Latest / Mortgage Marketing Radio / How to Prepare Your Business for 2023

Transcript

How to Prepare Your Business for 2023 · Mortgage Marketing Radio

0:00
In today's highly competitive mortgage industry, building profitable relationships with
0:04
the real estate agents is essential for success.
0:06
However, finding effective ways to secure agent relationships can be a challenge.
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With so many mortgage loan originators vying for the attention of real estate agents, it
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can be difficult to stand out and establish meaningful connections.
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Our new case study featuring loan officer Chris Coghill is a must-read.
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Chris has closed a remarkable 36 million in funded loans from agent referrals.
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And in this case study, he shares his proven strategies for building strong relationships
0:34
with real estate agents and leveraging those relationships to drive more business.
0:39
To get your hands on this resource, head over to LOKestudy.com and download your free copy
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of the case study today.
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You'll find actionable insights and practical tips that Chris used to close 36 million
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in funded loans from agent referrals and how you can, too.
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Don't miss out.
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Go check it out right now.
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Visit LOKestudy.com and download your free copy today.
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Or welcome to the hot cast so glad you're here coming at you back from the Thanksgiving
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holiday.
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Hope you had some time to get away with people that matter to you doing things that you
1:33
find valuable and useful and fulfilling.
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Fans, family, eating, football, whatever that was, glad you're back here tuning in.
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Now it's time to get back to the focus.
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And what I'm hearing a lot of people talk about is preparing for 2023 now.
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Like you've heard it said before, perhaps that what you do during this given month over
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the next 30 days is what's going to show up in 90 days, right?
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So you're literally building for your Q1 business right now.
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Question is, what are you doing?
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What are the activities?
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What are your priorities, right?
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And are you executing on those priorities and activities to build that momentum?
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Because please don't wait until January 3rd, January 15th to get in action mode to get
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motivated to build momentum.
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It takes time to build momentum.
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And you've got to be doing the right activities, right?
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And do them consistently, you know, well, no, you don't drop 20 pounds by going to the
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gym once, right?
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You do it by repeatedly going there over and over again.
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And you get better and you learn and you evolve, you evolve, right?
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And so my question is, what are you building for 2023?
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What are your key sources of business?
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I'm going to assume that referral partners, real estate agents are going to be a key source
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of that.
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And most people that I'm talking to are agreeing that you need more realtors than you did before.
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For all the reasons that we know, the better question is, is how are you approaching those
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real estate agents, right?
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Are you ready to get more purchase loans without chasing in cold, calling agents who don't
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want to talk with you?
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Well, I've put up a new page at mortgage marketing.pro.
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You've heard me talking about the folks that I work with across the country that are teaching
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agent classes, building their personal brand, right?
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Building these online communities and attracting agents instead of chasing agents.
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And they're getting meaningful engagement and conversations.
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More importantly, they're getting relationships, which leads to referrals.
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And oftentimes they're getting referrals on demand.
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Guys, deals are scarce, right?
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The deals have thinned out for a variety of reasons in terms of buyers and so forth.
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Realtors are going to be thinned out.
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So I would propose to you that you need to become an agent recruiting machine.
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And you need to turn the gas on for a period of time to add more realtors to your bus,
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to maybe clean out some of the ones that need to be cleaned out or are getting off the bus
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anyways, to go deeper with the ones you already have.
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And as you've probably discovered by now, I believe there's no better way to do that
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than helping a real estate agent succeed, leading with education, pouring into them, discovering
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more of the challenges and issues and frustrations that they face and provide solutions to help
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them break through and overcome them.
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You do that.
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You build loyalty.
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You will get people fighting for you and advocating on your behalf.
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You will build a personal brand.
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You will get introduced to other successful agents in town because Eagles like to soar
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with Eagles.
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So here's what I've done.
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I've opened up my calendar.
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Want to learn more about mortgage marketing pro, the managing classes, what we're doing
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over here and some of the cool things that our law officers are achieving, whether
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that's Eric Carson, who's exceeded his yearly goals by seven X seven times increase over
4:43
his goals.
4:45
Or of the results you heard me say before, you're hearing from our one of our favorite
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folks, Kevin Dwyer, Mike dropped mortgage, you had a $20 million in volume to his business
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or Auden Quintana, who just closed his first transaction from an agent who came to one
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of the classes.
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Guys, you've heard me talk about this on and on again.
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The question is, is it for you and are you going to take the next step to learn more?
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I'm not sure if it's for you.
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Only you can decide that, but I do know it's not right, not right for everybody.
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It's those that are willing to roll up their sleeves and do the work both on themselves
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and in the local market.
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So I want to learn more.
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I've made my calendar available, go to mortgagemarketing.pro, there's a brief video over there that explains
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this.
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By the way, this is a brand new page, brand new video.
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Those you've heard this offer before, maybe you've gone to the page in the past.
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I've got a ton of new testimonials loaded up over there for you to go look at.
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I've got my brief brand new video intro and a link to my calendar for you to schedule
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a call to learn more and see if this is a fit for you.
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Go to mortgagemarketing.pro and we'll see you over there.
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Okay, this episode, I'm bringing to you my very special guest, Mr. Ken Perry, who is
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the founder, guru extraordinaire and quite a funny man as well of the knowledge, now,
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what is the knowledge coop for those of you who may not know?
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So the knowledge coop is pretty much the destination, the best place for you to go and
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get your continuing education requirements that you need to do every single year.
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So they've got the skills training, the courses, right, classes, compliance resources, everything
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you need to know that are delivered, but not only from Ken and his team in a very humorous
6:29
engaging way, but from a roster of industry experts as well.
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So whether it's CE, whether it's new license, et cetera, you're an individual L.O. or
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company and you're looking for a place to get that continuing education.
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That is the place you want to go is knowledge coop.com.
