Jul
An Open Letter to the Mortgage Industry
Posted by
Stop Your Bitching.
That’s right I said it. Stop bitching about the industry, the leadership, the direction, the rates, the lack of buyers, the inept agents, the horrible underwriters, etc.
I just got back from a week long visit in San Francisco and, as I said in my previous post, it was eye opening. I have met some of the people shaping the future of the real estate and am extremely impressed. Some of them you know or have heard of, others you’ll hear about soon, and still others will never have their names grace more than a blog post. It doesn’t matter whether you’ve heard of them or not because the industry is changing. Why?
The Day of the Super-Influencer is dead.
Over. Gone. Please stay engaged while I explain.
During the 80s-90s those who understood how to manipulate and control the dispensation of information became very wealthy and well-known fast. This became increasingly evident in the Real Estate and Mortgage Industry with the advent of “sales systems.”
“Buy my system and you’ll learn how to reel in any buyer!”
“Buy the system today and I’ll throw in 30 ways to rip off an old lady free!”
The fax machine, cell phone, email, internet, etc. carried the real estate and mortgage industry to new places and new Super-Influencers were born. Those who controlled the flow of information could charge a premium for their wisdom and an industry within an industry was born. We have since seen the rise of Super-Influencers such as: Todd Duncan, Tim Braheem, Greg Frost, Barry Habib, etc. Hear me and hear me well: I have nothing against them! I received some of the most valuable information in my career from them.
The problem? Super-Influencers create a lot of “noise.” A lot of information that is worthless save the fact that “they” said it. This worthless noise has the cost the mortgage industry hundreds, if not thousands of innovative opportunities that could have changed its direction. Instead, the lowly originator’s voice could not be heard because they didn’t have the name or the vehicle to broadcast that innovation.
Not any more.
Long live us. Long live the new face and voice of the mortgage industry!
This is their wake-up call.
We, the loan officers, processors, underwriters, and all around industry peons of the mortgage industry, are sick and tired of being peddled snake oil and decade old ideas by every has been with a made up title. We are men and women of influence. We choose to shape and design the future of the industry from this day on. Information in its rawest form yearns to be free. We have the ability to think for ourselves (though we’ve been told we can’t). We have the ability to process and create systems of success that are our own (though you told us they wouldn’t work).
Now for your wake-up call.
Many “open letters” lack the call to action needed to give you the readers the direction you need to know how to respond. Do you want to be involved in changing the shape of the industry? Do you want to cut through the “noise” out there and take in the knowledge you need? Do you want to share your experience and wisdom with a group of like-minded peers? Then take action using one of the suggestions below or make up your own!
- Join Mad Mortgage World as a contributor in the worlds first open-source mortgage community! Click here to read the contributor guidelines. I am actively looking so please check them out!
- Join the Conversation Online. Dip your toe in the online waters of content distribution and leave your thoughts here and in the comment section of other posts. What you say matters; more often than not, what you say matters much more than you know!
- Join the Revolution. Don’t pay another dime attending another worthless seminar or subscribing to another website. There is some gold out there but, don’t get fooled by gold painted sh*t. Ask yourself, is there real content here? Can I contribute? Will my voice be heard? Will I walk away a better person.
- Join the Leaderhsip and Take your own action! I have listed 3 examples of steps I personally have taken in my quest to see our industry shaped for the better. What is your suggestion. Leave it in the comment section below.
The Day of the Super-Influenced? Dead Too…
In conclusion, this isn’t about some Super-Influencer giving us all a wink and a nod while leading us into the sunset. We have a lot of work to do. We have a lot of trust to regain from our consumers and agents.
We can change this business for the better. Are you in?
- Bookmark :
- Digg
- del.icio.us
- Stumbleupon
- Redit it
Trackbacks & Pingbacks
- Pingback by REBlogWorld for Loan Originators. | Mortgage Industry Blog on July 28, 2008 @ 6:07 pm
Comments
Leave a comment
-
Join our Linkedin Group!
Click here to be taken to the page that will give you an opportunity to Join the Resistance! Submissions will be moderated every 24 hours.
OMG. Are you my brother from another mother? Were you looking over my shoulder when I created this post: http://blog.mariah.com/2008/07/the-question-nobody-wants-to-ask-and-the-answer-everyone-wants-to-have/
?
