Best Answer: opinion: there will always be some demand for mortgage products, however it is a very cyclical business and given a degree of rate pressure and significant price pressure in the market, 2007 might not be a good time to enter the business.
In my opinion the mortgage business is always a good business to get into.
The ones that are telling you about the peaks and valleys are the order takers. When there is a refinance or selling frenzy they are right there to take the orders. Once the frenzy is over check out Wal-Mart you will find them there, guess what taking orders.
A good loan officer survives in any climate. Those that don't are the ones that fail to have a good business plan and more than not, they also have no marketing plan worth a darn.
In my office there is a 22 year old that has been here for 2 years, since I am his manager we go over his management plan once every six months and his marketing plan about the same. He is averaging about 8 loans per month and this is suppose to be a down period. Looking at his pipe line it looks as
if he is scheduled to be in the same area again for the next 2-3 months.
By the way I am in Downey, California.
Get you a good marketing plan, follow-up on your past clients for referral. Check your professional members of your team for referrals as well as how well are you doing working your farm.
If those are not working for you now is the time to form you a new good professional team of individuals that will help you grow your business, Work your farm area heavy for clients. When was the last time you showed up in your farm area? Do the individuals residing there even know who you are. Do you have a farm area.
If you are not in you can lay the foundation for the next frenzy, but if you do it right you will not have a problem.
Stop listening to those that tell you things can't be done they are "losers" You can do what ever you want in any type of work climate as long as you are sincere, working hard and talking to people.
I hope this has been of some use to you, good luck.
Skip · 9 years ago