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They also have a new app that you're going to be hearing Ken talk about, which is an educational
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community, which I'm now part of, along with some of their esteemed colleagues in the industry.
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But that, you can go to app, app.knowledgecoop.com, we'll put links in the show notes to both.
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So whatever is going to be the appropriate option for you here, I'm looking inside the
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community here.
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We've got training for mortgage goats, from Josh Pits at Shred Media, we've got, like I
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said, I'm going to be adding content in there, win by noon, sales boomerang, the resource.tv.
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So if you're looking for a place to get great information all for free, by the way, this
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might be something for you to go check out once again, links in the show notes.
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But Ken and I, Ken has been around in the industry a long time.
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He meets with a lot of industry company executives.
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He attends the mortgage bankers association meeting every year for years and years.
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And what Ken is going to do is bring his perspective, his wide, angled lens and deep knowledge
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and understanding of having lived through different cycles.
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But he's going to, we are going to talk about how to prepare your business for 2023.
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And what are some of the things that he sees coming, some of what he heard and learned
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from the recent mortgage bankers association conference and how you can use some of this
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information to be better equipped and prepared to handle 2023 and everything that comes
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at you.
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So I appreciate you guys tuning in.
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I know you'll enjoy this episode.
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So without further ado, let's get into this week's show.
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Ken Perry, welcome to the show.
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So good to be here, man.
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Thanks for having me.
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Thank you, man.
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It's been a while coming.
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Well, let's just jump right into it for those who may not know and I'm shocked and dismayed
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that anybody doesn't know and they need to know you after this.
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So who is Ken Perry?
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What do you do?
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The president and CEO of the knowledge group and founder.
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We started back in 03 and we provide training to the mortgage industry and provide a technology
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that becomes company's internet.
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So we're the platform that a lot of people use to communicate with their people.
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Awesome.
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That was well done.
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Thank you.
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You might have done that in the past.
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Might have been a best elevator pitch ever again.
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Our biggest struggle is finding an elevator pitch because we have this technology that
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we sell and then we also do a ton of content.
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So people like, oh, you're a training company.
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It's like, well, yeah, but we also have a trained technology.
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Oh, is it just training?
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No, no, it's also an internet.
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So it's hard to like, it's a really narrow down what it is we do, but it all fits together
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really well.
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Yeah.
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No, that's true.
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And I definitely, we're going to talk about that before we finish up here today.
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Is the community, the internet, as you call it, right?
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It's cool gathering of minds and ideas that you've built and we'll talk about knowledge
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group more.
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But I think why I wanted to have you on the on the show is because first of all, you speak
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to a lot of executives at companies.
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You interact with a lot of loan officers thousands and thousands of loan officers across
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the country.
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So a real diverse kind of exposure.
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And then of course, you just recently attended the MBA annual event and I thought we could
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start with like what, if you were taking notes, what did you take notes on or what, like
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what did you walk out of there with going like, this is great.
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This may be not so great.
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What do you have?
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Yeah.
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Yeah.
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And I actually upload all my notes into the coop so people can go get those for free.
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But let me give you some takeaways because I take really deep and in depth notes and then
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I like to step back and do what you're asking me to do, which is like, okay, what's the
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basic like theme?
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I will tell you for part of that conference, it was like watching people sweep the deck
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and wash the floors on the Titanic, where it's like just clean it up.
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There's no way we survived this, but clean up the deck.
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And it was definitely feeling that way, like watching Mike Fran and Tony talk about the
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upcoming recession, talk about how many people are going to get laid off.
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And I think he was light on how many people he said where we lose through all of this.
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And seeing all the real data, it's not great.
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But the interesting thing is as he's going through all the depressing stuff, he gets to
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this one slide where he compares production in 2023, so our upcoming production to what
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we did in the past, you know, many years, we're not going to be that far off of total production
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from other years.
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Like it's not, it just feels like it because we're coming off of such an incredible time
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that now just doing a normal amount of loans feels really weird.
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And also, you know, the bottom dropping out of the refine market, that's been an announcement
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every single year at MBA, since I can remember, like get your purchases ready because
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refines are going away.
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And it was so funny that all of a sudden people were like, what happened to the refines?
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And it's like, we've prepared it's almost like that boy who cried wolf.
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Like every year you say we're going to be done with refines every year or not.
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The mortgage industry has got in the habit of like, all right, well, I guess we'll just
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do refines till the rates are zero.
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And then maybe they'll be like negative three percent, like it could keep going after
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that.
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And so I think people forgot it could dip.
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I don't think anybody thought sevens, you know, would be what we're selling on a conforming
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rate.
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But I do know that there was a lack of preparation.
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It felt like.
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And so there's a lot of people confused about what's going on and more kind of stunned and
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looking around.
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I just interviewed Rich Jefferson for a class we were doing on sales.
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And he was talking about hunting and how, apparently, and I've never hunted, but when
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you get a deer in your sights, you make a noise so that it freezes and looks at you and
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waits to get shot and or bow whatever you go on.
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But it's so interesting because he said that's what the market's like right now.
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Lone Offs is like, right, and they're not able to come out of that stunned.
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And if you don't come out of that stunned level and keep running, you're going to get hit.
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Like it's not going to be good.
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And that's what I felt is there's a lot of people kind of standing still wondering what
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the heck's going on and what's next and what's next is not good, especially if you're
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standing there staring at it and coming back from that, I just had a meeting with my team
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on Monday and I said, Hey, there's going to be a recession.
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I don't know anybody that says there's not.
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I know that Paul Ryan spoke of this thing and he said, we just hope it's only two quarters
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and then just have a deeper session and get out of it and go back to normal.
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And I told my team, I said, I'm just going to choose not to participate in the recession.
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And so what we're doing is looking at, all right, are there still people that want
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our product?
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Yes.
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Do we still love what we do?
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Yes.
