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Mortgage Doctor

Mortgage-helpI have over the years related that our approach to the business should be like that of a physician. It was nothing new and I’m sure I picked it up from Braheem, Frost, McMahon etc. But every year the analogy becomes truer.

I always lived by the idea that we had to be the well-trained experts deeply caring about the holistic health of our client, not just selfishly focusing on our one specialty. A good doctor always asked and probed with lots of open ended questions while observing closely all the time making detailed mental notes along the way.  Living by the Hippocratic Oath to “do no harm”.

The problem now is that our graying industry is filled with country doctors who act as though they are the only doctor in town. We don’t want to keep up with all the new-fangled contraptions and are insulted by the requirements of the Liability insurance companies, the HMOs and the government monitoring us and now being our primary insurance carrier for our patients.

We pine away for the simpler days.

In the meantime there are younger sharper Doctors coming up through the business with a fresh set of eyes. They are figuring how to play this game, embracing technology and mastering the government requirements for their advantage. Their attitude is realistic but positive, and it makes all the difference.

The one thing for sure is no matter how experienced you are, it is very difficult to be a part time doctor. Your liability to your company and most importantly to your patient grows every day you are not fully engaged. Guidelines, rules and technology change way too fast and the margin of error and tolerance for mistakes has shrunk to virtually zero. You have to honestly look at yourself and say, can I meet my Hippocratic Oath anymore?

This means there are a lot of Loan Officers who were counting on doing this job until they were deemed mentally or physically unable to, since they had no pension to speak of. But the friction from the business and the government is saying “no”. Realistically like an aging doctor you “sell” your practice to a younger guy and stay on as a consultant. As long as you are not the primary care giver your patients are safe but you are still of value for a certain amount of years. Being part of a team and folding your business in to a younger committed full time group maybe best for all. You just have to be realistic about the value of it and be willing to take that haircut.

In the end as much as we love all the gray-haired Marcus Welby doctor types when it comes down to it, we want the most up to date accurate knowledge working on us. Sure we would like the wiser opinion but the hot shot kid who has the best medicine and tools with the hunger and curiosity is who we want trying to save our lives. And having our loving fatherly figure bumble his way thru the systems and clearly making things up as he fumbles with technology and process while smoothing it over with some well-worn stories wears thin real fast. And if someone is harmed due to your negligence its career ending and now your license is at stake and for sure your reputation which is a faster death.

So take a hard look and review your life plan for this business….part time is not an option. It’s all-in and loving it! Embrace and adapt or die—or at least retire and begin the start of a second less-regulated career.