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I feel lifeless!!! Are you paid your worth?

flatline

Do you put 110% into your clients, yet you don't feel appreciated at times? Do you get beat up in this business? Do you feel like you spin your wheels, especially in today's market place? Overall, does your pain show, even when you think you have your happy face on?

Well, in the last 2 weeks, this has all happened to me one way or another. This post is not to brag about my ethics, how I treat clients, and that I feel that I am better than most when it comes to mortgages. But more so a form of therapy for me, which I wanted to share.

passion - caring

How many wear your heart on your sleeve? How many of you have a heart larger than life? How many of you have passion for what you do?

It was rewarding the other day, while speaking to a potential borrower, that she could tell that I have passion for what I do. But why the gloomy face in recent weeks? Feeling like I am lifeless, that I have lost that passion just recently. And because of this, I haven't blogged in the last 10 days or commented in the last 5 days. And because of two specific transactions, I haven't spelt well nor have I eaten as much. Yes people, I take this more than as a job, but as a part of my life. I love helping others, and even though some things happen out of my control, I feel like I have failed. Here are my reasons to why I have felt like this in recent weeks.

I have a borrower that was suppose to have closed on May 27th, 2009. We ran into an appraisal issue that had an AVM fail, not pass. This property is in a declining market. I called everyone, even the listing agent, on the 20th of May to tell them to schedule it for that Friday, the 29th. I have been doing this for over 16 years, and I believe in communication, even if it's bad news. Of course people were going to be mad, and that there were 3 other transactions involved. They finally agreed to this on the 22nd, but we still were having problems with the AVM. Let's define what an AVM is first.

AVM stands for Automated Valuation Model. It calculates value of a property, just like an appraisal does. It uses the MLS to find other properties that are related to the suject property. Many investors and warehouse lines are requiring AVm's now, especially in declining market areas. The problem with AVM's are that they aren't always as accurate and several of the properties are not tagged properly.

In any case, we even missed the 29th and I told them that I don't stop until a solution is figured out. As it stood, they would have to put down an additional 5%, which would have been $30,000 that they didn't have. I reached out to a few of my lender contacts and had someone that could help them. But they decided to use the listing agents recommendation. But as I mentioned, I still don't stop. As of Friday, we finally got the AVM overturned, after several reviews. The buyers decided to come back to me, because rates have climbed drastically. And even though I was 1/2 percent better, I didn't use this against my borrowers to charge them for what it cost me to extend their current rate of 4.75%. And this cost me a pretty penny, even though I am still making something on them. But I didn't use all of this to my advantage, so I would lose this money. My integrity and referrals means more. The overall picture? A happy client at the end.

My other closing? Another AVM issue that was on a property in Florida. The good news is that it's a Fannie Mae owned property. The property was originally being sold for $186,500, and was reduced to $170,000 by the AVM. Fannie Mae came back and accepted this price, which is even better for the buyer. But again, I had to extend the rate lock and I didn't charge the borrower for this.

Summary : Overall, more lessons were learned and it won't compromise my work ethics and how I treat people, even though I was yelled at and talked badly about. The first client, I was yelled at by the realtor for not returning a phone call the night before at 8 pm. Yes, these people involved where use to me calling and accepting calls at 10 pm. I do go beyond the call of duty. Yet, I can't be there 24/7... I do have a life and things do happen. If I don't pick up, it's for a reason. The example of the 2nd client? The realtor that was referred to me, who was in Arizona, because his wife had a co-worker that needed help in Florida? He e-mailed me, telling me that he was disappointed, because we had a closing issue. But the funny thing is that he jumped the gun, thinking that it was my fault. People, in both cases, these were issues not in my control. It wasn't a credit issue... it wasn't a credit issue. It wasn't a problem created by Jeff Belonger or Infinity Home Mortgage. I take too much pride in what I do to have those problems occur. But the bottom line, both deals are still closing.

Question to all of you in real estate and mortgages.... How do you set yourself apart from others? How do you handle adversity? I feel like I should be making $1,000,000 a year, because of my worth to my clients. But we all know that is not how it works in this business. I know a few loan officers that have tripled my income this year, and they truly suck at their job. But I can sleep at night. But as I mentioned, I didn't sleep for many nights, because I do care. Maybe too much... and it showed, because I had co-workers and friends bring this to my attention. Yes, I have a job to do, but I also have pride. And I don't accept failure, no matter who is at fault. Overall, I truly try to set clients expectations to a certain level, which I think is underrated when it comes to mortgages and how others make promises or guarantees, just to appease the people involved. Or, when a problem occurs, that it's not mentioned until the last minute. These are things that you won't get from me. That is my only guarantee......

