Extreme Make-Over Industry

This is what is going on right now, more than I've ever seen. The closest I can remember, this was already nearly two decades as the chairman of Salomon Brothers (100 + years Wall Street firm) invented the Mortgage Back Security (MBS) and exchange the following MBS. This significant paradigm shift, the loans portfolio and modest amounts of whole loan sales have been in our field in the foreground. This gave easy access to almost unlimited resourcesfor mortgage loans.

The surrender their traditional role of "agreement-makers and companies involved in selling securities underwriting and trading, investment and merchant banking, financial advice, investment research, venture capital, brokerage and asset management - more than ten years ago we saw the start of Wall Street invasion in our industry when DLJ bought First Franklin, and Wall Street that several companieshas become more and more as owners of mortgage banks, warehouse operators, etc., because of their relatively short time-line of thinking today as an important part of the turmoil in the industry, we see the role newer disappear by them are involved.

Another significant transformation has come a bit 'more than a decade, I remember, was the idea that originators retail mortgage brokers - loan officers, credit, members of credit (or whatever you chose to label) select"Should be commissioned Sales / Closer 'types. This change has a new attitude and culture revolution, the character apart from long-settled position of customer service, trusted advisor, underwriter / processor-minded individuals. This new concept, created on commission , has the need for a national duty of care legislation under consideration, and the return of absolute good faith and fair standards necessary to protect the public address.

Unlike all"Me" Article too I see from most of the industry guru these days, it's not selling, "is more like a problem to solve or help customers make a decision! Transferors should not teach a" closer "- boy does not trust their clients interests first, as permitted by contract of sale / close as the guy who sold them the car was last used can be treated!

So last weekend I go to the local garden center and is a fresh-faced twentysomethingsyear-old boy who asks: "How can I help you, sir" - I'm going to explain, I believe that the fight against various projects in the pipeline and my need to buy a shovel! With a grin, he begins to make me some difficult questions, like what I get? Declare only what I need to do is to dig a small 6 "deep trench for a sprinkler system I want to be connected knowledge of the product put into play, and he says I need a flat nose, narrow blade for this type of task, and shows me one. I tell him tooI plant a few fruit trees, show me a shovel medium pointed nose or dig simple. Then I said, I will pour some concrete for a small terrace road and take a broad, flat nose shovel! Three different blades for three different situations. In fact, he is the perfect candidate for a rental LO! I explained what exactly is the author of a retail business with a potential mortgage customer needs, product knowledge and common sense coupled with acustomer-oriented attitude friendly helpful. Interests of their clients are ahead of the Commission test senders and no sale is necessary.

The big "contract of sale / Closer 'types in recent years, had the courage to themselves as professionals when they were first nor wise, but ready to learn every effort has focused its spending ... how to solve a laser light at its own inspections of the Commission, instead of centering on support for borrowers seeking theirProblems with loans that can offer and if the customer is given a reasonable, tangible net benefit to doing business with them.

I have absolutely zero impact on Wall Street 'make-over, as they continue to communicate with our business partners, but all I know, it can certainly Influence our customer contact personnel front. Everyone needs to see, to educate and train race people to think that these valuable Front, who are the face of our industry for most of the public. Stop andNow I'm a seller, are not - should be better than new.

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Extreme Industry Make-Over

This is what seems to be going on right now, more than I've ever seen. As close to this as I can recall, was back about two decades ago, when the Chairman of Salomon Brothers (a 100+ year old Wall Street firm) invented the Mortgage Back Security (MBS) and the subsequent trading of the MBS. Prior to that significant paradigm shift, portfolio lending and modest volumes of whole loan sales were predominant in our industry. This gave way to easy access to virtually unlimited funds available for mortgage lending.

Abandoning their more traditional role as 'deal-makers' and businesses involved with securities underwriting; sales and trading; investment and merchant banking; financial advisory services; investment research; venture capital; correspondent brokerage services; and asset management - more than a decade ago we saw the beginning of the Wall Street invasion into our industry when DLJ bought First Franklin, and from that several Wall Street firms became more and more involved as owners of mortgage companies, warehouse providers and etc. Due to their relative short time-line horizon thinking, today as a major part of industry turmoil we're seeing those more recent roles of theirs disappearing.

