Ok so you are chasing around the loans and the paperwork, the realtor, client and your processor. The legislation just hit and you are either being paid minimum wage or going to have to pay your team and next we are looking at a YSP cap that takes all the competition out of this and makes everyone else level, no more big checks on certain loans.
Many of my clients have lived through REALLY tough times already in keeping their mortgage business afloat. They have lost staff, changed companies sometimes 4 times in 12 months and now facing these changes they ask if this is still something they want to do. Of course there are many who say they can do nothing else but that is not the case for some. Here is my advice.
Stay calm, do not react to the news or the law changes or the water cooler/media chatter. Stop, breath and think for yourself. If you have to pay out salary to staff and everyone must now be W-2 then evaluate staff and keep those who will not be a burden. In these tough times it is not easy to keep the business in exactly the same shape it has been in. If someone on your team has not been able to stay productive then they may need to find a new job. This sounds harsh but is a reality for so many. Keep them if you can afford to and feel you owe them that but be aware at all times what is happening to your bottom line so you do not sink the entire company doing so.
Think about your personal and company production. How much do you make on average on a loan? Do the math. Now think about what a YSP cap would do to that business. When I do the math with most of my clients they realize after using their current production and then averaging out what they make on a loan they see that they could still survive this change.
Review your systems, what are you using to manage contacts? How are you contacting them and with what? Work on creating a solid work flow from lead to closed loan to past client to referral partner and beyond. Put in place a solid referral partner build up plan and consistently follow it.
Lastly, start to grab as many names as you can and enter them into your database. Add up to 25 a week if you can. These people, friends, family, network partners, are all going to need someone because there are even fewer mortgage people left. Someone has to do the loans and people are not going to stop buying property.
Prepare yourself for hard work, great planning and a healthy future. It is still anyone’s game. If you want a very short and easy to use business plan just let me know. A quick 15 minute call could help you a lot. It’s what I do.
Stephanie York——-(805)701-8508———–coaching@descoaching.com
