The Mortgage Cicerone - FHA/VA Training and Advisory Services

How Social Media Impacts Your Organization - The Good, Bad and the Ugly

As a mortgage banking consultant and advisory services professional, it is necessary to provide clients a total comprehensive solution that synthesizes the issues and needs of the entire organization. Therefore, I receive numerous questions related to social media and its impact upon the organization. Quite frankly, social media is a force that has exploded with the advent and maturation of the the Internet. Subsequently inquires regarding social media uses and how it relates to normal business operation has increased on a almost weekly basis. 

Truth be told, while the fundamental principles of business don't change, the context of how business is conducted does. That is why it is important for mortgage banking executives to realize, they (executives) are in most cases what is referred to as "digital immigrants" and the the employees they manage are in most cases "digital natives." 

After observing and dealing with Digital Natives for quite a while, I’ve become a kind of digital anthropologist, spending a great deal of time observing the rich digital world and life that the Natives are in the process of creating for themselves. It turns out that for almost every activity in their lives, the Digital Natives are inventing new, online ways of making each activity happen, based on new technologies available to them. Some of these new approaches Digital Immigrants can -and do – use as well. But some are so foreign to the Immigrants that they are almost, or totally, unintelligible.

Thus, for this reason, I recently posted an article addressing the art and science elements of social media and what it means to your organization. Please take to time to read and relate its impact to you and your company.

Bottom line: Chances are, your continued relevance as a manager and executive may in fact depend upon leveraging your understanding of the digital natives that encompass a large percentage of your organization.

Social Media Activities - Is It Worth It?

Super Bowl Event for Mortgage Originators - The Mortgage Revolution - January 10 through 12

It's no great secret, the mortgage industry is experiencing severe change and consumers are looking anywhere they can seeking direction and help. For that reason, the industries TOP mortgage professionals have volunteered their time, effort and money to sponsor an event focused on revolutionizing the way the public views our profession.

A few facts about the Mortgage Revolution:

• ALL net profits are being donated to charity...no one is making a buck
• Cost for 3 days is only $149
• All the presenters are mortgage industry leaders paying their own way and getting no fee for speaking or leading workshops
• Take note loud and clear - the attending speakers ARE the industry leaders that TRULY care about the mortgage industry
• Workshops and presentations will be SPAM-FREE...no one will be selling their products, services or wares. It is all real live content (DAY 1 - DAY 2 - DAY 3)
• You will learn the latest regarding marketing, regulation, social media, FHA and ethical approaches to enhancing career

Our industry needs you to help revolutionize the way that the public views our profession. Come join us in Atlanta, GA from January 10th through the 12th. www.mortgagerevolution.info

 

If You Have Never Failed, You Have Never Lived

This is a great video about motivation and the need to continue onward in the face of adversity!

In a nutshell: Success in life = Risk.

Why Are Some Sales People Such Assholes

A New Post By The Mortgage Cicerone
A Guide for Mortgage Professionals
Read other posts by The Mortgage Cicerone

I love reading Bill Rice and the advice he renders! Recently, he made a post "Sales People are Assholes" on his site Better Closer | Sales Improvement.

Quite frankly, Bill is providing priceless advice and I highly recommend you read it now...especially those salespeople that really are assholes.

According to Bill, some salespeople are "Pushy, Obnoxious, Aggressive, Narcissistic, Assholes–these are just a few of the cheery labels folks put on sales.... Why do sales people start conversations like this?

Geez...Get over it, accept it and expect it

A New Post By The Mortgage Cicerone
A Guide for Mortgage Professionals.
Read other posts by The Mortgage Cicerone.

Bottom line...I love being around mortgage professionals. Subsequently, it should come as no surprise, I'm often referred to as being an originators originator.

Fortunately my job allows me to talk to literally thousands of mortgage originators each and every year. That said, I have developed an ability to predict with uncanny accuracy the production level of an originator after speaking with them five minutes or less (without broaching their production numbers).

Do I have a sixth sense...heck no. Rather, it's a recognized pattern how an originators attitude plays a critical role in either their success or failure. I call it "The Attitude Factor."

