The New Normal

Ever wished things could go “back to normal”? Guess what?  We are in “The New Normal.”  Are you moving forward with the changing times or wasting time dwelling on the “good ol’ days”?

What does “The New Normal” look like?

  • We will continue to be in a full-documentation world (some would call it over-documentation), in which there is not too much common sense – everything is verified then re-verified.   Underwriting guidelines will continue to be tighter as buy backs will continue to be an issue with lenders.
  • Experience and Knowledge will be the difference between closing and not closing. No longer is it about who has the “Shiniest” mortgage product.  It is about the Loan Officer who stays on top of the guidelines and knows them better than the underwriter.   According to Mortgage Market Guide, over 65% of the loan officers who were in business as of 1/1/2008 are no longer in business.   In addition, of the 35% of the loan officers left in the business, over 75% of them have been in the business six years or more.  Experience counts.
  • We can hope that things change back to the old ways (which is not going to happen), or we can embrace the new ways.   We must work smarter not harder.  We must embrace change, technology and systems.  We cannot do the same thing “over and over again” and expect different results.
  • Those who choose to be “Ordinary” or “Average” will be out of business.  We must choose not to be ordinary.   Ordinary means going day to day with whatever comes our way.   Choosing not to be ordinary means treating your business like a business, following a specific and well laid out business plan and working the plan every single day.  Specific non-negotiable daily disciplines must be just that … non-negotiable.   Call me to get together if you would like to review some of my coaching secrets and tools about non-negotiables and daily disciplines.

Keeping Current Matters posted an excellent reminder of the New Normal in their January 2011 Quick Tips.  Whether you are a Realtor, a loan officer, a title rep or a builder, we must recognize that good is not good enough any longer.  Let’s keep encouraging each other to be extraordinary

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