Mistakes

Written By: John Hoxsey
Certified Master Loan Processor (CMLP)

As processors, it is very easy for us to take our jobs personally. Dealing with mistakes is not something we normally think about or discuss, typically we just react. We all make mistakes, and the way that we deal with them, can make or break our business relationships.

If you are a typical member of the human race you may believe that making a mistake is shameful, may jeopardize your business relationships, or that it is a sign of weakness.

Make no mistake; you will make mistakes. But the way you handle your mistakes can set you apart from the competition and actually solidify your business relationships.

You should always own up to your mistake(s). Do not try and cover it up or try to shift the blame to another party. Even if the mistake is not yours, you should not blame others, especially when trying to develop a team atmosphere. Simply making a mistake will not jeopardize your business relationships. However, if you are constantly projecting blame on others, your team will become less loyal to you.

Apologize, but do not talk yourself down. Being too hard on yourself is not good for team moral and, if you continue to do it, they may start to believe you are incompetent. After your apology you should move on and try to forget about it.

If you have read any of my articles so far, you know I am an advocate for working smart, working efficiently, and not spending too much time in the office. I believe that if we put our minds to the task, we can accomplish more in an 8-hour day than most people do in a 10 or 12-hour day. My research on this subject has not failed me. Studies have shown that employees who work long hours consistently are more prone to making mistakes. So work less for goodness sake :)

Try to keep things in perspective. We tend to think that failures will somehow alter our course and set us up for failure instead of success. Processors bring a valuable aspect to the team. Focus on what you are trying to achieve with your business and you will find a positive outcome.

Processors tend to get the blame heaped on them for things they may or may not have done. It seems that, in this business, there are many who refuse to own up to their shortcomings and are constantly looking for a scapegoat. Processors can make an easy target. Unfortunately many of us have developed thick skin to protect us from the attacks. Every once in a while we find ourselves in a situation where we actually are the one to blame.

This is where the psychology gets interesting. Somewhere in the back of our heads we think that others will think we are incompetent, especially in light of the fact that we are such easy targets. Our self defense mechanisms kick in and we may find ourselves taking shots across the bow when we should be apologizing.

I made a mistake recently that had me going through all sorts of mental gymnastics. I pride myself on being detail oriented but I made a mistake that required a loan needing to re-close. Not only that, but, ultimately ended up costing the broker money.

That is where the rubber meets the road in our industry isn’t it? Not only do we have the pressure of dealing with the largest expense and asset that a borrower has but we have to deal with a loan officer’s livelihood and, ultimately, their paycheck. So mistakes in this industry can leave us feeling depleted more so than many other lines of work. I am just thankful I am not a brain surgeon.

I went through all of the normal questions and concerns in my mind. How will this affect my relationship with the broker? Is the borrower now questioning the deal because of me? How could I have missed something??? Where did I drop the ball in my communication?

I took a breath, owned up to my mistake, and offered a heartfelt apology. The broker then let me know, in no uncertain terms, that all was forgiven. I was informed that he viewed this as an isolated incident and not a pattern.

This got me thinking. If I were in his shoes, how would I have handled it? As processors, we easily get upset with our brokers and we tend to let them know it! I am not suggesting coddling your team and letting them get away with murder or steam roll you. I am suggesting that we drill down a little and find out what, I believe, are huge missing components in our industry. Mercy and Forgiveness.

I already valued my relationship with this broker, but now I trust and respect him even more, and I believe, because of the way I responded to the situation, that he trusts and respects me more as well.

How much better could our business relationships be if we act likewise?

Remember - Your reputation is your business.

Happy Processing!!!

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