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Well, then let's just go gather market share.
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And I think right now coming out of that was like a lot of people being stunned.
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There's a great opportunity to go gather market share because I think people just forgot
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how to do it or that you have to work for this business and just got too easy.
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We got lazy.
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So there's some of that coming out of it.
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Definitely.
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Interesting.
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I mean, you and I were talking about 2008 before we hit record and the history repeats
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itself.
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Yeah.
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A lot of people were caught off guard and shocked at the implosion of the now granted
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the degree and the ad mass.
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A lot of people didn't have visibility to that because what was happening, you know, with
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all the big, you know, funds and the whole more direct securities and the fractioning
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of all this.
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And we didn't necessarily, but you know, at some point you just got to look at fundamentals
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and basics, right?
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And I guess what happens is we get too drunk and we don't realize he's going to end and
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the lights are going to come on, right?
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Right.
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Right.
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I think that's where he did.
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There's one guy that was describing four types of companies right now.
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There's one type of mortgage company that's just going to file bankruptcy.
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Like they're on their way to closing their doors and there's some of those out there still.
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The second type is the ones that are hoping to be acquired.
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And so they're out there actively and drastically, you know, doing whatever it takes to seek
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that acquisition.
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It's not going to be a major purchase with lots of money changing hands, but like fold
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me into your umbrella under your umbrella.
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And then there's another type that's like just trying to do what they can to hang in there.
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And then there's some that are actually in rapid growth mode.
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And I know a couple of those companies that are kind of doing it a lot better than other
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people are and they've got the cash.
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They didn't spend it all in the past.
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They're kind of in build mode.
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So that definitely was a parent and of course you're seeing a lot of these mortgage companies
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that even the ones that try to sell and then think they're going to sell and then it all
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falls apart.
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I mean, there's just there's a lot of that out there.
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So yeah.
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Yeah.
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And it's funny.
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I'm seeing the real estate agent reaction as well, right?
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The emotional, the over index on I love that metaphor of the deer kind of freezing and
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what do I do?
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And, you know, how long are you going to wait like because it's like what you got to
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control the controllables?
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And I know you know this is like, what can you control?
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You can control your attitude, your attitude, your actions and your skills.
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You know, like never before I asked this question to agents the other day, are you a student
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of the market or is this a new skill and right?
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And more than ever, we as mortgage professionals need to be a student of the market and fiscal
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keeps saying this at borrow it from other mutual friends, savage and everybody else, fiscal
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literacy.
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We got to be that much better at the discussion around buying a house that's F1% versus what
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it we've been spoiled at, so to speak.
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Right.
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Well, I think I love those three that you said I would add we can control our time and
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I think that's that was a big takeaway for me is the time.
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I mean, we only have a limited amount of time.
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Everybody's playing with the same ball, right?
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We all have the same exact amount of time.
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But what are you doing with yours?
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And I think there's a lot of people like not sure what to do right now.
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Right.
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I'm not kicking into strategy land because they're not spending their time wisely and they're
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they're not going out there and figuring out where the business is.
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I just got off the phone with a CEO of a company.
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It was such a great phone call because he's a service provider in the mortgage industry
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as well.
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And he's tied there kind of on the marketing side of the space and he was talking about
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how much they're doing for the loan officers because the loan officers won't do it for themselves.
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And we just kind of laughed at it like, yeah.
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Loan officers have so many amazing tools.
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And for years, they haven't read many of them haven't gotten those tools.
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Grab them and said, how can this thing help me grow my business?
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Yet they're paying for a tool that they should be using.
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And Dave Savage over mortgage coach, my favorite example of that.
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Like, do you have access to mortgage coach?
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Because if you do, why are you not using it?
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Like, I think it's almost like we want somebody to come in and force us to use what's
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going to make us successful instead of us sitting down or just going, this is what I'm
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going to do.
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And I think the key to that, by the way, is mastermining with people that are doing it right.
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That's what I've been doing at least over the last few years is go find people smarter
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than I am, or at least better at what I want to be better at and hang out with them.
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You've helped me, Jeff, with a lot of the way you look at things.
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I need what you, I need your perspective so that I can figure out my business because
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you may have thought of something that I go, like, you think you, I remember the first
17:30
time you and I talked a few months ago and you're like, well, could you use the coupe
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for this?
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And I'm like, holy, like, I never thought of that.
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And I think there's a lot of loan officers that are locked in their offices right now,
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or at home, even worse, that aren't mastermining.
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They're not brainstorming.
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The event we went to mastermining in Vegas, wasn't it shocking how many people showed up
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for the nine o'clock session?
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Yeah.
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Like some people get it.
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I need to be out with people and I need to be with great minds.
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I don't need to be sitting at home wondering what's going to happen.
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I need to be sitting in better rooms, making stuff happen.
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I think that was a big deal.
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I love that sit in or get in better rooms.
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I recently as well have been making investments.
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There was this phrase I heard called paying for proximity.
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And so that's what you're kind of talking about, right?
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Paying to be in the room at the table of other like mind, not like other people who are
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ahead of you on this journey, right?
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And that's how the heck do we grow?
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We don't grow by doing the same loop over and over again.
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Right.
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We got to step outside of that and get ourselves access.
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So that's why groups, you know, what you're doing over there with Knowledge Cube and content.
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Like there's no shortage of like answers to your solutions or information or direction.
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It gets me so frustrated all the time with like teaching classes to realtors, for example,
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or even loan officers, they'll ask how I have this situation with Google,
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Google my business profile.
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Like it's not, it's not publishing a review.
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What do I do?
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Like, what do you mean, dude, have you heard of this?
19:03
So you're talking about Google, right?
19:05
How do I do something on Google?
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I'm like, why are you even asking me, you know, it is, but I don't know, but the difference
19:15
between that is there's one thing about all this random information.