Dude… I love this post. This post rocks! Tough love style is bitchin’ good. Get everyone talking. Right on my friend! Two thumbs up!
I’m IN!
What timing–I’m just getting ready to cancel one of my memberships (I don’t see the reason to name it here) but I’m done w/it.
This is the time to start ground up to revamp our industry into what good it can and should be.
This is also a very good time for all loan originators to review their “memberships” and really decide if they’re utilizing them or if it’s time to say “b-bye” and save some hard earned dough if it’s not producing transactions for you.
Great post!
Right on Daniel, totally agree with you. There are many LO’s out there who agree with your message.
Daniel,
Very nice. I am not sure if any of our collegues see what is coming even on my side (Realtor). They are all still waiting for when the newspaper ads will make the phone ring again!!!
Times are definitely changing and without a doubt we have to be different from the crowd in order to separate ourselves.
I have personally canceled most of my mortgage related memberships 18 months ago and to this day I have no regrets… There is some awesome information in our industry when we know what we are looking for but big WARNING: anybody who joins programs based on hope will most likely be disappointed.
YES! I wold love to peak my nose and my opinions on this posts. I can see your blog is strongly opinionated like myself, so no hard feelings if we ever bump heads in here
Nothing but the BEST
Raz
That’s how they do it… “Denver Style”!
I couldn’t agree more. Alot of these so called experts in the industry are still trying to sell out dated material that just won’t work with the age of the Internet. The future influencers will be those that know how to harness the power of the Internet by generating tons of business through their website and blog.
Daniel, Great Article! I agree with most of your message.
What about the mortgage professionals who are also out of the Internet tech loop, will they just disappear as well?
Attaboy Daniel! I’ve been preaching that LOs out there don’t want to know how to originate 100 loans in 15 minutes with “old school” tactics that have a “carnival” feel from the “MEGA” originator of yesterday.
They want to hear how the Average Guy on the Street is making things happen.
I’m here, I’m loud, count me in.
Paul “Gettin’ It” Dunn
http://www.tucson-fha-loans.com
http://www.usdaruralhomeloans.com
I do not think I have agreed more with something I have read on the industry in a long time……. Great message. Thanks for putting it out there
This is absolute gold. It reminded me of Speaker’s Corner in Hyde Park/London. You are loud and we hear you clear. Thank you for opening the minds of many people. This is a new time for everyone. Bravo, Daniel.
@all - thank you for your kind words and affirmation. I don’t want this to sound like I am beating a dead horse but, what will you do about it.
I have long employed a coach who would ask over and over, “what’s your next step? what should you do next?”
Don’t forget that MadMortgageWorld is looking for contributors and evangelists to put the truth of our industry into the hands of the originators who need it.
Local Mortgage Associations could use a bit of a wake up as well.
Consider this your induction into the Mortgage Fight Club or the Mortgage Resistance. Everyone plays a role. No one can sit quietly anymore.
Need more ideas? Email me directly at daniel@madmortgageworld.com.
So I ask again: What will you do?
This is perfect! I have spent so much money over the years on systems and seminars and forums. At this point all of the content they are selling us is so out of date. I look forward to hearing and learning more. Thank you!
Count me in as a member of “The Resistance.” No matter how many different things I have tried over the years, the most profitible actions I have taken are as follows:
1. Work harder!! (don’t be lazy)
2. Get off your A** and go see people face to face.
3. Call people back!!!
There, nothing to high-tech about that.
Viva la Resistance!!
Great Message!!!!! This is the stuff that the strong need to survive.
What do you do when a good man is down, some will say pick him up and dust him off…..I say kick him, find out what he is made of.
@Kevin
Viva la Resistance indeed…
Do you think local mortgage associations could handle such changes? I picture them being even more old school than the “super influencers”.
BTW, I just got off the phone w/the CEO one of these companies. I was less than pleased when they accidently sent an email out to my entire database that was not authorized causing 9 people to unscribed (if you’re a member to this group, you’ll know it as the “opps” email).
The CEO apologized which was nice but doesn’t allow me to email my 9 clients again. He asked how large my database is–Dude, it doesn’t matter. One client = 10 clients if you treat them right.