The Attitude Factor

Great Thoughts To Ponder (6/17/2009)

A New Post By The Mortgage Cicerone.
A Guide for Mortgage Professionals.
Read other posts by The Mortgage Cicerone.

"If I work on a certain move constantly, then finally, it doesn´t seem risky to me. The idea is that the move stays dangerous and it looks dangerous to my foes, but it is not to me. Hard work has made it easy." -- Nadia Comaneci

"Be a problem detective; look for customer problems that your product or service can solve." -- Brian Tracy

"A professional is a person who can do his best at a time when he doesn't particularly feel like it." -- Alistair Cooke

"As soon as you trust yourself, you will know how to live."  -- Goethe

"One must be fond of people and and serving them if they plan on being successful long term in the mortgage or real estate profession." --  Dennis Geist

"A man who doesn't trust himself can never really trust anyone else."  --  Cardinal De Retz

"Trust men and they will be true to you; treat them greatly and they will show themselves great."  --  Ralph Waldo Emerson

"A person will not buy from you until he is convinced that you are a friend and are acting in his best interest. You must make this clear." -- Brian Tracy

"We have not wings we cannot soar; but, we have feet to scale and climb, by slow degrees, by more and more, the cloudy summits of our time." -- Henry Wadsworth Longfellow

"A man who works with his hands is a laborer; a man who works with his hands and his brain is a craftsman; but a man who works with his hands and his brain and his heart is an artist." -- Louis Nizer

"People who have good relationships at home are more effective in the marketplace." -- Zig Ziglar

"It isn't the people you fire who make your life miserable, it's the people you don't." -- Harvey Mackay

"Lack of homework shows up in the marketplace as well as in the classroom." -- Jim Rohn

"Some people serve with pride -- because they 'want to' do and be their best; other people serve with disdain because they 'have to' do their job. Which person do you think will end up running the show?" -- Jeffrey Gitomer 

"Take time to listen to your people when they want to talk. This is a real motivator." -- Brian Tracy

"People are your most valuable asset. Only people can be made to appreciate in value." -- Stephen Covey

"Good people are found not changed. Recently I read a headline that said, 'We don´t teach people to be nice. We simply hire nice people.' Wow! What a clever short cut." -- Jim Rohn

"Few things help an individual more than to place responsibility upon him, and to let him know that you trust him."  -- Booker T. Washington

"If I work on a certain move constantly, then finally, it doesn´t seem risky to me. The idea is that the move stays dangerous and it looks dangerous to my foes, but it is not to me. Hard work has made it easy." -- Nadia Comaneci

"Be a problem detective; look for customer problems that your product or service can solve." -- Brian Tracy

"A professional is a person who can do his best at a time when he doesn't particularly feel like it." -- Alistair Cooke

"As soon as you trust yourself, you will know how to live."  -- Goethe

"One must be fond of people and and serving them if they plan on being successful long term in the mortgage or real estate profession." --  Dennis Geist

"A man who doesn't trust himself can never really trust anyone else."  --  Cardinal De Retz

"Trust men and they will be true to you; treat them greatly and they will show themselves great."  --  Ralph Waldo Emerson

"A person will not buy from you until he is convinced that you are a friend and are acting in his best interest. You must make this clear." -- Brian Tracy

"We have not wings we cannot soar; but, we have feet to scale and climb, by slow degrees, by more and more, the cloudy summits of our time." -- Henry Wadsworth Longfellow

"A man who works with his hands is a laborer; a man who works with his hands and his brain is a craftsman; but a man who works with his hands and his brain and his heart is an artist." -- Louis Nizer

"People who have good relationships at home are more effective in the marketplace." -- Zig Ziglar

"It isn't the people you fire who make your life miserable, it's the people you don't." -- Harvey Mackay

"Lack of homework shows up in the marketplace as well as in the classroom." -- Jim Rohn

"Some people serve with pride -- because they 'want to' do and be their best; other people serve with disdain because they 'have to' do their job. Which person do you think will end up running the show?" -- Jeffrey Gitomer 

"Take time to listen to your people when they want to talk. This is a real motivator." -- Brian Tracy

"People are your most valuable asset. Only people can be made to appreciate in value." -- Stephen Covey

"Good people are found not changed. Recently I read a headline that said, 'We don´t teach people to be nice. We simply hire nice people.' Wow! What a clever short cut." -- Jim Rohn

"Few things help an individual more than to place responsibility upon him, and to let him know that you trust him."  -- Booker T. Washington

How to Get Off the Boom-Bust Roller Coaster of Mortgage Origination

A New Post By The Mortgage Cicerone.
A Guide for Mortgage Professionals.
Read other posts by The Mortgage Cicerone.

