Category Archives: attitude

Commitment Can Stage Disaster of Consistency!

I snapped this picture as I sat down to one of the sessions at the recent Loan Toolbox Business Plan 2008. My first thought was, “this is great fodder for a post on upgrading your lead management system to tackle a tougher mortgage market.”

Lead Management System?
However, as fortune would have it my schedule prevented the original post. As is often the case in life, misrouted paths lead us to better things. And such is the case with this post.

On my latest trip to San Diego, I visited with a colleague and friend, David Schneider of ZipSearch!. During our chat I noted a book in his office that I have been meaning to pick-up: “Influence: The Psychology of Persuasion,” by Robert B. Cialdini, Ph.D. I mentioned my interest in the book and David said, “take it with you for the plane ride home.”

I did. And that has made this post all the more important for your success!

Cialdini’s book is a powerful tool (that means Buy It! ) in any sales person’s arsenal. Ahead of you getting the book and tying back to the photo above, I want to highlight one important Cialdini principle: Commitment and Consistency–Hobgoblins of the Mind. Cialdini quickly explains, in this chapter, this mental and behavior barrier:

“Once we have made a choice or taken a stand, we will encounter personal and interpersonal pressures to behave consistently with that commitment.”

Boy, is that true!

I see a lot of old “systems,” like the one in the picture above, that worked in the heyday of the mortgage refi boom.

Sloppy systems that were good enough to catch a spoonful of water in a tsunami.

I hear day in and day out, “I only take referrals.” Then without even taking a breath, “yeah, the market is tough and my production is down,” yet loan officers refuse to take a referral from the Internet.

That’s right! A referral.

A consumer raising their hand to be called–if that isn’t a referral, I don’t know what is. Sure, you have to compete, but it is far more profitable than staring at your phone hoping some one will ring it to pay your mortgage this month.

Unfortunately, many are trapped in their minds and behaviors, as Cialdini predicts:

“When it [consistency] occurs unthinkingly, consistency can be disastrous.”

“…people will hide inside the walls of consistency to protect themselves from the troublesome consequences of thought.”

Are you going to take control of your success in this market? Or, huddle in your walls of consistency until you have to find a new profession?

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We Made it to San Diego and Back!

Our small feat to brave the San Diego fires that made it to road side was worth the opportunity to spend time with clients, prospects, and partners. These folks were amazing! Even amid evacuation, threat of losing homes, and some that had already lost their homes–they were spirited and ready to push forward.

Here is a picture of our passage from LA to San Diego:

I-5 on the way to San Diego

See more…

Can you trust a man in overalls on Interest Rates?

I only posted this because it is an unshaven man in overalls giving serious, straight-faced advise on interest rates, the economy, and stock picking. It made me laugh and got me to sign-up for his free email commentary.

Internet consumers love raw, naked (not always figuratively), honesty in simple language. Sometimes the overalls and tin roofed front porch makes it more convincing. Market a little more raw (i.e., blogs, Facebook, YouTube)!

Your Competitive Advantage is measured in Inches

When I was at Quicken Loans one of my favorite of the ISMs, which made up our corporate DNA, was “The inches we need are everywhere around us.”

So, it struck me today when Seth Godin, another really successful guy reveals the same conclusion about making clients fanatical about your company and product in his post on follow through:

If you know that the last two inches of your follow through don’t matter, then you’ll start slowing down at three inches, or even four, and suddenly it does matter. If you draw the line on money back guarantees you’ll keep sliding backwards, bit by bit, until it does matter. If you’re quick to fire the employee who needs a lot of help, you’ll be quicker with those that need just a little, and then, pretty soon, it’s a very different place to work, isn’t it?

Obsessing about the last inch of follow through ensures that the important parts of what you do get just as much (if not more) commitment.

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Surviving the Mortgage Implosion

Todd Carpenter at Lenderama has a great post about perspective in the current mortgage market. Do some deep breathing, get focused, get intense, and analyze the data:

Most homeowners in today’s market have had a 7% or maybe even an 8%+ loan in their past, and I’m not talking twenty years ago either. You are likely more freaked out about this then they are.

If May foreclosures DOUBLED in your state, that likely means they went from something like .2% of all loans, to .4%. It’s bad, but jeez, a little perspective is in order.

Most homeowners have good credit. If half your loans are for clients with sub 600 credit scores, then half your clients are in the bottom 15% of all borrowers. Think about that.

Stated Income loans are not the most popular type of loan originated. Neither are Option ARMs, or sub prime loans, or 100% financing.

I would add that the MBA continues to estimate the 2007 originations at $2.56 TRILLION–you think you can get enough of that to keep up whatever lifestyle you want!

By the way, that estimate is up from when I built and gave my $10 million sales plan presentation:

Who knows, as Morgan Brown at points out, our panic may even be contributing to mortgage customers hesitation and jeeters in getting into the right mortgage for a changing market.

Prepare to Win

This is one of my favorite quotes, from one of the all-time most winning coaches in College basketball, Bobby Knight:

“Most people have the will to win, few have the will to prepare to win.”

Get out a note card and a Sharpie and write that quote down and tack it near your phone or on your computer. This is one of the primary keys to success.

If you don’t do the hard work. If you don’t devote the preparation time to build the skills of success, then you are merely a Con-Artist and confidence tricks can not sustained. Proof Tiger Woods still hits 400 golf balls a day in his training routine. That is sustainable skill building.

The lesson here–Do the Preparation!

Read about the Mortgage Markets:

Read about being a Good Mortgage Broker/Banker:

  • David Porter at Mortgage Broker Coaching gives you proven, success building, mortgage professional habits
  • Dave Savage at Savage Insights gives you immediate sales impact sales techniques you can use today to increase your production

Read about being a Good Marketer:

Read about being a Good Sales Person:

  • Jeffrey Gitomer at Buy Gitomer will give you a weekly dose of kick in the ass sales motivation
  • Charles Green at Trusted Advisor will show you how to transform sales into trusted relationships

Take a little time today or this weekend to Prepare to Win.

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Make Winning a Priority for you and Your Team

This is a great post about winning and making it a priority. It has three components that make it a valuable lesson to all loan officers that are trying to prioritize their business for success:

  1. It contains advise and wisdom from a Detroit Tiger (Our new “thumper” as Jim Leyland calls Sheffield)
  2. It highlights that winning has to be a “organization” priority to help make individuals successful
  3. You as an individual should make winning a priority not just for you, but for what it does for the whole team

Now go thank your assistant or processor. Then go win today for the you and the Team!

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