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I got off track there, this is my little rant, but getting around the right people proximity
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and stuff like that.
19:23
And I know you're doing some of that at Knowledge Cube, right?
19:25
You're providing access to these, would you describe that to me?
19:29
What are you doing over there?
19:30
Yeah, we open up the cubes.
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The cubes always been an enterprise play for us where a lot of companies use us.
19:34
And it's just their internal team that's communicating with each other, delivering content,
19:39
video documents, all that stuff.
19:40
And what we did in April is we opened up where we opened our own public facing.
19:45
So anybody can join the coop now.
19:48
It's a way different look than what our enterprise looks, our enterprise cubes look like,
19:52
but it's, I mean, just a kind of a social learning environment where you can come in,
19:56
take all the training you want, the CE and the PE are in there, but more importantly,
20:01
or as important is the people that are in there that you can grow and learn from.
20:05
And what we're trying to do is curate the best content in the mortgage industry,
20:09
just by bringing in the friends that we trust to deliver in there.
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And so I kind of looked at my team and said in this environment, like we have a,
20:18
we have a mission as a company to make this mortgage industry better.
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So we need to be delivering everything we can to make that happen.
20:24
So we created the environment for that.
20:26
So any questions you have, you can ask in there, connections you can make, people you
20:30
could follow, just a really clean and nice environment to go in and learn and grow.
20:37
So we're saying it's everything you need to learn, grow and win in the mortgage space.
20:41
And then we're just pumping tons of content in there so that we get people a fighting chance
20:45
that it being the winners of the industry.
20:48
So would you mind if I shared a screenshot of it for those that we can kind of talk
20:53
through it.
20:54
So for the audio listeners, you can get a visual of this, but this will be up on YouTube
20:57
as well.
20:58
If you want to go get a screenshot.
21:01
So I've logged in.
21:02
These are the communities.
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Break this down.
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What are all these communities?
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How would people use these?
21:06
So communities and you you clicked on communities.
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So when you first jump in, you can click on like learning and things like that.
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When you jump into communities, we've got some of our friends are in there and just
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able to answer questions, deliver content.
21:18
So you can get things that are really built for this community.
21:22
You could also if you have an idea for a community, we can build additional communities in
21:25
here.
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I want to build communities around like regions, so in Northwest loan officers who can jump
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in there.
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And then what we also want to do is create process our communities and L.A. communities.
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And that's just groups that you can join and share content.
21:41
The big thing that makes us different if you click on that academy is where you go in
21:45
and you can look at the CUBE academy there in the middle, see we're trying to make it
21:50
actually bigger and better because it's not obvious.
21:54
So here you can look at all the classes we're releasing.
21:57
So we're basically going, when I was a loan officer back in 1998, it's been a minute.
22:03
When I first got in, I was fresh out of college and I looked around and I'm like, why isn't
22:06
everybody doing better?
22:08
I looked at all the loan officers that I've been doing it for a long time.
22:10
I'm like, you guys should be crushing it.
22:12
And I was like, where do you learn all this stuff?
22:14
And they're like, what?
22:15
Learn.
22:16
They had stopped learning.
22:17
They had done loans for a little bit and then stopped.
22:20
And so what I decided is I would just learn everything and I did that and I ended up being
22:24
the top-reasing loan officer at the company because I just knew more so my confidence
22:27
was higher.
22:28
And I saw more loans because they were top of mind for me in my brain because I just studied.
22:33
And so what we did is created everything we could to help people, whether it be calculating
22:37
income or what is FHA, non-QM.
22:40
And that reputation management, James Duncan did that with us, super cool.
22:46
It's just basically a class on how do you manage your reputation out there as an originator.
22:50
And each one of these classes is actually included.
22:54
You can buy them one off, but we include it in the membership.
22:57
So the membership is $368 a year.
22:59
I think it's all your PE and CE and all of the content we ever create.
23:03
So we don't want anything from them.
23:05
That includes the CE as well.
23:06
Yeah.
23:07
All the states, everything.
23:09
That's cool, man.
23:10
Good.
23:11
Well, I mean, obviously CE is something everybody needs.
23:13
We're at that time of the year.
23:14
So it's good.
23:15
And I've never actually seen there's rumors or there's legends about how fun you make
23:22
CE.
23:23
It's so good.
23:25
Yeah.
23:26
We did the loan ranger this year, like 30 minutes of CE is a movie.
23:30
It's a Western that we loosely based on the Yellowstone concept because I just watched
23:35
Yellowstone.
23:37
But we had sons of compliance before that.
23:39
What's really funny, you got to hear this today.
23:43
I was in the coop.
23:44
I can like, if you're taking our classes, you can comment below the videos.
23:48
Says in there, looking at comments and replying back to people.
23:51
And I clicked on one that somebody made a comment on.
23:53
They're like, I love this video.
23:55
So I clicked and watched it.
23:56
I'm like, dang, that was good.
23:57
And then I like binge watched our own training.
24:01
Like I did the training and I couldn't stop watching it.
24:03
I'm like, Sawyer cracks me up.
24:05
He's one of our guys on camera and now he's a producer.
24:09
But like watching, watching our stuff, like even though I did it, I know it's in there.
24:14
I'm entertained by it.
24:15
And we kind of did the concept of we never want to create anything that we wouldn't
24:19
watch ourselves and we wouldn't enjoy watching ourselves.
24:22
So when it comes to CE, it's like it's podcast style, it's us chatting.
24:26
Nobody in the industry comes anywhere close to our quality.
24:29
Like that's almost the hardest part about telling people what we do is explaining that
24:33
it can be amazing because people are like, oh, amazing, right?
24:36
Like there's literally nothing in this market that touches anywhere near our
24:41
quality.
24:42
I mean, they're catching what we were doing six years ago right now.
24:45
And we're always chasing who we were last year to try to beat our last year.