One of the most common complaints I hear from mortgage originators is the boom-bust roller coaster component to the business. While it is real and happens to a large contingent of originators, there are mortgage professionals that seem to be immune from the fluctuation their peers experience.

Why?

Bottom line is there are a few key critical elements or fundamentals these mega-producers practice that make their business and income more predictable. One of them is they treat and practice the art of building a consistent annuity of referrals and make it part of their everyday processes and practice. In fact, I have found they get down-right obsessive about building and service their annuity client base when times are good, because they know and expect the market to turn. So while most of their peers are focused on funding the loans in their pipeline (and subsequently not marketing their database of clients), these top producers are a bit contrarian in they are like squirrels and are building up a storehouse of food for the winter months.

It's about referrals from both clients and referral partners.

We always hear about building a 100% referral based business. While I don't think very many can claim 100% of their business is referral based, I know numerous superstar mortgage and real estate professionals who's business is in fact at least 90 to 95% referral.

The Best Time To Get A Referral

What do people talk about with their friends when they're buying a new car? About new cars! Better yet, what do people talk about when they are buying a new house or refinancing a mortgage? That's right...houses and mortgages.

More importantly, when they talk about mortgages, are your customers talking about YOU?

Your goal as a salesperson is to maximize your referral business. To do that, you MUST make the process systematic and so easy that every client working with you will recommend their both family and friends exclusively TO YOU.

Yet, most mortgage and real estate professionals don't live on referrals - WHY NOT?

I've found they are either embarrassed or they get so busy with the transaction details during the mortgage process they never get around to asking!

How I Turned One Transaction Into 72 Closed Loans

Yes, you read that correctly...72 closed loans.

It all started with taking the application and consistently asking for referrals throughout the loan process and loan management period after the loan closed. In fact, from the time I took the loan application and the loan closed, my client referred six other family, friends and neighbors (they all closed). Long story short, within the next four years I closed 72 loans that stemmed from the original six referrals provided me by my client....talking about a referral tree with a lot of branches!

Are You Self-Reliant or Reliant...A Case Against the Latter

A New Post By The Mortgage Cicerone.
A Guide for Mortgage Professionals.
Read other posts by The Mortgage Cicerone.

Note: Nighttime satellite photo of Korean Peninsula and the contrasting illumination between North and South Korea.

I'm guessing Milton Friedman would have loved this picture.

In fact, this satellite picture provides a powerful metaphor highlighting the difference between two deeply contrasting political. social and economic systems. Subsequently, it also represents the difference between individuals who are self-reliant/industrious and those who promote entitlement policies that eventually subordinate personal freedoms and produce a citizenry dependent upon the state.

Back to Korea.

While North Korea is ethnically homogeneous with their brethren in the South, there are stark gaps between the two countries separated since the Korean War (1950 - 1952). For example, North Korea developed into a communist dictatorship with a strong centrally planned economy while South Korea became a democracy with a thriving free-market based economy has thrived domestically and globally. 

In addition, isn't it amazing even the fishing fleets in the waters surrounding Korea throw off more light than all of North Korea.

It is my sincere belief we as individuals, an industry and nation can learn from the example of these two countries. It is up to us as citizens and mortgage professionals to take responsibility for both our actions and that of the industry we operate.

The Blues Are Bad For Your Business and Life: Sorry B.B. King

A New Post By The Mortgage Cicerone.
A Guide for Mortgage Professionals.
Read other posts by The Mortgage Cicerone.

