Mortgage Marketing Tips: #55
Marketing, Training and Lead Generation for Mortgage Brokers and Loan Officers

How to Survive and Thrive as a Mortgage Professional in
the New Millennium

It used to be that mortgage originators had proprietary access to the banks and mortgage companies and their loan programs in their geographic area. With this proprietary access, as a mortgage professional you held somewhat of a monopoly on the funds which your prospects needed. If they wanted to buy or refinance a home, there were only a select few choices the
prospective borrower had to choose from.

This is no longer true. Mortgage professionals no longer have one of the few keys to this coveted market. The explosion of the internet and the proliferation of mortgage lenders on this amazing tool has single-handedly eroded your edge in this respect within the last 800 days. That's how recently the internet has taken the world as we know it by storm and, as a consequence, changed a fundamental assumption in mortgage financing forever.

Other factors are also changing your industry. The downwards pressure on commission, the widespread consolidation of mortgage lenders, the encroachment of real estate, banking and insurance companies into the front end of the real estate transaction, the increasing incidence of in-house lenders . . . all of these factors and more have shifted the ground beneath your feet.

What are you going to do about it?

I'll tell you this. As long as your "edge" is carved out of assumptions about the way this industry works -- a blind faith that you will be protected by flimsy rules and an adherence to the way things were -- you'll get swallowed up by the shifting ground. You can't build a successful mortgage business based on the old rules.

The ONLY thing that you can safely hinge your future on -- the ONLY basis that will endure -- is a solid understanding of your prospects' and customers' needs.

And you must understand that some of their needs will shift. Prospects used to rely on you only to get them access to the mortgage funds. Now they have what seems like an unlimited number of avenues for getting a mortgage loan. If the sole basis of your pitch to your prospects is your ability to get them a loan, guess what?  You may soon be out of business.

I know this is a greatly simplified example, but it's essence is solid. It is IMPERATIVE that you keep abreast of what your prospect and customer needs are because if you don't, you'll be out of business.

Your job as a mortgage professional is to make it EASY for your prospects and clients to achieve their needs.  Processing a mortgage loan is one means of helping them accomplish this need, but it is not a need in and of itself. Mortgage loans are a commodity so you'd better
find more and better ways to help them achieve their base needs (i.e. Getting the home they want, Manageable Payments, Debt Reduction or Elimination, Financial Planning, Etc.).

You can bet your career on the following. The prospect and customer of the new millennium:

- will NOT do business with you just because they see your face around town

- will NOT accept vague, empty promises

- WILL hold you to your word and push you for more and better service in less time at less cost

- WILL demand that you have the knowledge and skill to take the leading edge with respect to helping them achieve their needs

Are you prepared to meet these needs?  Do you have a plan to help you survive the certain fallout in this industry?  Do you have what it takes to thrive?

If you are not absolutely certain and confident about how you can make this happen for yourself in your marketplace, you should become a Magnetic Mortgage Marketing member today!


Learn more at: Mortgage Marketing Tips
(Mortgage Marketing Training and Lead Generation for Mortgage Brokers and Loan Officers)



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