24:49
And it always works.
24:50
But we do it as an example because that's what mortgage people should do.
24:54
If you ask me why they should take our training over other people, I can tell
24:57
you in a heartbeat were the best out there and I can explain why.
25:00
And I always desk loan officers like, why are you better than everybody else?
25:03
And loan officers have a hard time explaining that without defaulting to
25:07
service or I call you back, which should not be your best thing that you do for
25:10
people.
25:11
It should be like, that should be of course you do.
25:14
Like you should never brag about, I return phone calls.
25:17
That's awesome.
25:18
Isn't that crazy?
25:21
Yeah, I return calls within an hour.
25:23
Oh, yeah.
25:26
It just doesn't make sense.
25:27
So you've got to, we are, we can, we can justify our, our ask like we can justify what
25:34
we're doing.
25:35
And I think everybody should be able to, but well, what you're kind of dancing around
25:39
the whole unique experience thing and you're taking what would otherwise be a not so
25:44
exciting topic, right, getting seed credits and you're making, you're creating an experience.
25:49
That's what you even call it, a lot of continuing education experience, fantastic.
25:54
And then you're also in the communities.
25:55
If I go back to that for a second, you're going to be providing additional education just
26:00
to build out the value of the community, whether it's a branding or sales training or
26:04
digital type stuff, social media, all that, right?
26:06
Yeah, yeah, absolutely.
26:08
I mean, anything you could jump in there and be like, Hey, do you guys have a class on
26:11
this and gave us ideas and we just build, we build content in our studios back here constantly.
26:16
So we don't farm it out.
26:17
So we've got the ability to pump out any training and we've got all the best friends in the
26:21
industry to bring in.
26:23
So there's so many anybody wants to hear from or if there's information people need,
26:27
we're always open to adding more content.
26:30
The only thing that we do is we vet the content.
26:32
So one of the struggles I've had in Facebook is seeing people say stuff that just is illegal
26:40
or like, here's how you do it and like teaching people in some of these groups.
26:45
And if you're a brand new loan officer, like we all were at some point, you know, you're
26:50
susceptible to listening to the experts and going, that really sounds good.
26:54
And then you follow what they're doing.
26:56
And then you end up getting busted by the state or federal government for doing what
26:59
they said.
27:00
Yeah.
27:01
And we will never allow that inside the cube.
27:03
So we have a report button.
27:04
It's really important that you can report a video if something's like, yeah, like you
27:08
could jump in there and let us know and we'll immediately go look at it because we want
27:12
to keep a clean environment where it's not a lot of, you know, garbage out there or recruiting
27:17
videos in there of like illegal things that they're talking about.
27:20
You'll, I don't think you'll ever see anybody doing illegal recruiting jump in there and
27:24
say anything because they know us and they know that we are at the heart.
27:28
We're a compliance based company.
27:29
We care about ethics.
27:31
So yeah.
27:32
That's awesome.
27:33
Yeah.
27:34
Okay.
27:35
So for those that want to know more, want to go check out Knowledge Cube and you need
27:39
your CE.
27:40
You want to go do it and actually have fun doing it.
27:42
Where do they go?
27:43
Go to KnowledgeCube.com and you can put in what states your license and it will shoot
27:47
you right into app dot at KnowledgeCube.com or you can go straight into app dot KnowledgeCube.com
27:53
register, become a community member and then that's free and then from there you can purchase
27:58
your CE.
27:59
But the best thing you can do is go in and become an actual subscriber to the cube and
28:04
once you become a subscriber, it unlocks everything you could ever dream.
28:08
The whole world is yours.
28:09
We drop two classes in a month to the Academy of just more classes.
28:13
We're dropping in on things that people really need to know about.
28:16
There's a recruiting one in there that's spectacular with Eric Levin from Model Match.
28:20
So we bring in the right experts to talk about the right things and you basically unlock
28:24
that forever.
28:25
So annually, it's 360 a year and you get all that stuff.
28:29
Wow.
28:30
That's really cool.
28:31
What I'm looking through here in some of the communities and stuff.
28:34
So let me ask you this question.
28:37
You're a loan officer.
28:38
You started with back in the day when you're still writing on tablets and not the digital
28:42
kind either.
28:43
That would be actual tablets.
28:44
Yeah.
28:46
You're a loan officer today, man.
28:47
Well, let's bring a back full circle to taking what you learned from being exposed to
28:52
those high level thinking peeps over there at the MBA annual event.
28:57
You're a loan officer today.
28:59
What are you doing from now through January 31st?
29:03
Well, I think I think the first thing you do is plan, right?
29:06
This can't be a ready fire aim scenario.
29:08
It has to be a ready aim like you've got to figure out how you're going to do this.
29:12
You know, what are your strategies going to be going into the end of the year?
29:16
And those strategies can't be paying for business or like begging for business that
29:20
has to be creating value about like what is it?
29:22
What's your value proposition?
29:23
What do you bring to the table?
29:25
And so I would start there and then depending on where you're getting your business, you
29:28
always got to go where the leads are, right?
29:30
So it was for a while there, realtors were closing so many deals that, you know, it was
29:36
already happening.
29:37
All you had to do is find two or three realtors and you were eating for life.
29:42
And I had a really funny conversation with Kaimak Bride, done in Vegas, grew down there
29:46
on that trip.
29:47
You were on.
29:48
And we went over to Dim Sum across the street from the palms.
29:50
Apparently there's the really solid Dim Sum place over there.
29:54
Of course he would.
29:55
Yeah, he knew.
29:56
Yeah.
29:57
He takes us over there and he was talking about people are like, all I need is two realtors
30:01
and he's like, no, like two realtors are going to get you one deal a month if you're
30:06
alive.
30:07
They're good realtors.
30:08
They're just not closing.
30:09
And so figure out where the closing is about, right?
