David Krushinsky provides us with a look into the future of mortgage lending and it IS NOT pretty. This is the reality and it may not get better but worse. Thanks David for a great post!
For many, 2010 will undoubtedly prove to be one of the toughest years in the mortgage industry. The underwriting guidelines still continue to change daily, government regulation and intervention is at an all-time high, legislation is being proposed to change compensation models for Loan Originators, more fraud verification policies are being put in place to protect lenders adding confusion, borrowers are forced to jump through ridiculous hoops and great mortgage professionals are exiting our industry in droves. Let me repeat that.... "Great" mortgage professionals are exiting our industry, not "Good", but "Great".
I'm sure you know how we got where we are at, but do you really know where we are at? Everyday I speak with my friends from markets across the United States that are considering changing careers. The same questions come up, "How is it possible to create a great experience for a borrower with this environment?" I don't pretend to know the answer because, in my opinion, there isn't one.
- Telling your borrower three months after closing they need to provide proof they've personally paid a credit card on their credit report for 12 months, showing their bank statements for the last 12 months. How and why would they have trust and confidence to refer their friends and family?
- When you receive a loan approval with 45 prior to doc conditions, then it takes 45 minutes to explain why so much documentation is needed. How are your clients to have the trust and confidence to refer their friends and family?
- Loan guidelines forcing Mortgage Professionals to order two appraisals on a property, after one has already been received $14,000 above selling price. How are today's clients to have trust and confidence to refer their friends and family when they feel they've been mistreated and forced to pay excessive costs?
When this happens over and over and over on every transaction, why would Real Estate Professionals continue to refer their clients? It's simple... they don't. They move on to the next Loan Officer. Your past clients don't refer you anymore. You soon realize you don't have a passion for this industry anymore and "Even Great Warriors Die In Battle."
For those that make it through this, we are the survivors, we are the fighters and we are the ones who will shape the perception of this industry so many love. Live the Dream - Carpe diem quam minime credula postero!
I have a listing appointment today with a very important client. I want the listing and I'm getting the listing. I have a very competent partner in my business presentation. When you have the best in the business, you can afford to feel confident in offering your client a compelling and engaging proposition for why they want to do business with you and 
town. I can show them market reports on their community and how I promote living in the community to the world. I show them how many contacts I have gotten on listings and from where. They are not all local but come from Hawaii, Mexico, Canada, Washington, Oregon, Texas, New Hampshire, and so on. I have had calls from England, Japan, India and Russia.
Let me introduce my partner. Please meet ActiveRain. I would not be who I am today without my relationship with this powerful partner that I have. Let's get started on listing your home and let the marketing begin!
Connection. Real Estate is all about connection. Connection translates to relationship. I like to think that I CONNECT with my clients. Their problems become my problems and in my humble opinion this is the basis of who I am as a Realtor. It's not about the MONEY and it never has been. I remember when in my early years as a Realtor and I went to a Roger Butcher seminar, he made the statement "it can never be about the money, it can only be about helping people and the relationship you have with your clients". Wise words....I believe. I have to say that one statement has shaped my entire real estate career.