Welcome to 2019 and the annual American pastime of making new year’s resolutions. Before we set our business goals perhaps we should each first conduct a self-assessment. Here are just a few questions to consider.
Will I diversify my mortgage loan offerings?
Whether you have traditionally been a ‘reverse mortgage only’ originator or have been eying Home Equity Conversion Mortgages, there may be advantages to expand your product offerings.
Have I invested in purchasing/creating leads?
Believe it or not, many reverse mortgage professionals have been incredibly successful using purchased reverse mortgage leads. Truth be told, mortgage leads are a proven means to increase your bottom line but only when paired with the commitment for consistent orders and consistent follow-up.
Should I stay or should I go?
The Clash asked this proverbial question in their epic song. Each year should be the time to reflect on our chosen profession? Are you prepared to forge ahead in what is presently a challenging HECM marketplace? Before you answer that question remember that your fellow originators forged ahead during the housing crash and economic crisis ten short years ago.
Am I leaving money on the table?
This has been a common phrase among salespeople for nearly a century. It harkens back to the era of in-home sales when a salesperson left too quickly walking away from the kitchen table. Are you losing potential loans due to a lack of follow up, cherry-picking which leads to work, or simply forgetting to call the homeowner back? Without a CRM (such as Sales Engine) you are most likely losing sales.
Do my beliefs match my career?
To succeed you must believe in your chosen profession. This is the time for brutal honesty. Do you still believe in the value that reverse mortgages hold for older homeowners? You should as no other loan offers the same unique benefits of no required monthly mortgage payments while retaining ownership. That’s the question you must ask yourself.
Why do I do what I do?
Originating traditional mortgages? How about HECMs? Either way, stop and consider the why. If it’s merely for the money, good luck weathering the storms of any industry. If your motivations go beyond making a buck write that down. The most successful mortgage professionals are mission-driven having a larger motivation for going to the office every day. If you prompted by a desire to help homeowners, you are probably in the right place.