During this period of an economic recession poking its ugly head into this country?s fiscal wellbeing, the real estate market has slowed down to the point of the mortgage industry nearly being in a coma. Many mortgage professionals are still writing loans, but at a diminished capacity. Many mortgage professionals have chosen the road of greater means and left the industry for simple survival reasons. Yet few are still struggling financially, morally, or emotionally over the decision of, ?should I stay in the mortgage business or should I find a new or temporary career?? Let?s explore this decision process. The first thing to consider is the state(s) in which you are licensed to originate. The country as a whole is nearing a recession. The state I live in just declared a recession. The rate of loan closings has slowed down considerably. More people call about refinancing their home with no equity available than people who want to buy a new home. Other states are worse off with declining home values and an abundant amount of foreclosures. It seems all doom and gloom. Perhaps not. The next thing to consider is your own resources: financial savings, professional network, and other portable skills. Financially, you must be able to pay the bills and put food on the table. If you are suffering due to lack of closings, then can your savings embellish your living? Do you have savings? Have you built and maintained a professional network to get business? On the flip side of the decision process, do you have a skill set or prior experience that can be applied in another industry? Can your network help you with finding a new source of income in another line of work? Finally, how stable is your mental wellbeing? The stress of finding loans, clearing the loan to close and getting paid in time to meet your financial requirements can be very stressful. Anxiety, depression, rage, excessive drinking or smoking, and strained relationships are all signs of mental and emotional stress. Perhaps finding a new line of work may eliminate these issues. I am not a psychiatrist or a career counselor, but I go through the same issues any of you go through. So I suggest you make a list of strengths and weaknesses about yourself and your industry. Look at the issues I mentioned above and others you may find relevant. If the strengths of staying in the business out weigh the weaknesses, then stay in. If not, then consider a new career. Many of you may even find a compromise and pursue part time work to make ends meet. Maybe even find a line of work that can compliment the mortgage industry or even help find referrals such as a home improvement sales person, working as a personal banker, or customer service in a ?big box? department store such as Home Depot or Best Buy. Going back to school to pursue a career in technology or healthcare may not be so bad either, just keep your origination license active. Bottom line is simple: whatever it takes to survive. I mean survive financially and mentally. There is great opportunity in the mortgage business now with reverse mortgages, foreclosure bail outs, and investment property to name a few. You need to decide. Send me an email with your thoughts on the topic; we can all use some good advice. Stewart Mednick is a seasoned mortgage banker and published author. His writing focuses on relationship development, customer satisfaction, marketing and sales techniques. Mednick is also a business coach and consults on these topics. Mednick can be contacted at 651-895-5122 or [email protected]
