Rebuttal: Mortgage Industry in Search of Leadership

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Jeff Wirsing asks "Where are the leaders in the mortgage industry?".  It's a good question. 

Indulge me as I outline a few ideas:

NATIONAL ASSOCIATION OF MORTGAGE BROKERS

I posed Jeff's question to the National Association of Mortgage Brokers and they responded with an invitation to the national membership committee.  One of the key points I make is that NAMB should stop preaching that they are "saving our jobs" and start to promote the value proposition a mortgage brokerage professional offers to the consumer. 

I hope to see NAMB advance its certification programs and take the necessary steps to compiling a national originator database.  Critics suggested that I'm trying to follow the NASD model for NAMB and I welcome that comparison.  While imperfect, the NASD model is a textbook example of how an SRO can limit the invasive power of government agencies by taking a proactive approach.

I want NAMB to advance the brand like the National Association of REALTORs does.  While NAR hardly shines as a beacon of consumer protection, the trade group does an excellent job promoting its brand.  I argued that efforts to win the consumers' hearts and minds would be more effective than fighting legislation that was imminent.  HVCC and the new TILA disclosure requirements may create cumbersome work but we knew they were coming.  Our money is better spent educating the consumer why NAMB originators are better equipped to help them navigate the maze of these new regulations.

MORTGAGE REVOLUTION.ORG

Mortgage Revolution was the result of collaborative efforts of the originators who operate in the Web 2.0 world.  A group of originators  jumped on a conference call, led by the leadership of Mark Green, to respond to his call for a "Super Bowl" of conferences. Mark pointed out that the "education" platforms had abandoned their national conferences and that a vacuum existed.  We liked the idea of a "revolution" led by the grassroots where originators would take back the necessary educational components from the companies and organizations who have failed to show leadership during this transitionary period.

Revolution has been a difficult journey.  What started as a November event, with a stated goal to raise money for charity, has morphed into a national movement.  Revolution will start next January, in Atlanta, as an "ad-hoc" conference, with interesting speakers.  The founding members of the "ad-hocracy" include mortgage brokers and executives from a money center bank.  As the idea grew, industry trade partners took notice and raised their hands, as well.  Expect a calendar of events from Mortgage Revolution, in different cities, next year.

MORTGAGE NEWS DAILY

Who could argue against the leadership Matt Graham and Adam Quinones are showing?  Their MBS commentary blog, combined with public access to MBS pricing data is educating thousands of originators across the country.  Liberating that data and their selfless contribution to our industry is saving loan originators thousands of dollars annually in subscription fees.

This free blog platform, and free access to the forums, replaces the pay-for-play models offered to us in the past.  Additionally, Mortgage News Daily opens up the crawling spiders of Google to your pages for a nominal monthly fee.  Potential customers can find you under keyword search terms, if you spend the time to build a robust profile (and blog) on the MND platform.

LOOK WITHIN FOR LEADERSHIP

The world is changing at lightning speed.  Ten years ago, lenders would fund a loan and "steal your customer" by marketing to them with advanced technologies.  Their advanced technologies and brand awareness engendered trust in your customers.  Today, the public's trust of banks is quickly approaching zero.  What a tremendous opportunity to demonstrate your value proposition as an independent fiduciary or "customer's man" (my apologies to the smarter gender).  Today, the very technologies formerly available to big businesses are available to you.  A marketing budget of a few of hundred dollars a month can set up a:

Adopting the very same approaches those big banks used, last century builds a fence around your herd of customers, inspires brand loyalty, and connects you to them for life...but you gotta do the work.

There is a LOT of business out there right now.  Our ranks have been reduced by over 50% so there should be plenty of business for years to come.  Customers want to connect  with a mortgage professional.  Diminished is the practice of the customer shopping loans, from strangers, on the internet; they crave and need counseling from a recognized professional.  This gives you an opportunity to specialize in certain products and to connect with other professionals who specialize in other niches.

The industry is still in a state of disarray but leadership will always be ours for the taking.  As long as we have the customer on our side, no bank nor government agency can be against us.  Do the right thing.  Take care of your customer, reach out to other like-minded professionals from other markets, join your local NAMB-affiliated local association and fight the "good ol' boys" who have controlled it for years.  You have the power to create your own "association" by setting up a monthly meetup, creating a mastermind group, and working on industry events. 

YOU are the new leaders of our industry.

If you need a hand up, make a phone call to the folks I've mentioned; we're waiting for your help.