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Posted by Jeff Belonger -- The FHA Expert.com -- FHA Loans -- FHA mortgages - USDA loans on 06/07/2009 07:15 PM

Comments (31)

Transparency in the Mortgage / Finance Channel

transparency, passion, large heart, fha mortgages, fha loans, mortgages, real estate professionals, real estate

Originally posted at: FHA Mortgage Expert - Tri-State Area - New Jersey/PA/Delaware: I feel lifeless!!! Are you paid your worth?

This post has been included in New Jersey Information Gloucester County, NJ Information Sewell, NJ Information
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31 Comments on I feel lifeless!!! Are you paid your worth?

JUN

We look toward the other "poppers" in the office. People who just don't quit when the chips are down. They're inspirational.

I too..have those nights when i 'trip' on what's going on with the transaction. Sometimes, there are things beyong our control and it's not that we failed....but the 'system'. As long as you know you did right there should be no word 'fail' in the equation... Like I've always told my kids (even now they're in college) is that as long as they've done their best....that's ALL THAT MATTERS.

Statistics (nationally) show that average commissions have scaled down substantially and agents put more time in with clients than ever.

I feel this way also, - I go out of my way the same for a 1000 rental as well as a million dollar home. I too feel that some dients do not appreciate all you do, but the good part is that some clients do!

Good Post Jeff,

I feel you and know exactly wehre you are coming from. Much like yourself, communication is the most key ingredient here. I try to at my very best always return phone calls. Some times this is not possible. Especially whe you might have several number by which you can be reached on. I have however, been able to completely wipe out this problem. I recently signed on with a service that will screen my call, and ring on 4 numbers siultaneously. The phone that picks up is the one that gets the call. If I happen to be out in the feild and say the office numbe was picked up, they can then do a live transfer of that call to say my cell phone. Never a missed call now. If your interested in more info, let me know. One othe policy that I do and try to stick by it is that I let my client and all realtors involved know that they can reach me at any time, but after 8:00PM it is most likely going to be via a text message or email. Also, being both Mortgage Broker and a Realtor, I think I might have a bit of a differnt perspective on things. It's allot easier when you can see the transaction from all sides. Before I was a Realtor (about 5 years ago) I used to think that Realtors were this or they were that (I used differnt adjectives of course), that they did really know what was going on. This stopped once I had the opportunity to walk in their shoes and see things from how they saw them. We ALL play a very vital role in the scope of things. And it all boils down to communication, communication, communication. I hope my two cents helps some. Great post. Best to you.

Hi Jeff~ Sometimes it just happens and we have the wind knocked out from under us, and it is no fault of our own, but we think we should have prevented it. But, you can't always prevent it. We don't always have nor can we control everything! I know these type of incidents are painful and discouraging. BUT you have to pick your self up, and start all over again. Yes, it is ok to be sad, but you have to get right back up again and fight and continue to be the very best you can be. You begin to learn that you can't please everyone all of the time. You begin to realize that you are human and can not be perfect, and that is ok, such is life and life isn't always fair! But, don't let anyone or any situation bring you down and keep you down. You are above that and deserve to be happy! You are the BEST at what you do, remember that. You are one of the best doggone loan officers in Activerain! And don't you ever forget that! Mourn, but then move on and get your groove back! I know you can do it!

Jeff-there are times when I feel that I should must throw in the towel. There are clients that can drain you emotionally and not even realize how much you are doing for them to make a deal work. All we can do is remember that for everyone who doesn't appreciate our efforts that there are five or more that do. Don't let these deals drag you down and remember that what you do means that another family moves into a new home!

Jeff,

It's always your fault!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

It doesn't matter that the REALTOR let them offer $186,000 when the house comp out at $170,000. It's your fault.

It doesn't matter that you have a life. How dare you not return a call in the middle of the night. It's your fault, they're annoyed. It's your fault.You're annoying!

It doesn't matter that after explaing locks they wanted to float, When rates went up, it's your fault!