Are you having one of “those” days when things aren’t working out and you can’t figure out why you are feeling down, blue, and hopeless. It may just be a one day thing, but a gloomy encounter with your boss, team, referral partner, vendor or customer can cost you a substantial loss of business and your pessimistic outlook may try even your most treasured relationships.

For some of us, a mild case of the blues will come and go, but for others, this state of mind not only negatively impacts our personal lives, but influences our professional relationships and ultimately our profits.

According to therapist Lexie Pftezing, author of 60 Second Blues Busters:

"most people spend three out of every 10 days battling the blues. We may say we’re having a bad hair day, got up on the wrong side of the bed, we’re bummed...regardless of what we call them, the blues affect us in many ways."

These negative feelings permeate our attitude making us feel more sensitive and defensive. Our productivity goes down, and absenteeism inevitably goes up. When you add up all the factors, one bad mood can waste hundreds or thousands of dollars spent on a marketing campaign when you exhibit a sullen or a less than confident attitude when interacting with clients or referral partners.

Pfetzing and her co-author Joyce Quick offer remedies to stifle the short term blues and to circumvent a more serious downward spiral of depression. The book essentially says “you don’t have to suffer and you can feel better fast.”

Pfetzing also says “All of our suggestions involve some sort of action and positive activity” to revive the spirit and soothe the soul, but recognizes the fact that when you are down it may be difficult to think of anything to do to transform from blah to better.

We may encounter intermittent interactions with family, friends and colleagues that leave an impression that may last for the duration of the relationship. One less than enthusiastic response to a prospective client or customer may lose a lucrative account and sever a long time relationship. One morose team member can bring down an entire team.

So how exactly can we avoid a down day that adversely affects our work place, health and relationships both personal and professional?:

Here are a few tips to consider:

1. Just take a break. Take a short walk requires a change in your breathing and a definite change of scenery. Start looking at the world in gratitude for what you do have which requires studying what you do have and not directing energy to what you don’t have. Depression demands a thought process that doesn’t serve an attitude of gratitude.
2. Rest a little. Most of us can’t curl up in our offices for a short nap, but stress rises when we are overworked, and constantly giving to others leaves nothing for ourselves. Really take a “coffee break” and celebrate a little time alone. It may require leaving the office or eating lunch in the park, but a little alone time will allow you to re-center and revitalize your thinking. Make it a little ceremony just for you. The world won’t crash if you “disappear” for 15 or 20 minutes. It may make a gigantic difference in your productivity and your “attract-ability” factor.
3. Make a list of the things you need to do, prioritize the “gotta’s” and tackle the top three with high energy for completion. This will impart a sense of accomplishment that you need to relieve feeling overwhelmed.
4. Make a list of what is working. Even though things may seem hectic, loans are getting funded and things are getting done. Note those things going well in your office and ask yourself why. You’ll likely discover it is because you have built good systems or processes for these things and you are staying on top of them.
5. Be honest and ethical. It's important one conducts themselves ethically. I have seen countless people overcome with the blues or downright depression when their actions were incongruent with both their personal and established ethical practices.
6. Avoid Debbie Downers. When you are feeling down, the worst thing you can do is to surround yourself with other individuals with less than positive attitudes.

While the the blues can be quite different from true clinical depression which requires specific treatments, but for most of us, these simple steps can help us “snap out of it” and get on with the adventure of life.

A New Post By The Mortgage Cicerone.
A Guide for Mortgage Professionals.
Read other posts by The Mortgage Cicerone.

Are you having one of “those” days when things aren’t working out and you can’t figure out why you are feeling down, blue, and hopeless. It may just be a one day thing, but a gloomy encounter with your boss, team, referral partner, vendor or customer can cost you a substantial loss of business and your pessimistic outlook may try even your most treasured relationships.

For some of us, a mild case of the blues will come and go, but for others, this state of mind not only negatively impacts our personal lives, but influences our professional relationships and ultimately our profits.

According to therapist Lexie Pftezing, author of 60 Second Blues Busters:

"most people spend three out of every 10 days battling the blues. We may say we’re having a bad hair day, got up on the wrong side of the bed, we’re bummed...regardless of what we call them, the blues affect us in many ways."