30:10
Who's still doing loans?
30:11
Divorce attorneys still have deals.
30:13
So if that's your strategy, go figure out how you're going to educate that part of the business.
30:17
There's a giant group of young people that want to buy houses and many of them will buy
30:23
a house and live together with other people to how do you get around them so that when
30:27
they're ready to pull the trigger, you're ready to do that loan.
30:31
That my so interesting.
30:34
We have seven wine tasting rooms on the waterfront now in Vancouver, Washington.
30:37
And one of them has this really, really amazing manager at Brian Carter sellers.
30:44
His name's Lily.
30:45
If you ever go there, she's awesome.
30:48
But she walks over and we were talking about buying houses and they're getting married,
30:51
they're not spending much money on their wedding.
30:53
They're putting it into the honeymoon and a down payment on a house.
30:56
And so she just wanted information and I always think it's crazy when people are asking
31:01
me for information on when it's right to buy a house.
31:04
I have answers like I can help.
31:07
But why doesn't she know any loan officers like how is it that she works at a wine tasting
31:12
room and she has zero experience with talking to loan officers who've given her their card
31:17
and said, I've got a class coming up this week.
31:19
I'd like you to join us and I can talk all about new home ownership.
31:21
Like how do you become a homeowner?
31:23
Like why has nobody met Lily who wants to buy?
31:26
She's like, I'm scared about the market.
31:29
And so we've had conversations.
31:31
But why am I the guy for that?
31:33
If I did loans, I mean, it'd be easy, right?
31:36
But it's getting out around those people who are looking to buy, never had the opportunity
31:42
to buy.
31:43
It's working with parents on, I bet you I can get your kid out of the house.
31:47
We want to do a video.
31:48
We'll do it at some point.
31:49
That'd be a good game show.
31:51
Oh, man, we want to do one that says, are you suffering from this disease, which is children
31:58
in your basement?
31:59
And then signs include, you know, lots of popcorn, bags all over the place, pillows all over
32:05
the floor.
32:06
Wet towels left in the floor on the back.
32:08
Yes.
32:09
We can help you with the home mortgage.
32:11
Like that would be, I think we'll do that video, but it's those types of things like how
32:16
do we get to them to help them coach, even if I'm not getting the deal right now?
32:22
How do I get the deal next year?
32:24
Because there's going to be a five and a half percent rate.
32:26
We all agree, all the experts that I know agree that we're going to be around five and
32:29
a half next year.
32:30
That's what I was going to ask you.
32:31
Were they saying that at the meeting?
32:32
Yes.
32:33
All of them were from the economists to that everybody was saying that we're obviously it's
32:38
the confusion right now.
32:40
And there's the video we dropped in with Matt Graham from MBS Live that's in the coop
32:45
that's so good.
32:47
But he talks about the chaos is what's causing all the disorder.
32:51
Right.
32:52
It's nobody can, as any freaking clue what's going on, that's going to settle, especially
32:56
after the election.
32:58
And as that settles, then it's going to be like, okay, let's just figure out a good, like
33:01
where should we be?
33:03
And as I goes down to five and a half, everybody close right now.
33:05
We'll be agree with you.
33:06
I don't promise that.
33:07
And Nor should anybody promise what the rates are going to be because who knows what Russia's
33:12
going to do?
33:13
Who knows what's anything?
33:14
Anything can happen.
33:15
But I mean, we're pretty sure absent, you know, some wild event, which I, after the last
33:21
two years, I would never put those out of the, you know, possible.
33:25
But they're probably dropping down.
33:27
So what's your plan for that refi?
33:29
Like, what's, are you going to be ready for purchases as they get better?
33:33
Are you going to be, it's not prep for next year's situation.
33:36
And by the way, we're doing that right now with our clients where a lot of our enterprise
33:41
clients that we're about to close deals, sometimes we're seeing that lag of like, let me see
33:46
if we're going to be here next month, not our current clients, but ones that we're picking
33:50
up.
33:51
They're like, let us figure out if we can get through this.
33:53
And then we're going to sign.
33:55
And so we're staffing for a rush of new business in 2023.
34:01
Again, as the chaos slows down, as the uncertainty clears, we'll go up again.
34:07
Like that's how it always works.
34:09
It's a pendulum.
34:10
Right.
34:11
Yeah.
34:12
Good advice there.
34:13
Preparing for the, you know, that turn, the turn, you know, when it comes back down to
34:19
the chaos is gone.
34:20
That's what, and I wrote down a couple of things is, is when there's chaos, people seek
34:24
context.
34:25
Right?
34:26
So they can make sense of it all, just like during the pandemic, there was always chaos,
34:29
all this misinformation.
34:30
You didn't know who to latch.
34:31
People latched on to different people, but everyone was reaching for someone, right?
34:35
Right?
34:36
Like a house, you know, in the, in the store.
34:38
And that's where your person who works at the, um, the wine tasting room, it may be
34:42
think of why does she not know of somebody?
34:45
Well, this, this gets back to, you know, talking about, you mentioned realtors, one of the
34:51
traditional, um, sources of, of business.
34:53
And by the way, to your point to back that up, uh, just last Friday, I had Denise Donahue
34:57
on my private group called, you know, she helped 700 families last year.
35:03
Okay.
35:04
Right?
35:05
You looked at her numbers for real estate agents, um, her number one source of business,
35:10
is real estate agents.
35:11
However, this is the thing that blows most L.O.'s minds.
35:13
Um, she has, and if you look at MMI, she probably has a 100 agents on there that she got
35:21
one deal from.
35:22
Wow.
35:23
One deal.
35:25
Okay.
35:26
And so she has two or three that are like her, you know, A players.
35:32
And by the way, here's her definition, an A player, any agent who sends you four or
35:36
closed, four or more deals a year, or, take about that, quite a few A players to get
35:44
those numbers.