My personal favorite. A REALTOR and builder sold a Doctor a $200,000 home in a $180,000 subdivision then had him pay nearly $200,000 cash for up grades. When it didn't appraise it was my fault! When his attorney, his brother in law need help I successfully negotiated with the builders attorney. When we closed needing only $50,000 they complained about my fees, 2 points on $50,000 not the $400,000. The brother in law threatened me for practicing law, I was in his office at his requist with the builder and his attorney. The brother in law charged the buyer $10,000 after his family discount. It was my fault! I never got another referral from the REALTOR, I did get several from the builder. When they sold the house two years later it was my fault they only got $300,000! The brother in law called to threaten me.

It's always the lenders fault! And, it will always be our fault as long as we're looking for referrals and repeat business from the client and the REALTOR!

Accept it Jeff!

Bill

Jeff you are a prince to close a loan that cost you money. Most lenders would never do that. Especially when you are getting beat up on both sides.

VICKIE..... well, I guess I help others in this area also. And I guess it shows when something is bugging me, because I always have a smile on my face and I always seem joyful & happy. And even when down, I try to present the other. ANyhow, thanks for stopping by.

SALLY..... . I agree 110%, that if we tried, and something was out of our control, that we have not failed. But it still bugs me and bothers me, no matter who or what is at fault. And when something does happen, it kills me even more when the other parties involved don't realize this and just think that I don't care or that I don't work as hard. Yes, this irks the hell out of me... and I just won't change this part of me. Which makes me think why I am even better than so many. But hey, this is my opinion.

MICHAEL..... okay, so average commissions have scaled down. But I have always worked this way. I always put 110% effort into my clients, even when I pre-qual someone. It's just how I work. Then there are those that make more, but because they make more on a client. I could have pushed the envelope on both deals, probably making more. But I chose not to, in hopes for referrals and last relationships. That's how I view it. thanks

JUDY..... yes, it is good when a client does. And I know many borrowers just don't understand when a specific problem occurs. And I know many realtors and or loan officers don't know the same. But that all parties involved, just think that they should get the most attention, forgetting that they aren't your only client. thanks

LAWERENCE aka Arise mtg..... yes, communication and keeping your clients expectations in check are extremely important. But I am going to disagree about the fact that one could have a different perspective if they are both a loan officer and realtor. The reason being is because a lot of this is common sense, not having experience on both sides of the fence. I look at any problem and issue from a borrowers perspective, just as I read most blogs. Overall, I think it's how you view things and understand the whole process, no matter what your role is.

In regards to the phone thing. Thanks for the advice, but I tell everyone, that I can always be reached on my cell phone. Which is why I don't need that service. It wasn't about not reaching me on the correct number, but just the fact that I can't and won't be there 24/7 for someone, even though I have talked to more than my fair share after 10 pm at night. And thanks for the polite compliment.

VICKIE..... I never meant to state that I could have prevented this. Just that I take it all to heart, no matter who is at fault, because I do value my clients... and feel for them. And I knew my first year in this business, and even previous to mortgages, that you won't be able to please everyone. That is also just a common sense thing for me also. But just for the fact that I don't allow that thought to cross my mind, so I don't slump and give up so easily. I think that can be a trap for some, to why they don't push it further, trying to make anything become a reality for all involved. Just my opinion. Overall, thanks for the encouragement and for the polite compliments.

CINDY.... . I am sure many of us have gone through this. And I didn't mean for this to sound like I needed a pick me up... but more so, just therapy for me to write about it. And I agree, there will always be some people that will appreciate what we do and I love when I hear this from others. And no, we can't have 100% satisfaction, this business is just not made for that. But we certainly can try. Thanks for the thoughts...

Jeff, it seemed like you could use one of these more than me!

I think your story is going to be echoed from New Jersey to California, to the gulf stream waters!

Strangely silent was our first clue!

This week will be a better week!

Remember:

If you aren't fired with enthusiasm, you will be fired with enthusiasm. ~Vince Lombardi

Best! D- Money...

Jeff - Great post ! I feel you in terms of being drained by the process... sometimes it can be from the people, the clients or the industry. It is hard work. Very hard work ! And yes, sometimes going the extra mile (and more) is exhausting. I believe that they work you did here will come back to you many times over in the future. Most agents and business people even miss the point and the mark of learning and knowing that often times giving (or making less money on a deal) will come back to you. When people are too short-sighted, goals do not get accomplished. Great post. I am sure your energy come back when you do not expect it to : ) ~ Chris

OK, Jeff! You need to fall in love.

