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The world of credit: Immediate credit score increase

National Mortgage Professional
Apr 11, 2007

Selling mortgages is not rocket science: Are you the CEO of your company?Dave Hershmantraining, resources for success, investment Do you think that you have a great job in the mortgage industry? Or do you view yourself as the CEO of your own business? If you really want to be a leader in the industry, you must view it as your company. This is true whether you work as a sole proprietor out of your car or for a national company. It also means that you must invest significant amounts of your money, time and energy in your business. And you must make this investment up front, not later. I can't tell you how many loan officers contact our training company and say, "I know I need this training, but I need to close or one or two loans first." Then, they go months or years without the training they need. They are running businesses that are always going to struggle, and most of them will eventually fail because companies that are under-funded do not do well. Those who are on a pay-as-you-go basis never seem to reach the top. So here is the basic question: Are you investing what you need to in your business? Imagine you were opening a retail store or restaurant. You would invest many thousands of dollars and hours before you rang up the first sale. This would include hundreds of hours of research and setting up the location. And when it was open, the hours would be substantially greater. In the end, you would still be in an industry that has a high failure rate, even with this effort. People in the mortgage industry don't have to invest as many hours or dollars as you might in starting a restaurant. But the concept is much the same. What do you need to invest in? Marketing, education, technology and more. Perhaps it is a laptop or taking the time to learn how to use a software program you have purchased for your laptop. Imagine running a store without the technology you need. Imagine running a doctor's office without the knowledge you need! The investment needed would vary for each person. For example, a real estate agent of eight years moving into the mortgage industry would not need to attend a real estate licensing class as an investment in their knowledge base. On the other hand, someone moving from the insurance industry into the mortgage industry would have to take that class. After all, you are serving real estate agents if you are a loan officer. You need to become an expert in what your targets are doing so that you can deliver maximum value. Some will need a home office. Others will need a marketing assistant. It is this analysis of needs that is an all-important research step. When I counsel managers, I counsel them to hire candidates who understand that they are not applying for a position, but to start a business. The manager must make these candidates understand what investment must be made for each individual. This is a big topic at our three-day advanced mortgage school (e-mail me at [email protected] for more information). Those who wait for their employers to give them the resources to be successful will typically have a long wait - forever. Success comes from within, and the key to this success is finding the right elements of investment that are needed for each individual. Are you ready to make that investment? Dave Hershman is a top speaker and leading author in the mortgage industry with six books - including two best sellers for the Mortgage Bankers Association of America. His mortgage school is the only comprehensive advanced curriculum in the industry. For a schedule of classes, free marketing samples, speaking information and articles by Dave, visit or call (800) 581-5678.
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