35:46
That's why I'm bringing this up because we need to shift to your point earlier about
35:49
the Kai example and all that.
35:50
It's like back in the day, sure, but now we have a, you know, the flood of realtors and
35:54
the, the, the fraction, you know, the bifurcation of the, of the market and everybody's peeling
35:59
deals away, the high tech firms, the I buyers, all that.
36:02
Well, so that's, that's why you need more realtors in your, in your roster is, is for those
36:05
reasons, right?
36:06
So you're, you're spot on with that.
36:08
And then the last thing you said with the wine thing, long term perspective, you, that
36:12
this is where I think some L.O.'s are, are short-sighted.
36:14
You've got to be willing to go out there and do stuff that doesn't get you reward today
36:19
or tomorrow, but does six months or 12 months from now.
36:23
That's the key.
36:24
All right.
36:25
So obviously the last thing people need to do, you mentioned that person who owns the wine
36:28
tasting room, I think part of the challenge with a lot of originators is they want the
36:32
instant gratification.
36:34
They don't have the long term play and you've got to be willing to do activities today that
36:38
don't pay off tomorrow, but that pay off six months, 12 months down the road because that's
36:43
what the future business is.
36:44
It really is.
36:45
I mean, thinking long term, you know, the, there's not a lot of immediate wins out there,
36:50
right?
36:51
Yeah.
36:52
But I'll tell you what there are, win-wise, it's not necessarily in the closing of more
36:56
deals.
36:57
There's fewer deals than you did last year.
36:59
It's fixing the problems that we never fixed before the run-up.
37:03
And during the run-up, we found a lot of broken stuff, right?
37:06
Broken stuff like underwriters don't agree on things like why do we have inconsistency
37:10
and underwriting at one company?
37:12
Like how do we solve that?
37:14
What systems were not very good?
37:15
We used them because we couldn't switch systems.
37:18
Well, if what system needs to be fixed, how do we need to communicate as a company that
37:23
we haven't done before?
37:24
And that's one of the things driving me insane right now is I've got clients that are delivering
37:27
content to their teams all the time through video and the coup.
37:32
And then I watch people never communicate right now at a time that everybody thinks the
37:36
next Zoom call they're on is where they get laid off and not communicate to a team right
37:42
now is, is suicide in the mortgage industry.
37:46
Like your company will not do well if you're not talking to your people.
37:50
Because guess what?
37:52
Everybody else is.
37:53
I mean, the recruiting emails going around, most of them are garbage, but there's some
37:57
pretty solid people recruiting and they are taking people from companies that have been
38:01
suffering from a lack of communication.
38:04
And I don't understand why you wouldn't right now.
38:06
You've got to get in front of this.
38:07
People want to know, like, are we going to be here tomorrow?
38:11
Maybe give that speech.
38:12
And if you aren't sure, say that, like in a way that's encouraging, just let me know
38:17
you're trying your hardest and you are ahead of this thing and you figured things out.
38:21
Like, I want to know that, but as leaders in the industry, to not communicate is to basically
38:26
send your people to into the arms of another, basically, right?
38:31
We all want to know we're loved and appreciated, right?
38:34
Well, and that the company's going to be in business.
38:36
You know, there's a lot of fear and anything you can do to watch the fears.
38:40
The other thing is that I heard somebody say that the, the sin of a leader is ambiguity.
38:47
And ever since I heard that, it has been running through my mind and I have changed my leadership
38:52
style since I heard that the first time, I'm like, oh, clear all ambiguity.
38:57
Like everybody deals with ambiguity where it's like, did we decide we were going to do
39:01
that or aren't going to do that?
39:02
Or, you know, where's the company going?
39:04
Am I going to have to do something like people are confused and that's as a leader, you
39:08
can clear a lot of that up, not all of it sometimes, but clearing it up as fast as you
39:13
can or at least being in communication clears that.
39:17
I love that.
39:18
I wrote that down.
39:19
I might swipe that for a real.
39:22
Also it made me think about as your role as a loan officer, just in the context of your
39:27
partners, like if you're in this for the long game and you're committed, communicating
39:31
about.
39:32
Yes.
39:34
Like if, because people buy confidence, they're attracted to that leadership to that
39:38
certainty, right?
39:39
And if you could show up with certainty, you're going to instill confidence in that person.
39:43
And by the way, there are relationships that are in being disrupted right now, are our
39:48
loan officers who are stopped communicating, who are getting out.
39:51
I know realtors are as well, but this audience is loan officers.
39:54
So the point is, don't wait, don't be that deer who's right, get out, get active, reach
39:59
back out to all those people you met to, but we're too busy to.
40:02
When you go shore up, right, your, your resources for when this market does turn and the tide
40:07
comes back and you get to, you don't have to net out so to speak and get all that.
40:11
Yeah.
40:12
Yeah.
40:13
I mean, if you think about it, all those people need help too, right?
40:16
You're stressed and so are they.
40:17
So serve the community and serve you way out of this.
40:20
Go out there and figure out like, let's all get together in a room and figure this stuff
40:23
out.
40:24
Let's have conversations.
40:25
Well, speaking of context, I swipe this.
40:27
You know who Mike Delprett is?
40:29
If you don't follow him, look him up for sure.
40:31
LinkedIn, Mike Delprett, he does a lot of, he has a lot of data on real estate markets and
40:38
what's happening.
40:39
He started off big with the iBire thing, but anyway, he came out with a, he, he, you can
40:43
find this on LinkedIn.
40:44
If you just search Mike DELPR ETE for those listeners, he has data.
40:50
This goes back to what we talked about with context.
40:53
He has data that I shared this slide to real estate agents the other day.
40:57
Everybody's talking about how the market's down 13% or whatever the number is in your
41:01
market, right?
41:02
We're down.
41:03
Oh my God.
