The Mortgage Cicerone - The Loan Attraction Coach - Con

The DNA of Top Achievers

Of course by now we are all becoming aware of DNA. It is the source code that determines who we are. When we look at DNA we can see what a person will look like, what diseases they may come down with, etc. This has been a tremendous breakthrough for scientists and will continue to be so for some time, I believe.

This got me to thinking about what makes up those who are top achievers. Is there a "DNA" to them? Obviously, all top achievers wouldn't have the same literal DNA but what about a figurative DNA? Is there a common "gene" that they all have? Are there common "genes" perhaps? I think so!

If we could get right down to it, I think these are the genes we would find in the DNA of top achievers:

1)  A predisposition to setting high, lofty goals. Top achievers are people who won't and can't settle for the status quo. They see average as a place they want to keep in the rear-view mirror. Instead, they continually look for ways to stretch themselves, to get better, to do better, to be better! They set their sights on goals that others have never even thought of. They want to shoot so high that even if they miss, they go higher than everyone else. This is what makes them top achievers.

2)  An ability to focus intently upon reaching their desired destination. Many people can set high goals, but just as many people get sidetracked by one thing or another on their way to those goals. High, lofty goals usually take a while to get there so there will always be plenty of time to be tempted to stray away from the road that is taking you to those goals. Often, those things that sidetrack people are good things, but not the best things. Top achievers do not get sidetracked. They stay focused. They know where they are going. They have an ability to say "no" to the good things in order to get to the best things.

3)  The willingness to personally sacrifice in order to get to their goal. When the going gets tough, many people quit. When the going gets tough personally, most people quit. When the going gets tough for top achievers, they remind themselves of the high, lofty goals they have set for themselves. They remind themselves of what an accomplishment it will be for them and that the reward is worth pushing through the momentary trials. They are willing to sacrifice personally in the short-term in order to get the reward and the prize long-term. Keeping their eyes on the big picture enables them to persevere through any personal pain they may experience.

4)  A predisposition to tenacity. Tenacity is the ability to "keep on going." Tough times? Keep on going! Financial troubles? Keep on going! People are suspect? Keep on going! You look like a dreamer? Keep on going! Tired? Keep on going! Want to quit and take it easy? Keep on going! Just remember this: Keep on going! The prize is ahead! Many people quit just before they were to get the reward, so keep on going!

5)  The ability to see available resources and to use them accordingly. Those who are top achievers know that they cannot be lone-rangers on the way to the top. No one makes it by himself or herself. Top achievers recognize their weaknesses – the weaknesses that if they don't cover will keep them from becoming a top achiever! They see their resources and they work to get them into a helping position so they can continue the route to becoming a top achiever. And they don't use them, they utilize them. There is a big difference!  People, finances, etc., are all brought in to help by the top achiever.

6)  A desire to help others achieve more for themselves as well.  The top achiever knows that they can make a difference for others by becoming a top achiever. They know that the wealth they make can feed the hungry. They know that the position of influence they achieve can open a door for someone who may not normally get a chance. True top achievers look at how they can bring many with them, not how they can leave many in the dust. People are helped by the top achiever, not trampled upon!

I think if we could get to the DNA of top achievers, the things we talked about above would be at the core and fiber of their beings. What about you? Did you recognize yourself at all? I hope so! The good news about the DNA we are talking about today as opposed to real DNA is that you can go out and work on top achiever DNA whereas you are stuck with real DNA. So if you lack a little in the above-mentioned areas, take heart–you can get better and work on them so that you can become a top achiever!

Change your DNA to become a top achiever!

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Reproduced with permission from the Chris Widener. To visit Chris Widener's website, go to http://www.chriswidener.com.  Copyright 2007 Chris Widener . All rights reserved worldwide.

Athol Kay's Top 24 Worst

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A Guide for Mortgage Professionals
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I just got done viewing Athol Kay's most recent post and I'm still LMAO!

If you have not already seen it and are in need of a good hardy laugh, you owe it to yourself to view:

The 24 Worst Bad MLS Photos of the Year

Friday Fun - March Madness By Median Salary of Graduates

A New Post By The Mortgage Cicerone
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No real surprises, but still interesting.