Madly, passionately in love - the kind that makes the earth move, and that really makes your heart move.

And then it all falls into place.

Big hug.

Jeff - I'm sorry to hear this has weighed so heavy on you for the last week - but I have to believe that these instances will come back around and pay you back plentifully !

Integrity is the one thing that keeps some of us going, and usually will put us ahead of many of our competitors in the long run.

... even the ones who in the short term are slimy and making more - their day will come where they are exposed for who they really are.

Hang in there brutha, you are clearly the best thing that could happen to your clients, and those lucky enough to work with you will see the compromising dedication you give, and they will be happy to refer you from there.

... I'll be hoping for some smoother roads for you from here mate !

Cheers

Sheldon

Jeff - I think what you are feeling happens to those of us you ARE passionate about our business. Things often do not go the way we want or expect these days - there seem to be more disappointments than not. All we can do is the best we can and keep smiling, even when we don't feel like it (or at least in public and when dealing with clients). It's hard to keep in persctive that SOME things are beyond our control, no matter what we do, and we cannot take responsibility n those cases. But it's hard to not take it personally. I'm sure your clients appreciate all that you do even when things do not go the way they want.

Jeff

Jeff - get some sleep, knowing that you not only did your best, but you did a better job than anyone else would have or probably could have. Wether they appreciated you or not. And it wasn't for $$ - it was because that is how you work.

Jeff, very hard when you are passionate about your work not to take it to heart. I don't know how. I don't like delivering bad news, yet I do it as fast as possible. And then I go over and over it in my head, trying to make sure I did everything possible. I usually don't feel so good about it either.

I wear my heart on my sleeve too, nothing wrong with that!

Sometimes you just have to accept it that some people will never know how lucky they were to have you on their side. I've been there. It hurts but that's life. At least you got a couple of commissions. Sometimes you do all of that and end up with nothing.

Jeff: Right now everyone is feeling very touchy because our industry is in such a huge upheaval..

Rates went way up (as you pointed out)

Late closings from issues beyond our control, but Realtors only have us to blame (see Bill's comment)

Ridiculously long turn times

I have literally spent thousands of dollars extending locks myself and not passed this cost on to the client...

Please hang in there. I feel for you and have been there.

Next week will be better.

PollyAnna has spoken.

JUN

WILLIAM aka Bill...... I think I get your point... lol Seriously, I have accepted this a long time ago. As I mentioned, I wrote this for therapy and also to maybe make some aware of who we are and how we take things. thanks for the feedback.

RUSS.... . don't get me wrong, I still made something, but I did lose some of my profit. My goal is for a lasting relationship and possible referrals. All I was trying to say is that I could have backed both clients into a corner, just to keep my original profit. But I didn't.... thanks

DARRIN.... . Vince Lombardi always did have some great quotes. And yes, I am sure we will hear more about this from others... thanks

CHRIS & STEPHANIE.... . yes, we do hope it comes back to us and that we make more in the future. I know this has backfired on me in the past... but hey, I just won't change myself and my ways, just to be like everyone else or to make more. It's just not what I believe in and how I would want to be treated. Overall, thanks for the kind words and compliments.

PAT.... . bring it on baby,... show me the way. ;o) And yes, it would all fall into place, because I believe the same. And thanks for the virtual hug.

SHELDON..... I have always believed that it should come around, even though it doesn't always. And yes, it was weighing heavily on me in the last 2 weeks. Probably the worst ever for me since I started in 1992. And yes, it is the integrity that keeps me going. Thanks for the kind words and for the comfort per se.

JEFF D. ..... . I would agree with this and I think many of us who are passionate would say the same. And yup, I try to keep smiling at most times. Thanks for the feedback.

VIRGINIA..... I am still awake... lol Because I do still think about this kind of stuff, until it's officially over. And yes, now you know me... lol That is how I work. ;o) Seriously, thanks for the kind comment.

ANDREA...... I never like delivering bad news. I don't think any of us do. What I find so ironic though is if I deliver bad news as soon as, right when it happens, that I get beat up more and longer. I can see why so many loan officers wait until the day before settlement. No, that method is not right, but you hear more stories of closings being canceled the day before or the day of. I just wish more people would respect those that give bad news 2 weeks prior to a closing and or when it's found out. Thanks for the support.

