Setting boundaries is what differentiates this originator from the rest
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Talking to Joshua Jablonski is almost like speaking to the Ghost of Originators Yet to Come, cautioning young originators to change their ways or else be doomed to a career full of mediocrity and playing catch-up.
Okay, so it’s not Christmastime, but the warning still holds true: just because you have a good month or two, don’t take your foot off the gas. You have to put in the work to get new business because the good times won’t continue forever.
When Jablonski, currently a Private Mortgage Banker at Wells Fargo, first started in the mortgage industry, one of his mentors told him that he wasn’t allowed to originate a refi. It’s certainly business that you want to have, his mentor told him, but during normal business hours, the focus should be on finding new business. That lesson has stuck with Jablonski over the years, and it’s something he keeps in mind when navigating the market ups and downs.
“Some of that has been lost over the last few years with the fluent, busy, ease of the market that we’ve been in, but there are many [originators] who have never seen the cycle,” he said. “So it’s really getting back to some of the basics that many of us started with at the very beginning, and being very purposeful and intentional. It’s the whole idea of ‘failure to plan is planning to fail,’ and figuring out what you want your business to look like, where it’s going to come from, and then being very consistent about it.”
One thing that’s been a part of Jablonski’s plan and daily practice is setting boundaries. They’re good for relationships, and they’re good for business as well. Other originators wear their constant availability like a badge of honor, Jablonski said, but that’s not the way he operates.
“When I’m in the office it’s very regimented, very scheduled, very productive. But then, I think the difference for me is, I’m not 24/7,” he said. He has four kids and is involved in their activities, so he was firm about boundaries both at the beginning of his career and when establishing current relationships with referral partners who align well with his priorities. “Some [partners] may not like it, but many really respect it and wish that they had some of that as well . . . . Very rarely do I spend all weekend working. We’re productive enough during the week, and I’ve got members of my team that would be available, but I really do try to put boundaries in place. I’ve found it allows me to be a lot more productive because I’ve got to get work done in those 10-12 hours a day during the week.”
Jablonski has worked with both retail and correspondent lenders, and although he enjoyed his time and success with correspondent lenders, he moved to Bank of America in 2008 and never looked back. He’s always done a lot of new construction and jumbo loans, and during the market shift at that time, the banks were really the only players in the jumbo game. The correspondent field was so much higher on rate sheets that it became extremely difficult for him to do that business.
“It was a scary time. But at that point, it was making the purposeful decision for my business to be able to have confidence that I knew that the next day, the funding would be there, and that the doors would be open. And not to take that for granted. Honestly, once I got into that world, I looked at the other side again at times, but it’s been a very good fit for me. It’s not for everybody, but it certainly has been for me better than I probably even anticipated.”
The more recent market shift has caught quite a few originators off guard over the past year, and Jablonski thinks that even more changes are coming. Those who will continue to be successful, he says, are those who have not taken their eye off the ball. Those who are suffering now are those who weren’t acknowledging that the period of easy business was going to eventually end, and weren’t actively pursuing purchase business.
“Purchase is what makes you viable and how you stay in business, and that is the life of our business,” Jablonski said. “It’s not too late, but at the same time, it’s going back to basics.”
Like any time of feast, Jablonski said, the key is to remember that there will be times of famine. Just because you had a good harvest doesn’t mean you don’t sow the seeds next season, and origination is no different. Be happy with taking a look back at your accomplishments, but there’s not a lot of time for reflection.
“Often, many get sidetracked or run into issues when they’ve had a good month or two, and think that that’s going to continue forever without the work that’s required. I had to learn through some of that as well, in terms of what it really took to be consistent day in and day out, the grind of it, if you will,” Jablonski said. “Being young, immature, and doing great business early on, you felt like that would be forever. You learn quickly it’s not.”
