Why Being A Loan Officer In The Mortgage Business Is Horrible

Why Trying to Be a Loan Officer (that is, Sell Mortgages) Is Especially Grim

… and why pursuing a career in home loans is pretty much doomed to failure.

I gave the mortgage industry — the whole loan originator gig — a serious go of it a few years back. That was just before the entire real estate market melted down.

But even then, I knew after about six months that it just wasn’t for me. And as it worked out, I ditched just before thousands of loan officers were driven out by the economic collapse.

It’s odd, really, that I even gave it a whirl. I already had a great freelance sales gig in place, and that was earning me a great income. But I’m the kind of guy who is always out there looking for something new and more exciting. It was right when I was moving to Dallas, and the whole “mortgage consulting” thing seemed as if it could be fun, and I had buddies in the industry pulling down $25K a month routinely. So I thought what the hell, and I gave it a go.

But it didn’t take long for me to realize I was in the WRONG PLACE.

Because there was no way it was ever going to create the lifestyle I wanted for myself.

Even leaving aside all of the stuff I’m about to cover here, (even leaving aside having to pander to real estate agents, and what that does to your soul), at the end of the day, trying to sell mortgages — working in that industry — is just nowhere near capable of creating the kind of life I’ve got going on and had come to get used to.

The hours, the office, the boss, the stress, the tedium, the grief … It’s enough to make you want to jump off a bridge. Seriously.

But even leaving that stuff aside. Even assuming you’re a glutton for misery and your idea of a good time is a life of constant, bitter struggle and mind-wracking tedium … Fundamentally there are three main reasons why I think trying to sell in the mortgage industry is a really bad idea, especially right now.

FIRST –
The gravy train is over. It has become harder than ever to close deals.

There are several reasons for that. I’ll list a few of them:

The housing market has tanked, taking with it a lot of the people who used to be in the industry. The ones who are left are desperate for business. This has the effect of not only putting you on a crappy level with the client (since it’s get the deal or eat Ramen noodles all next month, you end up begging for business, cringing under anything a client says or demands), but it also has the effect of making the whole mortgage racket more and more a rate game.
And that’s the second reason for why it’s harder than ever to close deals. Rate are too damn high, they’re fluctuating all over the place because of all the government interference in the economy, and your prospects are OBSESSING over rate, ready to cut your throat and run to the guy down the block and leave you high and dry with nothing, over an eighth of a point.
What else is making it hard to close deals is the fact that they’ve taken away all but a small handful of programs — I think you’ve got THREE now; used to be dozens. Everyone needs to put money down, and everyone is stuck in a fixed rate. Like it or lump it. (Problem is, a lot of people are choosing to lump it.)
And finally, one other thing making it harder to close deals is the increased difficulty of getting lenders and proposed loans to fall in line with the new guidelines. Used to be, deals could be slam-dunks and you knew it. You could bury three points in the YSP and still slam-dunk it. Nowadays nothing is a slam-dunk, even at par, and underwriting can kill a deal sixteen different ways before sun down, and leave you feeling you’ve been mugged in a back alley.

So those are some of the reasons why it’s become harder to close deals. And that’s assuming you can even find prospects and get the deals into processing and submitted to begin with. That takes me to the second reason I think trying to sell mortgages as a loan officer is a bad idea:

SECOND REASON –
It is just flat out hard as hell to attract attention anymore, much less differentiate yourself from all of the other loan guys out there.

For one, people are jaded and afraid of getting screwed. They’ve become insanely suspicious — in part because they’re being flooded every day with offers for free credit reports, refinancing opportunities, doom-and-gloom horror stories of foreclosures and mounting unemployment.

Try marketing yourself as a loan officer. Good lord. You’re competing against fifty thousand other hungry mortgage guys. You’re competing against huge banks and desperate net branches. And everyone is selling on price, price, price. Selling on having the “lowest rate.” Everyone is fighting to make a buck. They’re running ads, they’re running banners, they’re sending out useless mailings, they’re falling over each other trying to get someone –anyone — in town to refer them some business.

Not a pretty sight.

And to make it worse, the big advantage you USED to be able to have was in specializing in something, some niche. The guys making the best money were framing themselves as “mortgage consultants,” and trying to stand somewhere between being a loan officer and a financial advisor.

