Running a mortgage business can be challenging and demanding. You’re dealing with a lot that’s out of your control, like the rates and inventory, and things can change quickly. You are constantly working hard to help your clients bring their vision to life and bring them a masterpiece (AKA a closed and funded loan for their dream house).
In this way, running a mortgage business is an art.
Below, we’ll look at some other ways the two are related.
- Running a mortgage business takes a mix of creativity, vision, and problem-solving.
- Like an artist, it’s also important to keep refining your craft.
- Rejection isn’t fun, but it happens to everyone.
- How you move forward from it determines the future of your mortgage business.
Loan Officers as Artists
Good artists–and business owners—are constantly improving and refining their craft. They know how to adapt to new trends and technologies, and they take pride in pushing the boundaries of what’s possible. Attending conferences and training is one way to keep your skills sharp.
2. Client Interaction
Artists need clients to sell their work to. Loan originators need borrowers.
Your clients will always remember how you treat them and how you make them feel. How can you make the application process as easy as possible for them? How can you help them navigate the different programs available to first-time homebuyers and veterans to ease their stress? Are you reaching out on birthdays and holidays to make them feel special?
3. Creative Problem Solving
Artists are challenged with bringing their creative vision to life. Loan officers are challenged with making their clients’ home ownership dreams come true.
Chances are you’re going to have prospects and clients whose credit isn’t quite there yet—how can you get them connected to the help they need so they remember to call you a year down the road when they’re finally ready to purchase? What about clients who don’t have access to a downpayment right now? How can you set them up for success?
All of these scenarios test your creativity.
Artists often need to push through failures and setbacks, and MLOs also need to be able to push through tough market conditions, changing regulations, and client frustrations. Learning how to embrace change can help you keep faith during the hard times.
Handling Rejection As a Loan Officer
Rejection is another part of being an artist that is also relevant to running a mortgage business. You may face rejection when clients do not qualify for loans or when they choose to work with someone else. This doesn’t mean that you are doing something wrong. It just comes with the territory.
Being able to bounce back from these setbacks and maintain a positive attitude is key to building a successful mortgage business. Even if there’s a prospect or client you cannot help with reaching home ownership in the meantime, perhaps they will need your help 6-12 months down the line and/or they could still recommend you to their family and friends.
Funding Happy Little Loans
Running a mortgage business as a loan officer is an art form that requires the ability to build strong relationships with clients, balance the interests of multiple stakeholders, handle rejection, stay positive, and market your business effectively. These skills take time and practice to perfect but with dedication and hard work, anyone can develop the art of running a successful mortgage business.
The famous painter Bob Ross once said:
We don’t make mistakes, just happy little accidents.
Instead of painting happy little trees and clouds, think about all the happy little loans you’ll close and fund if you continue working to improve your craft and take care of your clients like family.