Looks like a Stanford and Notre Dame would be playing in the NCAA Final if the winner of each bracket game was determined by the highest median average salary of each of the schools respective alumni.

March Madness Income Brackets

Rapport: You Don’t Matter. You Are Here To Add Value

A New Post By Chris Johnson
Business Development Consultant
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First the X broker has a post about how to run a mortgage company, then I see a Blown Mortgage post about how mortgage shoppers lie.

I’ll say this: those people that say ethics and integrity don’t enhance your business are wrong.

Those people that say they are at a competitive disadvantage when facing down with the used money shills are wrong.

The people that say that you have to lie to be truly successful are wrong.

It’s easy to say, “oh, poor salesman” the buyer lied. It’s easy to say, “yup, they went with another provider because that provider lied.

But look: when you lose the game it’s because of selling skills. On every single call, I tell people that they have many options for doing this, and it’s all a matter of preference. I gain a commitment to use me, and tell them that I have all the programs. I rarely offer quotes, and I have never worked with a lead. You’re whining because someone offered a program you didn’t.

Make it part of the pitch. Learn that this is what buyers want, and this is what is needed to…win the game. Don’t give your power to the shills and chop shops. Claim it for yourself. Win with a better process, which INCLUDES a sales process that makes people comfortable, AND makes them committed to using you (in part by touching quickly on every product).

Anyone Who Relies On Rapport Alone is Disconnected From Reality.

Write that five times. Sure, people DO buy the product because they like you, but seriously, as Matthew Ferry says: if people could swallow a pill and be done with us, they would. Nobody has recreational conversations with accountants, mortgage brokers, Realtors (oh, God, Realtors!).

That’s why the Xbroker says that sales monkeys are worthless. Because it’s tedious.

We are paid handsomely to perform a specific service. We have enough friends, our clients have enough friends. Sure, we want relationships, but we have to achieve basic competence first.

In the time it takes to build rapport, you can be halfway done with the work that you’re doing, and it’s a more authentic experience that customers will like more.

There’s a REASON for the saying: familiarity breeds contempt. If you are preternaturally competent, there is no chance that a shill can get you, over the long haul.

Salespeople Are Morons!

Salespeople, get over yourselves. Especially you mortgage brokers. You don’t matter! You are facilitating the process, and tellin’ em about your cat, your education is no more relevant to their mortgage needs than what you watched on TV last night.

It’s imbecilic and ego centric.

It’s insulting to your customers and dishonors their intentions.

For every second you spend spewing bile about yourself, you’re NOT LISTENING TO YOUR CUSTOMER.

Let’s consider something: Does every 3 toothed hillbilly that applies with you have a lot of common ground? Heck no. Should they be served by you? Heck yes. Do you owe it to them to honor their intentions? Abso-friggin-lutely. You sure as heck do. But do they care about your personal preferences?

In life, you’re truly lucky if your wife gives a shit, why presume that some stranger will.

This does not mean that you don’t seek relationships and real connection.

But it’s in the context of your buyer’s intended purpose.

Rapport comes throughout process as the people realize how good you are at what you do.

Rapport comes by demontrating your intent to serve, and using that as a common ground.

Rapport comes after you help.

So what do I do instead?

I’ll get after the Xbroker’s new business model in a minute. He’s on to something that makes a ton of sense–especially getting rid of the low value salespeople.

1. Plan: We do the same 7 or 8 things over and over again (in my business: take an ap, prepare a package, present program options, choose a lender, submit a package, meet conditions, and close). Be world class at the tasks that matter, and every nuance to best case scenario.
2. Rehearse and Practice: Rather than checking bloglines or reader.google.com, why not practice with a buddy taking an application, or look over the loan file that we did. What went right? What went wrong? When you take an application, what do do right? What do you do wrong?
3. Document: It goes with #1, but write down what you’re going to say, write down the information that the customer needs. Listen to what the cusotmer says, and handle the same ten or so questions to the best of your abilities. Have what you need handy, at your fingertips.
4. Gain a commitment: If you’re a professional you’re either working with a client, or you’re not. Not a lot of in between there. Even if they say they are shopping, gain a commitment to come back to you BEFORE you quote them.
5. Explain the process: In my business, the price is an hourly concern. If you get a quote at 10 in the morning, it may be better or worse at 3pm. It’s like asking how much a particular stock is. People can beat me due to timing, and offer a deal I can lock people in at.
6. Stop caring if they like you: The money talks. They close with you? They like you. Happy customers don’t need intimacy.