And it worked for long time. The guys who were good at it made a fortune.

But things have changed. Back in the day, you had dozens of programs to choose from. You could customize a mortgage solution for a client, and really bring value to that interaction. You could build a plan for them, around their goals and dreams, and show them how the mortgage you were structuring for them would help them and their families get where they wanted to go.

Well … That’s all gone now.

You’ve got THREE programs you can offer nowadays. Conventional, VA, or FHA. Fixed, fixed, or fixed. That’s it. That’s all.

No more no-money-down programs. No more stated-income or stated-asset programs. No more negative amortization loans with investment plans behind them.

Increased restrictions on investment properties.

Massive reduction of new-construction loans, and the effective extinction of jumbo (much less super-jumbo) loans.

There’s no way to “consult” or offer “mortgage-planning” when it comes down to a fixed rate. People have been trained to focus exclusively on price.

And there’s always someone willing to cut your throat for an eighth of a point.

So the second reason why I’m against selling in the mortgage industry came down to how hard it is to find good leads, and how hard it is to differentiate yourself, or in any way rise above price.

The third reason is more personal:

THIRD –
It just takes so much damn WORK to try to close a mortgage deal.

Even leaving aside the effort it takes to bring in a qualified lead. (And “qualified” has a whole other meaning when it comes to home loans. Someone can want a new home loan all he wants. Whether he qualifies, under the new guidelines, however … That’s a completely different story.)

Even leaving aside the effort it takes to get the prospect to want to work with you.

That still leaves all of the endless documentation required to get the deal closed and a commission check in your pocket.

There is the appraisal, the sales contract, the gigantic loan application, the credit check, the required bank statements and pay stubs, the verification of employment and income, the verification of bank funds, the home-owners insurance, the mortgage insurance, and on and on and on it goes.

Then the client has to actually get approved.

And come up with the down payment.

(And somehow, during all this, manage to avoid the hoard of hungry banks and mortgage companies and other loan officers out there trying to steal your deal out from under you before you can get it to closing.)

And even THEN it’s not over. Because it takes time, you see. And you have the pure joy of sweating under the stress of endless underwriting grief, where nothing is easy anymore, and every closing is precarious and uncertain.

So let us try to sum up …

At the end of the day, trying to sell home loans in the mortgage industry is hell on wheels. It is getting harder and harder, to earn less and less.

This year the industry is predicted to take another slug in the head, and thousands more will end up unable to close enough loans to pay their bills, or see their mortgage companies chain their front doors closed, without so much as a severance check from commissions on deals that had already funded.

I predict that we’re headed toward complete and utter commoditization of mortgage lending, with mounting government controls, where everything becomes cookie-cutter and in the hands of a few gigantic banks.

So unless you want a future in a cubicle, taking down loan applications over the phone and entering them into a computer for eight bucks an hour (assuming things don’t go completely automated, and they still need someone to at least type the stuff in) …

Here’s my recommendation:

– Forget the mortgage industry.
– Find something different.
– Find something better.

I’ll be talking a lot more about that “something better” here real soon …
At MaverickSalesGuy (dotcom)

Simple Tips On Time Management Solutions

With the increasing demands in our lives and the never ending cycle of feeling like theres never enough time to do anything weve all, at some point or another, have asked ourselves, “Are there any real time management solutions?

The simple answer to that is, “yes” there are real time management solutions. In fact, there are now many time management solutions. Among them are 3 very valuable and effective ones. They are often referred to as the Top 3 Time Management Solutions. Here they are:

1.) Eliminate Distraction and Interruption

The reason why this is so effective and one that just works is because when you eliminate distraction and interruption you enter a “zone” where your focus just cannot be broken. Most people, like you may be in your current situation, when they work are very reactive and jump from one task to the next never fully completing one main particular task.

Often times, this is the cause of poor results and having to work overtime on a project or task that you should have completed earlier in the day. The best way to solve this problem is to be ruthless and turn off your cell phone, dont check your email inbox, dont text message anyone, dont make any phone calls no matter how urgent you feel they may be and pretty much just stop doing the things that will distract you and not allow you to give your full focus on your task. And keep in mind this does not mean you have to do this the whole day, because as humans our attention spans cant last that long.