These negative feelings permeate our attitude making us feel more sensitive and defensive. Our productivity goes down, and absenteeism inevitably goes up. When you add up all the factors, one bad mood can waste hundreds or thousands of dollars spent on a marketing campaign when you exhibit a sullen or a less than confident attitude when interacting with clients or referral partners.

Pfetzing and her co-author Joyce Quick offer remedies to stifle the short term blues and to circumvent a more serious downward spiral of depression. The book essentially says “you don’t have to suffer and you can feel better fast.”

Pfetzing also says “All of our suggestions involve some sort of action and positive activity” to revive the spirit and soothe the soul, but recognizes the fact that when you are down it may be difficult to think of anything to do to transform from blah to better.

We may encounter intermittent interactions with family, friends and colleagues that leave an impression that may last for the duration of the relationship. One less than enthusiastic response to a prospective client or customer may lose a lucrative account and sever a long time relationship. One morose team member can bring down an entire team.

So how exactly can we avoid a down day that adversely affects our work place, health and relationships both personal and professional?:

Here are a few tips to consider:

1. Just take a break. Take a short walk requires a change in your breathing and a definite change of scenery. Start looking at the world in gratitude for what you do have which requires studying what you do have and not directing energy to what you don’t have. Depression demands a thought process that doesn’t serve an attitude of gratitude.
2. Rest a little. Most of us can’t curl up in our offices for a short nap, but stress rises when we are overworked, and constantly giving to others leaves nothing for ourselves. Really take a “coffee break” and celebrate a little time alone. It may require leaving the office or eating lunch in the park, but a little alone time will allow you to re-center and revitalize your thinking. Make it a little ceremony just for you. The world won’t crash if you “disappear” for 15 or 20 minutes. It may make a gigantic difference in your productivity and your “attract-ability” factor.
3. Make a list of the things you need to do, prioritize the “gotta’s” and tackle the top three with high energy for completion. This will impart a sense of accomplishment that you need to relieve feeling overwhelmed.
4. Make a list of what is working. Even though things may seem hectic, loans are getting funded and things are getting done. Note those things going well in your office and ask yourself why. You’ll likely discover it is because you have built good systems or processes for these things and you are staying on top of them.
5. Be honest and ethical. It's important one conducts themselves ethically. I have seen countless people overcome with the blues or downright depression when their actions were incongruent with both their personal and established ethical practices.
6. Avoid Debbie Downers. When you are feeling down, the worst thing you can do is to surround yourself with other individuals with less than positive attitudes.

While the the blues can be quite different from true clinical depression which requires specific treatments, but for most of us, these simple steps can help us “snap out of it” and get on with the adventure of life.

Who Can You Call At 2:00 a.m.? - Part Two

A New Post By The Mortgage Cicerone.
A Guide for Mortgage Professionals.
Read other posts by The Mortgage Cicerone.

In Harvey Mackay's book titled "Dig Your Well Before You Are Thirsty," he asks his readers:

"Who Can You Call At 2:00 a.m.?"

This question is one of the most critical and revealing questions one can ask themselves about their network of friends and business/personal acquaintances.

To help understand what I'm getting at, answer these three questions:

1. Make a list of ten powerful people you know that can make things happen if you called them.
2. What have you done for any of these people lately?
3. Do you only call them when you need something?

Whenever I'm speaking and ask these questions, I often see the audience squirming when they understand the point being made.

Getting back to the question, who can you call at 2:00 a.m. in the morning?

According to Harvey Mackay, that question is without a doubt one of the most important questions one can ask themselves as an individual or business person. When answering this question, you are really asking yourself:

1. Who can I count on?
2. Who's counting on me?
3. Would anyone answer my call if I called them?

Bottom line, networking is more than keeping a contact database or putting every person you meet in your PDA. It's about CONNECTING with the people in your Blackberry. The art and science of connecting is so much more than phone numbers or names in your database...it's about connecting with people who can make things happen.

Now the next question...are you connecting with people who can make things happen?

Because...You are the sum total of the five people you spend the most time with!