41:04
It's not a crash, but we're down, right?
41:05
Right.
41:06
Yeah.
41:07
No, go ahead.
41:08
And then what he does is he makes a point of clarifying with data that yes, we're down
41:13
compared to last year, but 2021 anomaly.
41:16
Yeah.
41:17
So you can't compare that's to your point earlier.
41:20
Why everybody's freaking out is because they're looking back at just 12 months and they're
41:24
like, holy crap.
41:25
But if you go back to historical averages, we're only down 3%, right?
41:29
Right.
41:30
Right.
41:31
So it's about perspective and how is you as a loan officer, are you showing up with
41:35
the data?
41:36
This is, here's what I say.
41:37
Are you using housing data to create confidence?
41:40
This is your advantage as a mortgage professional.
41:42
Time to show up and do that.
41:43
You know, I, it's so funny to say that because I just went for a run.
41:47
I did a video on this.
41:48
I do Friday update videos every week and I was like last week of the week before that.
41:52
I did a video on I went for a run and I looked at my watch.
41:56
I was, I did a good time, but I was really fast last year.
42:00
Like last year was probably my fastest year and I looked at him like, why am I so slow?
42:05
And it was so funny because first of all, I could post that time online and I'd be faster
42:08
than most people my age that are, that are, you know, running casually.
42:12
I don't run a lot.
42:13
I run casually.
42:14
But, but second of all, I'm not going to beat former me like I have to get that through
42:18
my head because the guilt and shame that comes with not making what you made last year is
42:24
overwhelming.
42:25
And it shouldn't be like celebrate last year Bill Hard did a video on my favorite videos
42:31
he did.
42:32
You probably saw when he's standing on the lawn with his hose and he's like, so you had
42:35
a record here.
42:37
So did everybody else.
42:38
It was easy.
42:39
What are you going to do next?
42:41
Get off my lawn.
42:42
It was so funny because he said in a way like not to be the old dude, but like stop bragging
42:47
about how you beat your last year, everybody.
42:50
If you didn't, you should quit now, but you're not going to be last year like it's okay.
42:57
I just, it's that hero complex on those, right?
43:00
When heroes come home, it's like it's a struggle to not be the hero.
43:04
You're not going to be the one that did that many loans, but you're still going to be a hero.
43:09
And I think we have to redefine hero right now where it's, my team is happy.
43:13
It feels like I care about them.
43:15
We're on board.
43:16
We're streamlining Brian or CTO came up with this thing.
43:20
He's like, and it's super simple.
43:22
He's just said things should be simpler than they are.
43:24
And now with everything we do with the company we're flowing through, is it simple?
43:28
Like that's kind of our mantra right now is nothing, nothing but simple.
43:32
And so if my team is all believing that and growing in the right direction, that's
43:36
a win.
43:38
If you're not killing it like you did last year, it's okay.
43:40
It's just still a win.
43:42
It's redefine winning.
43:44
We're very fortunate, right?
43:45
It's like, you know, the win that are back, all that stuff, the Irish poem, whatever it
43:50
is.
43:51
But that wonderful, beautiful win is gone for now, right?
43:55
So we need to adjust ourselves accordingly.
43:57
You did a video on that one time too.
43:59
I was running and I was like, I was so freaking fast.
44:02
I was having a fast run day.
44:04
And I turned around, it was an out and back.
44:06
And I turned around and just got smacked in the face with wind.
44:09
And I went from like, I'm killing it to, it was so horrible, and it made me realize
44:15
my ego needed to be checked a little bit in that like, I was going to injure myself
44:20
by kept running at that pace.
44:22
So turning around helped me go, oh, like that's what, it's all data, right?
44:26
The data is the win was fast.
44:28
The data is the wind is still fast, but I'm running the wrong direction or the other
44:32
direction.
44:33
Loneasters need to think through that, like it's true.
44:36
You ran because the wind was fast.
44:37
You can still run.
44:38
It's just harder.
44:39
It's harder.
44:40
Yeah.
44:41
And we are we up for the task, right?
44:44
This is where gym round, right?
44:47
Don't wish things were easier.
44:49
Wish you were better.
44:50
Yes.
44:51
Yeah.
44:52
So where do we get better?
44:54
Do my goal next year is I'm doing a webinar for a company tomorrow that I just call
44:59
these like, can you talk to my people and my, yes, it's what I love to do the most.
45:03
My goal this year is to get in front of as many presidents, clubs and like company meetings
45:07
to do to speak on all of these things because it's like, it, there's so much you can do
45:13
if you change your perspective and people need to be shaken a little bit right now and
45:19
just kind of shaken out of that, that zombie, like, you know, people are zombies, some.
45:26
And like I said, you and I were at mastermind, we didn't see zombies.
45:29
We saw people taking massive notes and go, and I got to get after this, I got to get
45:33
after this.
45:34
That's, that's where I want everybody.
45:36
And I'll keep talking to people until they get there because I know we can, but it's
45:40
a lot of perspective.
45:41
That's why we're doing this, this session right here right now is to hopefully bring some
45:45
conversation or perspective to people to get out of that frozen mode.
45:50
And one of the ways to do it, we talked about that earlier is the coop community.
45:54
So that's app.knowledgecoop.com go check it out, lots of good stuff happening in there.
45:57
And of course, get your CEO, man, you need it, you're going to be here next year.
46:01
Get it done.
46:02
Yeah.
46:03
Why not?
46:04
Exactly.
46:05
This has been a great conversation.
46:06
I appreciate it.
46:07
Absolutely.
46:08
Thanks for having me, Jeff.
46:09
You bet listeners, you know what to do.
46:10
Hey, first of all, go check out the knowledge coop.
46:12
And secondly, if you like this, leave us a review and we appreciate you tuning in.
46:15
We'll see you on the next one.
46:16
Bye for now.
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