Racial Gap In Home Loans

A New Post By Dan Melson
Mortgage Loan Broker - California
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Tony saw this on my own site and asked me to reprint it here (Sorry it took me three days).  It's a reprint of a thirty month old article, and the article that inspired it is no longer available.  It reported on the high gap in cost and rate between loans that what I'll call "white people" get and loans gotten by various minority groups.  The original article was titled, "Racial Gap in Loans Is High in California", and from this point, the text is straight out of the reprint:

"Racial Gap in Loans Is High in California"

I can give a variety of reasons for this.

First off, especially in Los Angeles but to a lesser extent throughout the state, there is a huge "Spanish speaking only" community.  When you limit yourself to speakers of a language which isn't the nation's primary business tongue, you limit your ability to find loan officers who will treat you honestly and fairly and find you the best possible loan.  I speak reasonable spanish myself, but not nearly enough to do a loan.

Second, those who speak spanish only are ripe pickings for unscrupulous loan officers and real estate agents.  Because they do not understand english, the language the regulations are written in, they have less understanding of what is a complicated and confusing process for anyone who is not a practicing professional.  In fact, I can name a lot of alleged professionals who speak English and are nonetheless limited in the comprehension of the process to judge by the evidence.

Third, those who speak Spanish only have a lesser understanding of their rights under the law, and since the vast majority of all loan documents are in English (a few lenders are starting to generate a few documents in Spanish, but not every document, and it will never be the main copy of anything), they have a lesser understanding of what they are agreeing to.

Gee, I hope the preceding helps the "Spanish only" lobby of separatists understand what they're setting up for the people whose benefit they are allegedly advocating.

But more importantly than all of the preceding, real estate and loans are "sales connection" businesses.  Because most people do not shop for homes or home loans in a rational fashion.  "I can't be rational!  This is far too important for that!"  Seems silly, but it's true.  People buy or do business with you because you have made them more comfortable, or because they think you can do something nobody else can or will for them.  They do business because they connect with you on some level, not because what you're offering is the best thing out there.

Identity politics exacerbates this.  There are agents out there (often but not always necessarily of the same ethnicity) whose niche market is "black folks", or "Spanish speakers" or "Koreans".  Some people will do business just because you're the same, or because they feel some kind of cultural connection.  Others will do business because you helped their brother, or friend, whether said brother was the toughest deal in creation or the easiest thing you ever did.  And if you brother had to do something, or had something happen, it's only normal it should happen to you, too - right?  One of the standard phrases in the sales lexicon is "My you were tough, but we got it done!  How about some referrals."  This by itself is not evil.  But if you've taken advantage of someone as if they were a tough loan when in fact they were not and could have gotten a better deal from someone else, you're lining your pocket at your client's expense.  Everybody deserves to get paid for a job well done.  But when my contacts in the escrow and title business tell me about people who only serve this ethnic market or that ethnic market who have six percent state of California limits on their compensation externally applied to every single loan they do, or how these people consistently have a sales compensation a full percent above the market, that tells me something: that these alleged professionals are taking undue advantage of their target market.  Many of these people they are targeting literally have no way of knowing there is something better out there.  Are their tactics illegal?  No.  Unethical?  In at least some cases.  Taking advantage of client ignorance?  Definitely.

The process of purchasing, selling, or refinancing real estate is byzantine, with rules and regulations that get more complex every year.  The average citizen has difficulty understanding the things that may be relevant to their particular transaction (I've had to explain to <i>lawyers</i> how they got taken in their previous transaction).  To most people, the whole thing is like some immensely complicated magical ritual.  Place the proper documents at the foot of the underwriting god, dance three time sunwise and four times widdershins round the appraisal every day for a fortnight, pray with the high priests of insurance, and you get your house.

It has elements in common, I will admit.  But the processes of real estate sales and real estate loans are coldly, brutally, logical once you understand them.  Unfortunately, the odds of understanding are stacked even further against those who are apart from the majority of society.  Those who are concerned with minorities having inferior loans would have more success in connecting the people to the mainstream of society than in considering further burdensome anti-discrimination legislation.

