meetings, as well as several of the commercial loan seminars held throughout the country each year. The course has been extremely well received, and the accolades have been very positive. In the December 1999 issue of The Mortgage Press, you may have read the "Commercial Mortgage Insight" article by Paul L. Wilson, my counterpart in Williamsburg, Virginia. If you haven't, go back and read it. In the article, Paul stressed the need for you as a broker to know with whom you are dealing, the caliber of the person or firm, and the best test of all-"have they been successful in closing transactions?" I have always stressed to brokers just starting in the commercial side of our industry to work with a mentor. Get to know the real street facts. Learn from the commercial loan broker who has been in the trenches. Don't become concerned with competition. Most good commercial Mortgage Brokers are willing to share their experiences and certainly welcome new members to the society. Believe it or not, one feeds on the other. Furthermore, don't be afraid to co-broker that first or second transaction. Learn from experience ... half of the pie is better than none at all. If you intend to co-broker your transaction, check out your source or your co-broker partner, just as much as you would check out your lender. Know that they are experienced, ask them for referrals, and check them out. If there is any hesitancy, be cautious. Most good qualified commercial Mortgage Brokers are well known in this industry, and are more than willing to share their past successes with you. Have you ever met an introverted broker personality? Most of us expound on our successes! Be willing to assist in any way possible to make the deal happen. Discuss commission or referral splits and get it in writing. If you have verbally agreed to a commission arrangement, put it in writing. It makes everybody honest, and very little questions come up later in the game. Most commercial Mortgage Brokers use the 20/2 rule. Twenty transactions for review, with two making the final round. Don't become discouraged if the first few deals bomb-out. Working with an experienced commercial Mortgage Broker can help take out the sting, and will provide the knowledge to help prevent the same mistake from happening again. Keep the following verses in safe-keeping, especially when discouragement knocks at your door: If you think you'll lose, you're lost For out in the world we find, Success begins with a person's will It's all in the state of mind. Life's battles don't always go To the stronger or faster person But sooner or later, the person who wins Is the person who thinks they can! Have a great new millennium, go for the golden ring, take on the challenge, and make it happen in 2000. Anthony M. Gramza, President of AMG Commercial Group and NAMBEF Region I Director, may be reached at (716) 264-9540 or E-mail: [email protected]
Published
Dec 29, 2004
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