Don’t just sit and think ... do it! Unlike Greek philosophers who never used their hands, you need be an active participant in the things that take place in your life. This means go out and make things happen. Being proactive accompanies preparing, planning and goal setting. Former National Association of Mortgage Brokers President Neil Fendly asserts, “… there are only two types of people in this world, participants and spectators. Those who do and those who do not." You know where you should be. Where are you now?
After college I was proud of myself, I had passed the CPA exam the first time with high grades. I told a college professor of mine, Dr. Gleim, of the achievement. He asked me my grades on the four-part exam. I told him the grades and he told me that I had probably studied 200 hours too many. He stated that the specific grades did not matter, only that I had passed.
In his opinion, anything over a passing grade, 75, represented more studying than needed. I was prepared to pass the exam on those 3 days in November 1979. I do not believe that the hours were wasted. I was prepared to answer any question. The same effort should be applied in business. If you strive to only do the minimum needed to close a loan, set up a warehouse line of credit or other goal. You will usually not be prepared enough to achieve your goals. You must prepare well to "pass" every challenge.
The news comes on your television set and you are advised of a hurricane watch in your area. Do you immediately go out and stock up on supplies? Or, do you wait for the hurricane to come within life threatening proximity to your house before you decide to get the necessary supplies? You should begin preparation immediately. Many people wait, hoping the storm will not hit them. The potential problems from being unprepared greatly outweigh the time and inconvenience of preparing for the disaster. The proactive person will not wait for the hurricane to come to them.
Do not wait for the phone to ring, go out and find the loans. Business will not magically fall into your lap; you have to make things happen for your business. Call previous mortgagors to see if they are in need of financing or if they know of anyone else in need of your services.
Don’t depend on your manager for your only leads. Establish your own database. Increase your sphere of influence. Constantly be prepared to offer your services. Also, place advertisements in your local newspaper, magazines, bus stops, billboards and phone books. Leave business cards at local restaurants. Call your local television and radio stations and explore the many ways in which media can be a beneficial resource. Advertising is only one of the many means in which you can become a proactive participant in the mortgage business.
To become a proactive participant in the mortgage business, you must not only plan and take charge, but also establish assertive, realistic, well thought out and thorough goals to make you rise above your reactive competitors. Make it your goal to follow up on your loans in progress at least twice or three times a week. Call the title company, borrower, realtor, lenders and any of the professionals involved. Make sure there will be no surprises. Take the initiative and allow all the players to react to you. Additionally, set goals for how many loans you would like to close a week. Once your goals are set, you will be more apt to work towards reaching them. Don’t wait on the sidelines to be a star player. Score the loans by setting goals!
Take an active role. If you’ve received a deal and you have not heard back from the borrower, give them a call. Call them daily, if they has not spoken to you or returned your phone call. Don’t wait for the borrower to pick up the phone to get in touch with you, seek them out. They may not call you! By taking a reactive role, waiting for the borrower to phone you, your closing could have died. Help keep more of your loans alive by keeping in touch with the borrower.
Why is Wayne Gretsky so fast? He says he’s not that fast, but can anticipate where the puck will be going. Be a Wayne Gretsky. Anticipate possible hurdles that you may run across when closing a loan. By anticipating possible problems and coming up with ideal solutions, you will close more loans and keep more loans active.
Gary Opper is president of Approved Financial Corporation of Weston, Fla. Approved Financial Corporation is a licensed mortgage lender. Gary has been a mortgage lender and note buyer since 1984. He also does mortgage consulting. He has a CPA and a CFP license. Opper is past president of the Florida Association of Mortgage Brokers Miami Chapter and the FICPA, Gold Coast Chapter. Opper is a member of the NAMB, FAMB, AICPA and the FICPA. Opper has been the NAMB’s Writer of the Year and Featured Writer of the Year. Mr. Opper was the FAMB’s Broker of the Year. He may be reached by phone at (954) 384-4557.