There is a reason why McDonald’s requires it owners to have worked in an actual McDonald’s restaurant before they can buy a franchise; they want to make sure an owner can run things from the ground up. McDonald’s knows the secret to a successfull small business; make sure the owners know how it works. Their lessons apply to all small businesses, especially in the mortgage industry where it is the small details that will determine whether a client gets a loan and your business succeeds.
When I started in this business, I was given the best advice a man could ask for. I was told to listen. My Uncle Mitch who know owns a Shell Gas Station and Auto shop told me that for my first three months I should do exactly what they told me. God gave me two ears and only one mouth for a reason. I took this to heart. When my manager told me to sit with the processors and see what they do, I did. When he said to read the loan documents so you know what your borrowers are signing, I read every word. When he said to make 200 calls per day and send a thank you card to each client I spoke to, I did. By listening I learned. I learned every facet of the business, from processing to originating and selling, later to underwriting and managing, and now to being an executive officer and a leader. To this day, it is the listen and learn from the ground up mentality that I credit my success.
I still wonder how branch managers and business owners expect to be successful when they rely on others to do the jobs they should now. If you run a mortgage operation ask yourself this:
Do I call reps becuase I want the answer or do I want to know how to find the answer?
Do I rely on a loan processor to tell me if the loan works?
When questioned about a loan document at signing do I really know the answer?
When programs change, which feels like every day, do I learn the changes or rely on other for an answer and hope they were right?
I implore you to know your business from the inside out. When you do, you will dictate your success!
Josh Harmatz, MBA
Chief Executive Officer, Voyage Home Loans
SocialVibe