So, just do this for periods at a time or as I like to call it, “blocks of time”, which is preferably in the morning for 60 to 90 minutes at a time. Then take a break or make your phone calls and then come back for another focused block of time. Trust me, it works wonders.

2.) Eliminate Procrastination and Focus on Prioritizing

Among most time management solutions, one of the most popular and highly effective ones is to stop procrastinating and prioritize. It is vital to do add this to your arsenal of time management solutions because if you continue to procrastinate and allow it to take control over your actions it will become extremely difficult to overcome later on.

On top of that, it is widely known that procrastination is the biggest killer of productivity and is a habit that can be so easy to get trapped into.

The way to solve it is to be ruthless and take the most boring or difficult tasks and do them first. Doing this will eliminate the frustration you usually experience if you left your tasks for later in the day. By focusing on completing the most difficult tasks first you greatly increase your chances of not procrastinating and easily become far more productive.

3.) Avoid any desire to work for long periods of time

The reason this is a key component of effective time management solutions is because most of us experience burnout and have the misconception that working ourselves to exhaustion is the way to productivity. Nothing could be further from the truth.

Look, I understand showing your dedication and demonstrating your hard work through your countless hours of work may make you feel productive, but in actuality due to the exhaustion and overwhelming stress youre putting yourself through your productivity is drastically going down.

The solution is to work in blocks of time and get to work on your “highest value” task and work for a solid hour to 90 minutes (whichever one you feel most productive with), take a short ten minute break and then work for another hour to 90 minutes.

By changing the way you complete your tasks with these 60 to 90 minute blocks of work time you will experience a more focused, short, high level intensity work pace. This will dramatically increase your results and performance.

Okay, so take some time to really understand these 3 time management solutions. Among all the other time management solutions, they are the most effective. Apply them to your business immediately and watch as your time management and productivity skyrocket.

Online Reputation Management Can Save Your Business

You didnt quite deliver as expected to a customer and they retaliated by placing something negative about your business online lets face it, weve all disappointed customers before by either not meeting their expectations, or by surprising them with a bill that was perhaps more than they wanted to pay. If youve become the victim of some negative press that could hurt your business, its time for online reputation management. While traditionally businesses have had to resort to expensive PR firms, and while they might even enhance online reputation management through live in-person or multi-media methods, our team of strategists work to right wrongs and we dont care who was right or who was wrong well fix whatever you need fixing with effective online reputation management that cuts to the core of the very search engines that seek to bring you down.

Notice how quickly information attached to your name comes up on a Google search? If its negative, you can be assured that the negative will come up first, because negative news garners high interest just watch the evening news and youll see. Not so with online reputation management; we kill the negative with the positive. And we keep killing on impact, because online reputation management isnt a one-shot deal; well provide constant watch and surveillance for any new news that might crop up to kill it instantly, keeping your reputation clean, positive, and managed.

How do we do it? Using social media, article writing, press releases, blogging and commentary, well build an effective campaign that will vote you in every single time youre searched on the Internet. We stay on top of your name and hunt down all negative comments placed on any number of sites: Ripoff Report, Yelp and other consumer complaint sites that continue to amass daily. We seek out bloggers, posters, news reports and anything else online that contains harmful or negative information. Online reputation management uses skillful and savvy Internet technique to beat them down, override their force, and continue to push them out of the way so that you and only you can shine. Your first page in Google will eventually contain nothing but positive press.

Anger Management How It Can Save Your Life

A study dating from 2003 by Suarez, et al. looked at the levels of a protein called Tumor Necrosis Factor (TNF). Functionally, TNF is just as delightful a protein as the name implies. It is primarily released by immune cells and its main job is to mark inflammation of the arteries or other tissue so that immune cells know where to target themselves. Atherosclerosis, also known as clogging of the arteries (a prime precursor to heart disease and heart attacks) is a particularly favorite target of this protein.

What does this have to do with taking an anger management class? Well, it turns out that people who have a high level of hostility and physical aggression have a significantly higher level of TNF in their bloodstream. Even those who had moderate or low levels of hostility and aggression were found to have an elevated level of this precursor in their bloodstream. What this means is that you are much more likely to have hardening of the arteries if you walk around with even a relatively low level of anger. People with atherosclerosis are more likely to suffer a heart attack than those without so this has serious implications.

