Opinion: Are You Thriving or Barely Surviving in the Changing Mortgage Industry?

For those of us in the mortgage world, the spring and summer market may be showing signs of slowing down, and what a ride this market has been on. If the past few years have taught us anything, even the veterans have to find ways to adapt, and in our industry, anything can happen. You deserve a pat on the back if you’re still standing, because it’s been a wild ride. We went through a pandemic and many came away feeling like they and their business were invincible. Fast forward to the post-pandemic, we have experienced interest rate increases, political shifts, inventory shortages and, in some cases, significant declines in revenues and production. It is a harsh truth for many, but it also leads to new ideas and opportunities if you seize them.

Earlier this year, I found myself scrolling through social media, and every post seemed to show loan officers living the high life, with what seemed like endless closings, all while hosting event after event. I felt a little exhausted from it all, and honestly, it made me feel like I’d lost whatever “it” factor I once had in this industry. You see, social media glorifies success; think about it. How often do you see many of your peers show the struggle or share what it took to reach that level of personal success? You don’t see it often because we can portray ourselves online as whatever we want, and who wants to look average?

There’s more smoke and mirrors online than you might think, and it’s easy to get caught up in the glitz and glamor that everyone is selling. The truth is that not everyone is doing as well as it seems. Recently a recruiter contacted me and told the average loan officer that he has spoken to an average of 1.6 loans per month, which puts things into perspective. There are months where we have multiple closures and other months with only one or no closures. It happens, and honestly, it doesn’t make you any less successful; it just means you have a little more time to find ways to increase your production if you wish.

I personally work among the best of the best in the mortgage industry. The company I work for and the region I am associated with is home to more lenders in the top 1% than some companies combined, and while I feel like I am a small fish in a big pond, I have found ways to sharing successes to learn and thrive from those around me. While it may be difficult to let go of your ego or humble yourself by asking others for help, this is a good time to do so.

You’d be surprised how many others around you may be struggling or have struggled in the past and can share their stories and journey. Not only does it provide some comfort that others in this industry may have felt the same emotions, but it also helps build new relationships that you might not otherwise have. Asking questions and leaning on others to help can be difficult, but it can also shed light on new ways to change your business model. Finding a mentor can be a valuable tool for both personal and professional growth, even if it is outside your current company. You might be surprised what you can learn from each other.

The companies that have done well even during the recession tend to share two common themes: process control and consistency. Your process is your calling card. This is a good time to take a step back and look at the processes in place and determine whether they are effective. If there is one constant in this industry, it is changing, and if you find yourself struggling to adapt to change, you will most likely struggle to stay afloat in this market. Having solid processes in place can mean the difference between thriving and surviving. Evaluate the processes you can control, and over time you will start to see results.

Consistency is another crucial part of success in the mortgage industry. You must be consistent in every aspect of your daily business operations. Whether it’s setting goals before you start your day, or setting aside time throughout the day for your outreach efforts. Without consistency you will never see results. This is one area where I really need the most help. It’s easy to get caught up in the joys of the high production months, which means I run at full speed and sometimes neglect my daily activities, leading to inconsistencies. Trust me when I tell you that your referral partners can also see and sense when you are busy and when you might be less busy. Our job is to see every day as an opportunity to showcase what sets us apart, and the key to that is process and consistency.

Remember, you’re not alone if you’re feeling overwhelmed within the mortgage space. Many of us find ourselves in positions that evoke a lot of emotions, but now is the time to evaluate your current business model, step out of your comfort zone and implement new procedures to help improve yourself personally and professionally. In such a competitive industry, it’s good to know that others are in the same space. I can only hope that everyone who reads this finds the strength to reach out and lean on others. You got this!

Tracy Chongling is the vice president of guaranteed rate mortgage lending.

This column does not necessarily reflect the opinion of HousingWire’s editorial staff and its owners.

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