Opportunity Still Knocks

Despite our seeming lack of focus, brokers have the ability to shine in today's market.

By Lisa Schreiber, mortgage consultant, LSK Consultants LLC

For many mortgage professionals, the question of the day is: "Have we lost our focus?" After all, with all that is happening around us, losing sight of the big picture can be easy.

But for brokers who can see through the confusion, the opportunity can be substantial. One way to do so is to focus on education, participation and risk to realize the favorable circumstances in front of us in today's industry cycle.

Education

Today's environment gives us an opportunity to identify the gaps in our communication, processes and expectations with consumers and within our industry. 

Consumers need help determining what their best options are for homeownership. We must educate them on the programs and services they need to make the best decisions for themselves. Doing so also can help us send positive messages about our profession and our industry. 

Further, looking within our industry, we previously did not provide enough checks and balances for those who joined simply seeking financial reward. Educating ourselves and our employees can help us to create focus within the industry and to develop and maintain quality relationships.

You must keep your team moving forward. Understand your current risks and provide the tools to address them.

Participation

Another way to stay focused is to increase your participation in the industry, both with industry trade organizations and with nonprofits. 

For instance, some nonprofit organizations are run by professional originators and lenders. They often are dedicated to sending a positive message about our industry to consumers who don't know where to turn.

Participating in your state and national trade associations also is essential. Associations often struggle with bringing value to their members; education is their key to value. Participating in these associations helps bring more focus to regulatory changes and ethical standards, and you can learn more about product options.

By having a voice in your associations, you can tell them what you need to support your business. The power of our indistry lies in working together for positive change.

Risk

Although risk has been a tremendous factor for consumers and investors, considering it a portal to new business also creates opportunity.

New mortgage firms can take advantage of new Web services that can provide proper education for their customers, while using the latest technology to check all aspects of risk related to the loan-origination process.

The wholesale channel will be especially appealing with new risk models that will identify the highest-quality originations. Lenders can clearly define the products they offer and the risks invovled.

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To take advantage of all of today's opportunities, look at your customer base and define it. Take the time to talk about what you do withyour friends and neighbors, and work with organizations to restore faith in the industry and to educate consumers about homeownership. By focusing on the opportunity ahead of us, we can continue to succeed.