This is only part of the picture. Anger management issues also trigger the release of stress hormone called cortisol. In small doses cortisol can be a good thing as it gives you a quick burst of energy. It’s a survival function, when stressed you need energy to be on your toes and to fight or flee if need be.

Unfortunately prolonged exposure to cortisol (which is typical of people who experience continuous or frequent high levels of stress or anger) can cause your blood sugar to become unbalanced. Unbalanced blood sugar levels have the effect of impairing your ability to think clearly. This can cause a perpetuation of the stress cycle as the less clear you are able to think the more likely you are to experience something as stressful or threatening which keeps your blood sugar off balance.

In the long run elevated cortisol levels can lead to diabetes, a weakened immune system decrease bone density, impaired thyroid function and high blood pressure. Anger management classes can not only change your life; they can literally save it.

Starting A Business In Visakhapatnam, Setting Up A Business In Visakhapatnam

Entrepreneur, founder of Vizagrecruits better known as VR” in the corporate circle. This small business consulting company in Visakhapatnam has been backed with a team having skills & expertise in various functional areas like HR, Sales, Marketing, etc & having working with several Industry verticals like FMCG, Education, IT, Telecom, etc.

I myself have been associated with a Sales Background, working out with several Multinational companies before starting of a number of small businesses myself & becoming a successful entrepreneur. Now we have started providing consultation to several start-up entrepreneurs like you who wish Setting up Business in Visakhapatnam.

If you are a first time visitor to this blog and interested in setting up a Business in Visakhapatnam, then there is plenty of “FREE” information here that will help you. If you are planning to become an Entrepreneur, then Vizagrecruits is here to help. The benefits you will receive are well worth your investment on us.

We have been offering online and on-site business consulting to interested clients. We are covering every step for successful setting up a business in Visakhapatnam or Setting up a business anywhere. We also help start-up companies in Visakhapatnam Setting up a marketing department or setting up a HR department, Promoting your Business online. VR gives you what you need.

Having your own business of course gives you the power to working on your own timings, get free from bosses or other constraints that are faced being an employee. That is the why we all love being an Entrepreneur.

In the road for starting and setting up a business in Visakhapatnam, there will be a need of a Guide such as a Business Consultant who can act like a Mentor or friend to support you in reaching your destination. VR can be your trusted Mentor & provide solutions to all your business problems ensuring that your business keeps growing. So, thanks for visiting us and have a great Entrepreneurial journey.

For More Details Visit: http://www.vizagrecruits.com/articles.htm

Vendor Management Consulting India Quest Venture

Questplc vendor management seeks higher levels of service and tracks metrics and vendor performance. Questplc vendor management is going to have a program manager who is responsible for implementing the company’s business rules and policies which govern the acquisition of project or contingent labor services. Questplc serviced corporate services; which will focus on strategy, environment scan, Mergers & Acquisitions, corporate Initiatives and Operational Excellence for value creation.

We all know Vendor Relationship development and management is a key role in gaining the stability and consistency International companies expect. Too often consistency and accuracy can be a moving target. You need someone in the region who has experience with vendor management, scheduling, project management and the ability to communicate clearly with vendors.

Questplc vendor management is going to have a program manager who is responsible for implementing the company’s business rules and policies which govern the acquisition. We keep rapidity with the speed of business means that executives never have enough time. While most would choose to focus on strategic areas such as operations, product development, customer relationships and internal leadership, all too often the urgent takes priority over the important. Quest Venture coordinators provides a better way to manage important, non-core business processes including Finance & Accounts, payroll & Retrials benefits management, Outsourcing services, Data processing, Customer services, Customer Retention, and Technical Support or more services etc.

Quest Venture Vendor management training will assure you receive maximum benefit from your system. We will analyze your needs and recommend a training program for your specific situation. One option is virtual consulting in which our trainer meets with your trainees via the internet. We will develop the syllabus and provide training materials. We will also recommend or offer the training material should you choose to do your own training. Our commitment is to provide what and only what you need at an affordable price.

Quest Venture have a team of experts and are using advanced technology to benefit you with the best of Strategic Vendor Management & Selection of Equipments. Meeting end to end requirements of the clients, we have marked or position amidst the dependable providers of Vendor Management Services in India.