Caveat Emptor

Original  Post <CLICK HERE>

Why We Owe Our Clients The Whole Truth

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My Dad passed this video on to me. He also happens to be a retired loan originator that built a thriving referral based practice simply by always putting his clients needs first. Subsequently before retiring, he consistently closed 10 - 20 loans on a monthly basis no matter what the market.

He also asked I post this video so every loan originator reading this, never has to take a phone call from a client because you placed them in a neutron mortgage like this lady.

Why Do Loan Officers Need A Therapy Session After Every Call?

A New Post By Chris Johnson
Business Development Consultant
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(For the Observation, HT, Jeremiah Arn)

So I'm in the office yesterday (rare apperance) an I notice an utterly shocking phenomenon.  

After every single phone call that was made, all of the loan officers seemed to need therapy. 

They would get off a 3-4 minute phone call, which we could hear through the paper thin walls in our office (at least with cubicles, you have the constraint of not wanting to overwhelm others).   You'd hear EVERY WORD of the call they were on...then they'd rehash the call with at least one or two other LOs...absolutely KILLING their momentum, and disrupting the other LOs momentum as well.

Good call, bad call, indifferent, each call had a debrief afterwards.  The debrief had no value to add.  Some sort of herd mentality...that makes you feel like you're working.

"Hey Steve, I Just got off the phone with Joe Bob the Realtor, and he hasn't had a closing so far this year,"

"Really?  Joe Bob? Man, that stinks," 

"Yeah, I know it stinks, but that's how it goes."

"Yeah, he didn't have a closing.  It's what, the middle of march?"

"Yeah march madness..."

"Well, steve, Back to work."

"Alright Dave."

or..

"I Just got off the phone with the underwriter..."

or

"Man, I can't get my title back..."

Over and over.  These are good loan officers that are having these insane and value free conversations.   Over and over again debriefing one another on the call (not CALLS) they just made.   And it's not enough that THEY stop at one call, they stop someone else's progress, too.  It's an office tribal thing.  When there was a lot of business around, I'm 100% sure that this didn't happen this way, and now that there's not, our minds invent problems on the deals or calls we have...to distract us from the fact that we simply aren't working enough deals! 

We tolerate this kind of incessant updates because it's less challenging than it is to sit and focus on one thing.  It's easy to twitter, to dash off emails.  It might be a basic human need to tell stories, and it also might be a basic human need to seek sympathy.  But it doesn't mean it's productive.  We humans are also wired to seek out sugar and fat, but that doesn't serve us today.

It's hard to focus on building a business.

I'll betcha in every single case, the elimination of just a third of the unnecessary conversations in your office would earn the loan officers an extra $25,000 per year. Each.

So, let's do some thinking.

1. What are the sources of YOUR unnecessary conversations.
2. How much are they costing you?
3. What are you going to commit to in order to stop?

.....

 Also:  A Transparent (or gratuitous) Use of Tony's Blog to promote my own Agenda:

I am starting a new site, called New Market Survival Guide.Com.  I intend for it to be a MULTI AUTHOR blog, with no more than 2 realtors, 2 originators, 2 financial planners, 2 insurance agents, 1 title agent.   I'm looking for new voices to have a space to write for 6-8 months.  If you've got something to give, PLEASE send an email to chris@chrisdoesloans.com.    You must be a PRACTICTIONER in your business that is looking to learn and teach.   If you KNOW anyone that you're recruiting to be part of this, please send 'em my way and we can put this together.  I want strong flavors and original voices.

If It Weren't for PASSIVE People...Life Would Be Easy

Have you ever said "yes" when you meant "no"? Agreed to do something you really didn't want to do? Given in to someone's demands because you didn't want to make them angry or hurt their feelings? If so, then you have used a passive communication style.

The Passive Personality - Path of Least Resistance

Indeed, there are some times when you will decide it is not worth the hassle, anguish, frustration, time or energy to deal assertively with a person or situation. Instead, you choose to ignore or avoid the problem, often hoping it will just go away. These are your passive times.

Passive personalities are intimidated when faced with manipulative anger and feel guilty when faced with manipulative hurt. Passives may avoid a confrontation, but in so doing they create a great deal of unhappiness for themselves. Most stress is caused by avoiding problems and people rather than dealing with them.

