One of the hardest things for a Loan Officer to understand is he's not the only game in town. In other words, there are a LOT of Loan Officers, no matter which city or state you're in. The thing to understand is a Loan Officer is nothing more than a mouth piece for the next potential client. The only exception to this rule that I can think of is if the business is a 100% referral business, but very few Mortgage Professionals achieve in this business.
A HUGE ego deflater is when a brand new Loan Officer gets told by a good friend or family member that they went elsewhere to get their mortgage because they got a "better deal". (I wrote about this "better deal" think in another article) The L.O. thought the deal was in the bag because, after all, this is his good friend or relative, of course they will do business with him.
What the Loan Officer isn't understanding is that he (or she) is viewed as nothing more than the next guy, the next gal, the next mortgage person in the yellow pages. The only person who thinks highly of this new Loan Officer when he's first starting out is......the LOAN OFFICER! That's just the nature of the mortgage business.
A good tip for the newbies is to not promise the "lowest rate in town" to anyone, especially people you know. The reason why is somewhere out in the world, someone will quote a lower rate than you, regardless if it's true or not. At that point, all your credibility is gone and you're back to being just "the next Loan Officer."
Now I would like to invite you to
http://www.TheMortgageNation.com to get a FREE 6-part E-course on the Inner Game Of A
Loan Officer. You'll also get "An Open Letter To A
Loan Officer" by going. If you're a
Loan Officer in the mortgage business, this is a MUST READ. You'll also get access to The Mortgage Mailbag, a free weekly Q&A about the mortgage business. Check it all out at
http://www.TheMortgageNation.com
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