Marine industry the importance of trusting the professionals

In the last five years, the number of websites and people dedicated to DIY (do it yourself) activities has experimented an unprecedented growth. One of the consequences of internet democratization has been, in fact, the improved accessibility to a large number of people to all types of information, also very specific one that often requires a high level of technical knowledge to be fully understood.

In particular, websites offering instructions on DIY light carpentry have become more frequent, but also websites on how to create furniture for the house and garden, and even boats of relatively large dimensions have made their appearance.

This tendency has lots of people worried, specially the authorities and professionals of the marine industry, concerned by the number of boats under no regulation and unregistered that can be seen in Italian lakes and rivers.

Designers and naval engineers do in fact lots of planning and evaluating before even starting to think of a boats design. After a previous feasibility study, there is the difficult job of defining the geometrical parameters required to obtain not only the stability of the shape and of the boats barycentre position but also to acquire the turnbuckles, insulators, chains, hoists and other stainless marine accessories that will give the embarkation strength and lightness.

One of the greater risks of people deciding to assemble a boat of medium or large dimensions themselves by getting the resources, pieces and materials from different providers, is that of creating incompatibilities between the elements as a consequence of their limited knowledge and their short experience in the industry. An example of this problem is the purchase of safety protective steel safety items and electric enclosures and cabinets. In the marine industry, professionals take as given that a good electric cabinet ought to have an hydraulic magnetic switch or circuit breaker and that it should be kept in order and with cable-free access in case some fast intervention were to be required , especially in adverse weather conditions. An individual whose only competence is that of uniting the parts of the boat without a project specifics definition and without an inventory based on deep knowledge of the particularities of the marine industry, may choose materials and applications not suited for this kind of transport.

Professionals that will be able to help in building your boat are identified by the Italian legislation under the 275th article of the Regulation for the execution of the Code of Navigation based on de Ministerial decree of the merchant marine and in agreement with the Ministry of transport. Such individuals can sign boat construction projects since they have acquired an accreditation by public exams.

Remember that in order to conform to current regulation, a person signing the project and taking responsibility for the quality and safety of the boat is strictly necessary.

The advice is therefore that of seeking a design study and/or boatyard to get information on the services they are able to offer in terms of boat design consulting and also in terms of the infrastructures and skilled man-power they can provide in order to build a safe boat in which you will be able to enjoy your rides.

Internet Sales Letter Magic

Imagine spending thousands of dollars on web design, bells, whistles, a flash intro, and an array of colors. Firstly, this is a big waste of time, money, and effort. Also, this is like building a gaudy and non-functional house without a foundation. Your web site is a key sales tool. Fortunately, web sites do not have to be pretty in order to be effective.

In the above-mentioned case, no forethought is given to the first step in building a web site. The first and most important part of web site construction is your cover page, sales process, and the least expensive ways to send targeted traffic to your web site.

Unless your web site is just a hobby, it should function as an automated 24-hour sales person, seven days per week. Your Internet sales letter is much more than a business card or company brochure. A properly constructed sales letter is a separate entity and can possibly close sales by itself.

When you have an idea about a great Internet product or service, have researched the demand, have chosen the best URL, and developed an outline of your proposed site – your next step should be to develop an award-winning sales letter. This proposed sales letter should be packed with unique content that drives visitors to you and captures their interest.

Your sales letter should thoroughly describe the benefits of your product or service. At the same time, your product or service should solve a problem that your potential clients have encountered. Therefore, any successful sales letter will have to fulfill a genuine need.

The right sales letter should develop trust from the very start and tell an interesting story along the way. This is not a guarantee of an instant sale, but the start of a relationship – built on credibility and trust. Your prospects visit your site because your product or service has sparked an interest.

Prospects visit your site for a multitude of reasons – but do you know why? Do you know the top reasons why your existing customers choose you, over your competition? This knowledge is essential when constructing a sales letter for your web site.

Lastly, when deciding how to construct your sales letter, you have many choices, but choose wisely and research your choices. If you decide to hire a sales copy writer, make sure his or her previous works have produced results or are persuasive in content. If you decide to purchase the least expensive writer available, do not expect good results. When seeking out a sales copy writer, you will get what you pay for.

