The Lyons Den

The word “Professional” is derived in the Biblical sense as “to profess ones faith.” In our case it can be to “profess to a career” or to be a “pro” at something. When I talk about a true “pro” I am speaking of someone that has total immersion and passion for what they do. Someone who holds themselves to the highest standards. Someone who demands more from themselves than anyone else. Michael Jordan, Tiger Woods, Tony Robbins, Jordan Adler, Brian Brady, Jason Clements, Chris Martin, Morgan Brown, Chris Wagner, Mark Feder, Jim Doan, Casey LeBlanc, Barry Habib, Larry MacDonald and Cam Barton all come to mind. If you are going to be seen as a “pro” from the clients eyes, as well as your peers, you must make sure the following three things are aligned. All are equally important.

1. The Model

• A true Bank, Bank not Mortgage Bank. Why?
• All 50 states. Why? Full geographic reach! Barry Habib says it best “bowl of pasta“
• FHA/VA all 50 states. No Mickey Mousing (aka co-brokering) deals together.
• Extremely competitive in-house product line along with the privilege and flexibility to broker.
• FHLB cost of funds
• Margins of a broker and the risk and margins of a mortgage banker are simply not sustainable! Period!
• A Bank that missed the boom and the bust on the mortgage side and now sees the opportunity for substantial growth
• One Standard Complaince for all states

2. The Professional (This is what you must be, become or be able to attract)

• Someone who can do it and is willing to do it.
• Not someone who is burnt out and can’t let go of the past. Sign these people up in a network marketing company they will be much better off.
• If they can only operate by walking in the door in the morning (11am) and getting a file thrown at their forehead they are not a “Pro” (they may think they are a genius but they are not “pros”)
• Be an expert in FHA and VA or become one. The Senate just voted to expand the mortgage program.
• Be an expert in DU or become one. In this ERA you will need to provide approvals to your clients within 30minutes. Make it a must by getting trained here or by your branch or ops manager or you will be dead in the water!
• Get with the times and have instant access to a pricing engine for best x.
• Get CMPS certified and become a trusted coach. (I don’t think you can have any more credibility if you are CMPS designated and are a bank)
• Stop kicking and screaming about stated income and appraisals. Use Corelogics “Income Pro” and “GEO-AVM.” MGIC has a great training program and checklist.
• Understand the Velocity Of Money and how to help the client with their overall individual macro economy not just their micro economy.
• Understand that Reverse Mortgages are NOT the wave of the future.
• Do good and try to save as much of it as you can in a Brag Book
• Be able to analyze i/o vs fixed, time in the home, points vs no points, debt consolidation, aggressing amortization schedule, full doc (tax returns, commission, bonus and overtime income) and more.

#3 The Marketing

• Volume for economies of scale
• Advanced metrics, analytics and workflow that maximizes conversion and acquisition cost by targeting the qualified borrower
• I know that is vague but this is the secret sauce section (just make sure you have the correct marketing) if not you can read my future post on “How I became a genius -NOT!”

Quit pushing a boulder up a hill and get with the program!

If you want to be a professional get all three aligned as they are the only viable way to operate in today’s world!

A prosperous 2008 to all! And especially those who came to mind.

If we were to create a monthly meeting and quarterly retreat for a western region mastermind group, leadership team, consortium, board, or conglomerate under the federal charter it would be unstoppable!