Leading loan officer shares his playbook for creating success in a turbulent market
When the market tightens up, it's easy to fall into the trap of negative thinking and stop caring about what you do. Mark Smith has seen it happen to his peers in his nearly 27 years in the mortgage industry.
"If you don't believe in what you are doing and give 100% to it every day, you can get frustrated and give up. You just have to be available and listen to people's needs, and even in challenging situations, the rewards can be great for everyone involved," the Network Funding loan officer and branch manager said.
In this Q&A, Smith talked about where mortgage professionals can find motivation during these tough times and even take control of their business.
Mortgage Professional America: Can you tell us about your mortgage journey? How did you come into the industry?
Mark Smith: I was previously in the golf business, and with the golf business, you worked when everyone else was off, so over time, I began to get burned out. I had a friend that was in the mortgage business and said, "Hey, why don't you come work for me?" I took a leap of faith and got into the mortgage business. So here we are, 27 years later, still in the mortgage business.
MPA: What are the threats to your business, your success, and how are you handling them? Have you ever been so discouraged you wanted to quit?
MS: We are currently in a very tough market with the unstable economy both domestically and globally, so we have had to shift focus a little to become more educators to help people understand the challenges of the market when it comes to rising interest rates and affordability of homes. Luckily, all the mortgage tools and products that we had pre-COVID have all come back, so there are several mortgage options again for buyers. Even in-touch markets like 2007–2009, we were able to grow our market share by just keeping to the basics and being available for people to help them through the mortgage process. I have never wanted to quit, as even in challenging markets, it is still a special moment when you make someone's dream of home ownership come true.
MPA: How do you encourage mortgage professionals not to give up?
MS: Have a plan and follow it. Be available. Answer the phone when it rings. Communicate effectively. This is still a people business. If you are confident in your abilities, knowledgeable about your products and available when the customer or referral partners need you, that is 90% of being successful.
MPA: How have you built confidence and/or resiliency over the course of your career?
MS: Confidence is something you gain over time. Education and understanding your products go a long way to developing confidence in what you are selling to your customers. Being able to adapt to different personalities and finding a way to effectively communicate the mortgage process and what is best for the customer just comes with time and experience.
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MPA: How do you stay grounded and take care of yourself?
MS: This business follows you everywhere you go, which is great in a lot of ways but also not in some. The great thing is you can travel and get away to decompress but still be available when needed. You have to take time for yourself, and I view it as a blessing that I can travel, be at my kids' events, golf, fish, etc. but still provide the service that my customers expect. Having a great assistant that you can rely on is key as well.
MPA: What advice would you have for any originator who is either starting in the business or has been in the industry for a long time and is having difficulty boosting their production?
MS: Get back to the basics. Be visible, go to open houses, go to industry events, social media, or anything like this. You have to let people know what you are doing, and don't be afraid to ask for business. For the most part, people do business with those they like and who they trust. This can take time to develop, but you have to start by being yourself and developing relationships with referral partners.
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