Copyright 2006 Paul Jerard / Aura Publications

Innovation Funnel and Creativity in Business

Proper channeling of management and innovation is one of the
highly analyzed topics in business management. Most of the companies
today have adopted the strategy of open innovation that uses a
methodology that allows companies to co-innovate with their suppliers,
partners and customers. When it comes to managing innovation, it is a
multifaceted answer and unique to all businesses. Specific innovation
management strategy enables services and products to differentiate
themselves from the competition in the market. Companies must
appropriate sufficient resources and time into the innovation funnel.
Business innovators bring surprising changes in business operations as
well as customer retention, development and product design.

Creativity in business refers to identification of
customer friendly solutions to ensure distinguishing them from the
competition. When companies land on a specific strategy with the use of
the innovation funnel, they are seen by outsiders as innovators in realm
of customer service and customer relationship management. Businesses
adopt different approaches to ensure an environment that is suitable for
innovation and encourages a more expressive thought. Some companies
enlist use of creativity exercises for businesses. The strategies range
from engaging complex exercises to simple variants as well. For example,
a company utilized their market experience and adopted exercise for
their employees to eliminate negative or non creative thought patterns.
This was done by removing negative statements from the vocabulary. This
involved elimination of sentences such as “I can’t think creatively”,
“my job does not create a creative environment” and so on. These are
some patterns of negative thinking that creates a negative environment
and pushes creativity and innovation to the back seat.

Creative
exercises for business and adequate implementation of imaginative funnel
help a business reassess the question of ways to manage innovation. It
is important to create an environment that encourages free thought and
generates free ideas. The innovation funnel ensures that ideas and
thoughts are nurtured and directed well.


Large corporations use creative exercises for businesses in conjunction
with innovation and creative funnels. When businesses seek to implement
an innovation funnel or look for other methods on ways to manage
innovation, they can make use of the following tips that have proved to
be successful in other industries.

Creative exercises
in business and proper utilization of innovation funnel creates a
dramatic effect on the entire organization. So, now that you have read
the entire article, you must be clear about the importance of creativity
in business.

The Major Players, Nike Design & Technological Innovation

According to Nike, the Mercurial Vapor 8 combines innovation
& style with a touch seamless fit, & traction. A new design has a
striking bright mango colorway with a new visual signature at the heel
to help launch boot stand out. redesigned to generate a shoe upper,
while locking the foot & avoid unnecessary movement feet in to
boots, the new Nike Anatomic Last takes the shape of the boot to a new
level of support & stability. This is reinforced by a more
minimalist heel area & softer, which maximizes comfort & fit.
The result is a boot that gives the best players in the world, the
performance you need.

For over a decade, Nike Mercurial range has set the
standard for cutting-edge innovation in footy boots. Leading edge
know-how has always produced a boot that provides lightness, comfort
& nice performance. Now, the new Mercurial Vapor 8 performance takes
innovation to the next level with a re-engineering boot built for
explosive speed.

Cristiano Ronaldo Mercurial has worn throughout
his career & one time again met his exacting standards. “The
Mercurial Vapor 8 gives me an advantage game combining the latest in
design & innovation. I can stay ahead of the defenders, knowing that
the boot will give me the speed & grip you need without
compromising support, control or indeed , style. ”

The Teijin?
Microfiber upper has a suede-like finish, increasing ball control &
touch. A more elegant & feel closer to the foot is achieved by
making the material around the tip softer & more comfortable for a
smooth touch. A construction thinner & stronger reduces the weight
of the boot to 185g – for a combination of speed, with optimal levels of
support & durability.


Traction is when the final objective is the explosive speed & the
Mercurial Vapor 8 delivers on both fronts. double poles in the back
allows rapid release of the lawn & the asymmetrical design of the
stud configuration provides an explosive start. Sharper blades cut the
grass, allowing game that alters the direction changes quickly. The
Mercurial Vapor 8 also features a single plate, which incorporates
different pieces of fiberglass that increase flexibility &
responsiveness. Tiny dimples relieve stud pressure on the midfoot,
providing energy return in the heat of a game.

Combining
insights from the major players & Nike design & technological
innovation, the new Mercurial Vapor 8 will debut March 24 pitch &
will be available in shops March 29. The boots will cost $ 220.