Keeping Positive amidst a Negative Marketplace

Written By: Stacey Sprain,
Certified Ambassador Loan Processor (CALP)

I’ve never seen panic in the industry the way I’m seeing it this past week. It seems the news media is loving every minute of the negative publicity they’re able to apply to our industry nowadays. With the bailouts of Fannie Mae, Freddie Mac, AIG and the shutdowns of some pretty major banks, these are crazy times - no question about it.

But I’m here to tell you that it’s not all bad news out there. I want to share with you that there are still success stories out there and that there are still opportunities for every single person that can find the positives in this negative market. In my opinion, there has NEVER been a better opportunity for you to shine! All it takes is knowledge because as the old saying goes, “knowledge IS power and power IS success!”

If you monitor the Mortgage implode website, you know how many banks, brokers and lenders are going down on a daily basis. But not all of them are failing. As a perfect example, I am fortunate enough to belong to a company who is finding better success today than we’ve ever seen! Our numbers are up 55% from last year, we are so busy in underwriting that we can hardly keep up and our recruiting is bringing in many of the biggest producing originators who are out there looking for jobs! So how is it that Fairway Independent Mortgage is succeeding where others fail? It’s because we never stop pointing out the positive opportunities to our sales force. Their motivation is what drives our profit margin.

I’m not an originator but I’ll tell you exactly what I would do if I were one - I’d get up off my chair. These past few years have created some bad habits, some lazy habits that have to be corrected if you are to succeed in these challenging times. These days, customers aren’t going to just bang down your door unless you give them a reason to. Get out there and use this time to re-establish relationships, to get in front of realtors, to build relations with new builders, and put yourself in positions that involve you with the uneducated consumers in your communities. All of these people are potential customers and referral sources and right now, they can benefit from YOUR reassurance!

Here are some suggestions:

• Guidelines have tightened and they will continue to tighten. Lending is not as easy as it has been. Credit quality is becoming more and more important. How about using the following consumer resources to offer free consumer information seminars in your community?

• Federal Trade Commission Consumer website provides printable pamphlets, brochures, recorded education information, all by specific topic. They also allow bulk orders of consumer pamphlets.

I LOVE this information. I have utilized many of these resources myself over the years to help educate borrowers, originators, processors and managers. There are some absolutely wonderful materials on the FTC website that can help you help others!

• Many realtors, builders and consumers barely know how to spell FHA much less do they understand HERA or other changes and updates sent out by HUD. How about blasting out informative news bulletins, newsletters or mailers to your entire database of existing contacts to generate interest and to re-connect with them? When you show an interest and provide benefit to them, I think you’ll be amazed at how much they will appreciate your efforts. Gaining their trust will earn you potential business.

• Mortgage Bankers Association provides a great HERA Resource Center where you’ll find helpful explanations and “plain English” analysis of the many sections of the H.R. 3221 that are of interest to everyone in our industry and to the consumers it may affect.

The most important thing to do in this market is to allow yourself the determination to stay positive. Surround yourself with positive resources, positive influences and positive people. Make it your ongoing goal to seek out the positives among all of the negativity out there. I believe in each and every one of you. Believe in yourself because YOU can do it!

About the Writer. As one of NAMP's volunteer writers, Stacey Sprain is currently a NAMP member in good standing and is a NAMP Certified Ambassador Loan Processor (CALP). If you would like to become a volunteer writer for NAMP, please email us at: blog@mortgageprocessor.org.