Last Man Standing

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

Are these tough times or what? The economy is in a downward spiral, politics are more partisan than ever, and WE work in a business that has been the epicenter for much of what we see going on it the market.

There was a time when I would have stuck my chest out proudly when asked what my profession was. Now I sheepishly say, “I’m in the mortgage business”. Most people respond with a “How’s that working out for you?!?!??” kind of response.

We have all seen countless mortgage broker shops and lenders close their doors. Every time I turn on the television I hear “Mortgage Crisis”. I have lost business as shops have closed their doors, and I have thought seriously about getting out myself from time to time.

So how do we ride out the storm? We have two choices. Close our businesses, or pull out the sword and fight. (Just as an fyi – all of the dead guys in the picture were killed by the market – not their processor)

I considered closing the doors many times over the past several months. I have seen good broker friends devastated financially, and I miss many of those relationships I developed over the years.

However, I think those of us who ARE still around, are in a unique position to reap some serious rewards in the long run. No matter how tough it is right now, hang in there. This market will come back. It simply cannot go on like this forever.

Get creative if you have to. Get involved in some Note Modifications, or some other form of supplementing your income, but do not throw in the towel.

This market has done a great thing. It has weeded out many that should not be in this business to begin with. A few years ago, we saw every used car, mattress, and time-share salesman jump into the mortgage industry. The culture of greed devastated our industry. The resulting barren landscape they created, has driven out the greedy people (and unfortunately some good people as well).

According to reports this morning, there may eventually only be three big players left in the industry: Wells Fargo, JP Morgan, and Bank of America.

It can only be up from here. With the size of the industry being much smaller, there should be plenty of business to go around for those of us still standing. The last I checked, people are still living in houses – lot’s of them.

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.