Most of the Mortgage Professionals that are working today have never experienced a really "tight" mortgage market. It seems as though interest rates have been low forever, the recent refinancing boom benefited everyone (including our current critics) and, a huge amount of money has changed hands as a result.



Now don't get me wrong, the mortgage business was never easy. To be really consistent and successful at originating mortgages always did require dedication, purpose and the proven systems to make it work. Over the last few years, competition has been keen as countless numbers of new originators have been attracted to the business.

But, the handwriting is on the wall. Each day brings new changes. Lenders are retreating and even leaving the market place. Loan programs are being revised and even eliminated. Credit requirements are being reviewed, changed, and altered to reduce the risk to the lenders.

When dramatic market changes happen as they are now, many people are taken by complete surprise. On the other hand, if you have prepared well, paid attention, followed some if not all of the following tips, you can do business in any market...the best and the worst.

1. Re-state your goals and set up a schedule to accomplish them. Break all of your activities down to the daily level and allocate time for each function. Schedule a block of time to prospect, return phone calls, check and return email, send thank you cards, and contact members of your database.

The more detailed your schedule, the more effective you will be. The more you are dedicated to your schedule, the more successful you will be in the mortgage business.

2. You must prospect daily. Prospecting and originating loans is how you bring in business. You must never stop prospecting. You can even pick your origination method. But, you must schedule at least one hour every day for prospecting.

Prospecting is the most important activity that you can do to overcome a really "tight" mortgage market. If you do it well, you will continue to be successful in the mortgage business. Do it not, and you will fall by the wayside and become a mortgage drop out.

3. Target or re-target your mortgage prospects. Although there's probably still a mortgage loan for just about everyone, you may want to consider changing your marketing so that you are working with mortgage prospects that are easy to place.

Even if you're somewhat desperate for business, is it really worth your time and effort to spend time with clients that will consume all of your time and disrupt your schedule. Make life easy for yourself and target the prospects that you really want.

4. Define your mortgage market and purpose. You can call it a marketing philosophy or a specialty or a marketing niche. Whatever you want to call it, you can specialize in super qualified prospects.

Most mortgage niches can and will generate qualified prospects. You just need to ask better questions, seek more exact information, and better qualify each prospect on your terms so that they fit the profile that you have set as the ideal customer. Refer those that don't fit the profile to others and you'll prosper.

5. Develop your personal mortgage philosophy. This is what separates you from the hundreds of mortgage people working your marketing area. It defines your market and it defines you.

This is what's unique about you and your mortgage business and what separates you from everyone else. By defining your mortgage philosophy you help confirm that your business is in deed on track.

6. Be positive and stay positive. Every successful mortgage professional needs to perform a little attitude check. Do you really enjoy the mortgage business? Do you listen to your mortgage prospects and customers? Do you enjoy working with people?

Our prospects and customers can quickly discern any kind of negative attitude, your lack of concern, the glassy stare, or the mixed messages you may be sending. People do want to trust you...make sure you are conveying the right attitude to allow them to do that.

7. Don't forget your database. Market more to your database, not less. They have already raised their hand and have accepted your marketing message in the past. This statistic has not changed: 15% to 20% of your database will make a mortgage decision this year. You can earn your fair share of this business by maintaining contact with your database every thirty (30) days.

Here's an interesting fact for you to consider: For every thirty (30) days that you avoid contacting your database you will effectively loose about 10% of your list. Need we say more?

In summary, by concentrating your efforts on these seven points, your business will improve regardless of the market conditions, you'll reach all your goals, and you'll be in complete control of your business and your life.