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Why and How You Control the Future: Braving the Great Waves of Change

Oct 11, 2010

Who controls the future of mortgage banking? Regulators? Secondary market investors? Fannie Mae, Freddie Mac and the Federal Housing Administration (FHA)? No my friends. You control the future. Your future in mortgage banking is what you make it to be. Allow me to explain. You’ve survived the Great Mortgage Meltdown of 2007-2009. You’ve kept updated on all the industry and regulatory changes. You’ve built flexible, yet functional, systems around the new underwriting realities. You’ve probably taken counsel and inspiration from at least one therapist, pastor, rabbi, priest or spiritual guide to cope with the constant onslaught of changes in your business and life. You’ve made it through that great wildness of life called “change,” and you are better and wiser for it. If I asked you to articulate the one quality about yourself that has helped you survive the last few years in the mortgage industry, what would you say? My guess is that you would probably say, “The ability to recognize, respond, and adapt to change.” After all, the ranks of “former loan originators” are lined up with many of your colleagues who could not adapt to the enormous Hurricane of Change that keeps flooding our beloved industry. So you, like a lone warrior in an epic drama, have heroically survived the First Great Wave of Change in the mortgage industry. Take a moment to appreciate where you’ve been and what you’ve accomplished. Okay, so what about right now and the future? The Second Great Wave of Change is here at our doorstep. The regulators have returned with a vengeance, altering compensation structures, and re-writing all the rules once again. Some of these changes will take hold within the next several months, and other changes will take hold over the next few years once the massive financial reform law is implemented. The government-sponsored enterprises (GSEs) are fighting for their lives, and their fate will be determined within the next year. The FHA has risen up like a strong giant, only to fall dangerously ill and fight for its own survival by constantly churning out guideline changes. The only way to survive this Second Great Wave of Change is to draw on the strength and skill that you acquired during the First Wave. You can do it, because you’ve been here before and you know the landscape. I started by asking you a simple question: “Who controls the future of mortgage banking?” The future of the mortgage banking is change. Therefore, the real question to ask here is, “Who controls change?” The answer is that change happens, but you control the pace at which you adapt to the change. Therefore, you control the future. If you don’t adapt well to change, the Hurricane of Change that is the future of the mortgage industry will burn you out. It will chase you out of the industry even as it chased out many of your former colleagues. If you adapt slowly to change, you will be pushed to the sidelines of mediocrity and frustration. The Hurricane of Change will slowly chip away at your income, and drain the joy out of your professional career in mortgage banking. However, if you adapt well to change, the future will be way better than the past. The “good old days” of mortgage banking look like a dry desert of poverty compared with the blossoming garden of wealth that awaits you in the future. You can transform the Hurricane of Change into your best competitive advantage while your competitors are preoccupied with survival. Sounds interesting; but how can this work in real life? Consider an example from the world of mobile phones and technology. Specifically, consider how Apple and the iPhone survived and thrived during the Hurricane of Change in the mobile phone industry. The interesting thing is not that Apple created the iPhone. The interesting thing is that Apple keeps improving the iPhone. Apple doesn’t stop improving just because they survived and thrived during one or two Great Waves of Change that have flooded the mobile phone industry. It’s not enough to be successful once. It’s not enough to simply ride one or two Great Waves of Change. In order to maintain consistent levels of success in any industry, you must constantly improve and stay on the cutting edge, while anticipating and riding the waves of change. We can learn from this and apply it to how we respond to the Hurricane of Change that constantly floods the mortgage industry. It’s not enough that you survived (and maybe even thrived) during the Great Mortgage Meltdown. The key is to relentlessly focus on improving yourself now and into the future. Improve your Realtor relationships. Improve the way you convert rate shoppers. Improve the way you generate referrals from CPAs and financial advisors. Improve the speed and ease with which you simplify compliance and understand the Hurricane of Change. Your mission, should you choose to accept it, is to constantly improve yourself and ride the dangerous waves of the Hurricane of Change at the same time … all without getting burned out! But how? Consider an example from the world of personal fitness. You work out, you eat, you rest, and then you repeat the process over and over again. The workout cannot always be the same; it must focus on different muscle groups and levels of resistance. The food cannot be filled with processed sugar and fat; it must be nutritious and have varying balances of protein and carbohydrates. The rest cannot be overlooked or short changed; it must be consistent in order to re-energize your body and help you maintain high levels of endurance and strength. This type of cycle is exactly what you need to consistently maintain high levels of success in the mortgage industry. You need to regularly participate in training opportunities that boost your levels of knowledge and equip you with new skills. These are like the workout sessions that constantly challenge you to higher levels of performance. You need to regularly fill your mind and heart with quality content and strategic insights. These are like the nutritious foods and recovery drinks you take after a good workout. You need to rest and recharge and have a fulfilling personal life in addition to your career in the mortgage industry. This will help you avoid burnout and keep your career situation aligned with your priorities in life. Apple doesn’t stop innovating and improving when it comes out with a killer product like the iPod, the iPhone or the iPad. Apple keeps researching, creating and improving their products in order to remain on the cutting edge. People with nice physiques don’t stop working out or challenging their bodies once they reach a certain level of physical health. They keep challenging themselves to higher levels in order to maintain their health and improve their bodies. Truly successful mortgage originators do not stop learning and challenging themselves once they survive the Great Mortgage Meltdown. They recommit themselves to excellence every day and remain on the cutting edge. They discipline their minds and take advanced training courses in order to build more business muscle and outperform the competition. They consistently feed themselves quality content and strategic insights that help them improve themselves and better understand the Hurricane of Change all at the same time. Remember, you control your future. Gibran Nicholas is the founder and chairman of the CMPS Institute (CMPSInstitute.org—NMLS Provider ID# 1400384). The CMPS Institute administers the Certified Mortgage Planning Specialist (CMPS) designation and has enrolled more than 5,500 members since 2005. Through CMPS, Gibran empowers mortgage professionals with confidence, unique knowledge, and dynamic marketing resources to simplify compliance, increase their competitive advantage, and generate more business. Visit Gibran’s blog and Web site at http://gibrannicholas.com.
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