Sometimes mortgage companies are too quick to alter their long term business strategies in light of short term market signals. Leaders in the mortgage industry should be more cautious about jumping on every little fluctuation in the market
By David Lykken, Special to MPA
As human beings, we tend all too often to get caught up in what's right in front of us. We develop tunnel vision and can't see far beyond the present moment. Changes in oil prices, turbulent weather, economic slumps--you name it. Whatever the setback is, we can sometimes take a look at it and begin to panic. But the sky isn't falling; volatility is just the nature of the beast.
I bring this up, because I think we are sometimes too quick to alter our long term business strategies in light of short term market signals. Gas prices fell, but gas prices will likely rise again. The weather may have been bad this season, but it will inevitably improve. The economy may be down to day, but it will probably be back up again tomorrow. As leaders in the mortgage industry, I think we need to be cautious about jumping on every little fluctuation in the market as a sign that we need to implement major changes in our organizations.
Being a strong leader is all about taking the long term view. We must look past the immediate, beyond the here-and-now, and see the big picture. Part of what makes a great leader is the ability to stick with one's convictions even when things get a little rocky. The market is inevitably going to fluctuate, but are you going to let it faze you? You're in it for the long haul--focus on the long term strategy you've developed for your organization, and don't get sidetracked by every minor disturbance in the market.
A regular contributor on CNBC and Fox Business News, David also hosts a successful weekly radio program called “Lykken On Lending” that is heard each Monday at noon (Central Standard Time) by thousands of mortgage professionals . Recently, he started producing a one-minute video called “Today’s Mortgage Minute” that appears on hundreds of television, radio and newspaper websites daily across the United States.