No more excuses, please.

People with passive personalities love to tell themselves that their input does not matter. They even make excuses when someone is treating them badly. Rather than place the blame on the manipulator, they often blame themselves saying, "It must be me. Something I did caused this to happen." The passive plays right into the hand of the aggressive personality.

It's easy to see why aggressives love to work with, be friends with and marry passive people. Aggressives like to push others to the limit to see just how much they can get away with. Passives often fail to set any limits at all. They would rather let others make the decisions so they do not have to be responsible if things do not work out.

You must decide to take control.

We all have the power to make our own choices as adults and we have the obligation to assume responsibility for those choices. No one will treat us any better than we expect to be treated. You may have experienced things in your life over which you had no control, but you can control how you allow those experiences to define you as a person.

There are two main reasons passives have a hard time with confrontation. Many simply hate the physiological changes that take place in their bodies when they are in a tense situation. The fear of what might happen if you take a stand combined with the anger and frustration of not speaking up is enough to make anyone ill. Many more learned at a young age that in order to stay out of trouble they needed to keep their heads down and their mouths shut.

Assertive is about taking control of your life. Passive is about letting go of control and handing it to others. Setting boundaries means identifying healthy and ethical principles upon which to base your life and making sure that how you treat others and are treated by others is within the framework of those principles.

How do passives get their way?

They seldom do. Passives generally have low esteem as a result of making unhealthy, even self-destructive, choices. Passive people usually avoid saying "no" in order to be nice. They think the only alternative to being nice is to be mean or selfish. Aggressives enjoy being around passive people because passives allow them to do their own thing, in their own time, in their own way, even if it involves manipulation and/or abuse.

Passives are generally intuitive people who play a game called "let's see if you can guess what I want". The problem is that they expect others to do the same for them. This "testing" usually leads to their disappointment.

Surprisingly, the passive person values healthy, assertive principles for everyone but themselves. They do not believe they deserve what they work so hard to give to everyone else. In the passive person's futile attempt to be all things to all people, they often fail to live up to the very principles they work so diligently to model.

When passivity becomes our default response, then we have a problem because not only do we continue to "compromise" with nothing gained, but our ethics and values are inevitably compromised as well. As a result, our self-esteem is diminished. Compromising with another person is one thing. Compromising ourselves is quite another. It is nearly impossible to maintain a healthy sense of self-respect when passive is the communication style of choice.

Take Action!

Think about a time when you chose to be passive.

Why did you choose to be passive? Were you afraid of hurting someone's feelings? Were you afraid of making someone angry?

Do you often wish you had said or done something instead of remaining silent? If so, think about communicating more assertively in the future.

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Reproduced with permission from Connie Podesta . Copyright 2008 All rights reserved worldwide. Connie Podesta can be contacted directly at 877-929-0439 or visit her website at http://www.conniepodesta.com/.

Social Media Marketing = Fuzzy Math

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Ben Martin just made a very insightful post at AgentGenius.com regarding the tricky and slippery slope of calculating Rate of Return in Social Media.

A must read.

Measuring Return on Investment in Social Media Marketing is fuzzy math

Appraisal Orders: One Technique to Speed Up the Process

A New Post By Chris Johnson
Business Development Consultant
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One of the things that can delay deals is not getting an appraiser in on time. I confirm all orders via phone (because the appraisers don’t always respond to faxes–they have the same stresses as the rest of us). What I started doing–and what my seem obvious–is taking over the scheduling process.

After an application, I inform the client what happens next: an appraiser will have to come out, and no–you don’t have to clean your house up.

Then?

I ask what time the appraiser should come–and ask for three times in the next 2-3 days (on a refinance) that will work. Then I CALL the appraiser I use in order…and ask them if they can see a property on __________ date, and get a report in by ______________ date.

Appraisers like it because it relieves them of the burden of scheduling. I like it because it eliminates follow up.

It’s one of those BFOTO moments (blinding flash of the obvious) that has gone in my ops manual as an easy way to speed up times that stuff happens and close loops more quickly.

I can’t believe it took five years to come up with it.

(The Genesis of this idea came from Tim’s blog…so Credit Where Credit is due).