Another noteworthy transformation that came about a little more than a decade ago, as I recall, was the notion that retail originators - mortgage brokers, loan officers, loan agents, loan associates (or whatever label you chose to select) should be 'commissioned sales/closer' types. This shift created a new culture and attitude revolution, apart from the long-established character of the position as customer service, trusted advisor, underwriter/processor thinking individuals. This newly created commissioned concept, has given rise to a need for nationwide fiduciary duty legislation being considered, and the absolute return to good faith and fair dealing standards necessary to help protect the public.

Contrary to all the "Me Too" articles I see by most supposed industry Guru's these days, it's not all about 'selling,' it's more like solve a problem or help the customer make a decision! Originators should not be taught to be a 'closer' - don't kid yourselves, customers trust their interests are being considered first, not being handled by a commissioned sales/closer like the guy that sold them their last used car!

So last week-end I go to the local Garden Center and up comes a fresh faced twenty-something year old young man who asks "How may I help you Sir" - I go on to explain I'm think of tackling several projects in my yard and need to a buy a shovel! With a big grin he begins to ask me several probing questions, like what do I want to accomplish? I explain one thing I need to do is to dig a small 6" deep trench for a sprinkler system I want to put in. His product knowledge kicks in, and he explains I need a flat nosed narrow shovel for that sort of a task, and shows me one. Also I tell him I'm going to plant a few fruit trees, he shows me a medium sized pointed nose shovel or easy hole digging. Then I mention, I'm going to pour some concrete for a small side patio and I pick up a wide flat nosed shovel for that! Three different shovels for three different situations. In fact, he's the perfect candidate to hire as an LO! I just explained precisely what a retail originator does with a potential mortgage loan customer; needs good product knowledge and common sense coupled with a friendly customer service oriented helpful attitude. Customer interests are ahead of originators commission check and no selling necessary.

The big 'commissioned sales/closer' types have, these past several years, had the gall of posing as professionals when they mainly have been neither knowledgeable, nor willing to expend any effort to learn ... their main focus has been like a laser light aimed at their own commission checks instead of centering on helping borrowers solve their problems with loans they can afford and whether the customer receives a reasonable, tangible net benefit from doing business with them.

I have absolutely ZERO influence on how Wall Street will 'make-over' how they interact with our business next, but I do know all of you can surely influence our front line customer contact personnel. Everybody needs to see, breed, educate and train these valuable front line people, who are the face of our industry to most of the public. STOP thinking and saying they are salesmen, they're not - they need to be better than that again.

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Call difficult time for the learner, what should be looking for venture capitalists

"Fitted in the time of change, learners inherit the earth while the learned find themselves beautifully to a world that there is not much." -Eric Hoffer, 1902-1983

Have the courage to learn

It would be hard to find someone willing to split hairs on the premise that we are in times of change. Eric Hoffer, an American social writer, knew how big opportunity in change. Nevertheless, he argues, the possibility to be realized only with theSelf-confidence and self-esteem, and ask questions about the change that surrounds you.

The Paradigm Trap

Often, especially in the case of experienced entrepreneurs, we get into paradigms, methodologies and frameworks caught. Admittedly, there is empirical evidence to support they were working. But, they are now? This should be the abiding question in the current due diligence.

We Are The Change

We are in the midst of an unprecedented marketConditions: Gas prices are up, mortgage companies imploding daily, house prices are descent people are more and more diverse than ever before, connected on the Internet gives the average person had more data available than Einstein generated in the lives of millions of consumer inquiries each day via the Internet and 60% are never answered. What does it all mean?

Venture Capitalist What Should Do?

It means that things have certainly changed. It means not old paradigmshold. It means that you and your business better learning. In your next pitch, ask a few questions:

What do you have about your market in the last 3-6 months?
How is the business plan to take advantage of the learning?
Do you have a system for learning?
What is it? And, as you synthesize?

Learning In times of change, have the courage to. What have you learned today? What will you do?

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