He then asked why I didn’t have their newsletter go out automatically and was stunned when I said I didn’t always find the content of value enough to send to my clients with my name on it.
Count me in as an active reader, commenter on your blog. With Rain City Guide and Mortgage Cicerone…plus my own 3 blogs…there’s just so much writing a gal can do (and still originate loans/care for clients).
I definitely agree on all points. Count me in.
Boycot anything that sells as a “must attend” event or anything that costs more than $499
Better yet - How about a Class Action Suit?
I just cancelled Loan Tool Box…after being a member for years and years…it was beneficial when I started but not so much now. These are different times.
@mortgageporter - welcome to the Resistance! I completely agree…I too canceled a few months ago… no point anymore
@briankludt - organize it and I think we could get a few signatures
@sohail - welcome to the Resistance! I look forward to having you comment here and participate in what is sure to be quite a few lively discussions in the future!
@markestermeyr - ah… the old kick a man when he’s down… priceless…
@cherlyorr - say it with me… I pledge allegiance to the Resistance, I will no longer spend money on worthless sites, programs, and systems… welcome!
@shane - to be likened to those great people is an honor.. welcome…
@rick my pleasure sir… I am looking forward to seeing more from you!
@pauldunn - i haven’t received an “attaboy” since my fist origination back in the day… yours is well received - now go forth and make lots of noise - the industry depends on it!
@markmadsen - that sir is a whole other blog post which I will gladly write! btw - thanks for stirring things up on LoanTool Box - I hear someone said “blogs just aren’t suited for a lively conversation…” - what a freaking wierdo…
@tony - you are always welcome here! I would love to hear more from you on here - have at thee!
@jeff - denver style - I will look it up but, you are probably correct
@raz - bring it on my friend, bring it on… I have a feeling though that we will find ourselves “preaching to the choir” more often than not… you are welcome here!
@ted - maybe you should take on the persona of MAD-TED and fill them in…Mad-Ted the wonder agent! you are always welcome my twitter-rant raving friend…
@manuel - why thank you sir! viva Le Resistance!
@matt - according the paternity test - sadly we are not related but, I couldn’t ask for a better weirdo to stalk me… thank you for that… thank you…
Great post Daniel.
Rhonda the mortgage association (NAMB) is trying. They also the carry the burden of trying to represent the interests of mortgage brokers across the country while only gaining financial and volunteer support from a select few.
Originators (those that are left) will need to be more active in their careers. They will need to learn new skillsets and they will need to get more involved in their industry. We all have seen what happens with apathy.
I don’t think NAMB has their head in the sand, they just haven’t ‘heard’ the news yet. But it will happen. It will take more of us to light the path and it will happen.
JB
JB, I was lucky to have dinner with brother John and George H. when he was in Washington for a NAMB event. He was actually pretty interested in blogging (to my surprise)…but I think they have so much else to deal with right now.
Daniel,
Thank you. Count me in.
Jonas
It is about time this industry caught up with the internet way of thinking. I have been dealing with this junk since 2000 (that is a long time for techie’s).
It is time to be transparent, open and honest. In a way the influencers will still be around - but it will be those that are actually committed to YOUR success and CARE about what happens to you in the trench’s everyday. Those people will become the influencers in your life. Maybe they won’t become mega rich monetarily, but they will become the ones who people will be talking about.
Here is a shout out to markmadsen and tony!
Never used a system, never will. How about just working smart by making contacts, treating people right, getting your back end to be perfect, READ GUIDELINES and then keep meeting more people! Works every time!
Also, if you are a great mortgage salesperson, then you may make a great real estate salesperson. Depending on the laws in your state, go get your license. You can, at worse case, just refer people.
In PA and CA that I am in, it works great!
Super post, I have started losing some faith in the talking heads of this world. I am all for this place - lets get it done and let me know where and when you need my help
Dave Woodson
Thanks for this! I have been frustrated to the point of opening my own company! The problems came when the LO’s we taught by the others. Closed that down and am doing both RE and Loans. I have control over service, but not enough over rates. Just want to assist my clients to get what is best for them, referals follow! Paid too much for memberships, tools, etc… Really don’t use them, I guess it is the Wrong Business Model fo me. I kept it to be able to stay informed, but just kept getting sold to.
I’m in!