TIM... . I do accept it and I still work the same way, knowing that it could happen at any time. There have been times that I didn't make a cent, just because of something else, but I didn't hold the borrowers closing as ransom. thanks

JANET...... I think touchy is sometimes not the right word... lol Almost like a riot like attitude... lol And hanging in there? I have been hanging in there for years, so why quit now, right? ;o) Thanks for the support.

I know how you feel. That doesn't help but I get it.

Kudo's for you for hanging in there. Some things we can control and some we can't. Regardless we get blamed when we can't.

It is about them not us. That is all they care about.

So I have one home come under contract this week, I am the second Realtor in, and had it reduced 10K before listing it. They think I'm great.

Second home, priced right, very few showings. I can tell they are frustrated and probably at me. Even though I have gone out of the box with some advertising I don't normally do.

tough times eh Jeff?

we don't get appreciated or compensated nearly enough for the miracles we have to do these days. Not only do we have to be all knowing but we have to be able to accurately predict what changes are coming and shield our customers from them. It's impossible Jeff- just keep doing the best job you can and stick to your principles. You work for the customer and I know you strive to do right by them in all cases. That light guides you well- keep it up.

You know what I just ran into? Bank owned sales down here just recently decided to not allow occupancy until their title companies receive original docs. Since most of these closings occur as mail aways, and since most closings get scheduled for Fridays, I have a number of customers being denied access for the weekend they planned to move.

BTW- last month and before this wasn't an issue- this month I had 4 deals affected by it and all of them were different bank sellers/title companies. Amazing how fast things evolve in this market.

The first one caught me by total surprise. The next 3 I was better prepared for. Now I know to schedule bank owned closings with a delivery date instead of a closing date in mind.

and remember, anything that goes wrong is our fault!

but that look on the young couple's faces as they know they've realized their dream, and the heartfelt thanks at the closing table makes it all bearable...

That's what we work for buddy, isn't it?

Gerry Suarez, Jr.

Your FHA Loan Pro!

Jeff,

Of one thing I am sure is that putting integrity first is a win/win. Wish it had happened more often, we might not be in this "exact place". All we can do is move forward knowing this and take home each day a sense that service was provided without sacrificing honor, ethics, integrity.

You have done well, but I hear you, these things can weigh on the mind and the soul. Especially when there are those who so easily bend, twist, lie, stilll, still...but now your integrity is a badge you wear well and you Mr. Belonger are

the FHAexpert.com superstar.

JUN

Jeff - I'm experiencing a similar instance with one specific deal. I've said it before, those that make it through this atmosphere will make it through any atomsphere. I can identify with this post very much.

JUN

Jeff - We all are looking a bit battle weary these days and it takes a real fire in the belly to keep looking for the right resolution. You are a committed loan officer and should hold your head high when dealing with any client and/or agent. May has been a tough monthfor all of us and I know that there will be tougher months ahead but if you love what you do and are committed to helping the client it will all fall into place.

JUN

You know what, Jeff? Everyone I have spoken to lately agrees that while we are all very busy, every transaction is REALLY HARD! Just do your best, do the right thing and it will work out.

And take some time out/off to regroup and get your perspective back...

JUN

Jeff, I'm late to the post and sure hope you're feeling better now! I DO wear my heart on my sleeve and my clients know I will do whatever I can to help them but the difference is I don't get yelled at and they DO appreciate everything I do. I'm sorry to hear it's not like that in EVERY profession, especially when you put so much into helping others.

MISSY..... I think many of us will agree in your statements. Unfortunately it is about them and I am getting angry about this now, because what even happened Friday and Saturday, that I am not putting up with it anymore. We can't win them all over and I refuse to be walked all over, just because someone just cares about themselves. If I have a family emergency and I told by the realtor that I could have at least texted them... LOL Done, totally done with those people, especially when they can't even ask me if everyone or everything is okay... not even thought. So you know what, why should I care so much towards them, especially when I won't get a referral anyhow. Sad to say this and think this, but I am human, have a life, and as you stated, some things happen that aren't in your control. thanks for the thoughtful comment.

GERRY...... you could say that again... that we don't get appreciated and nor do we get compensated. Should we? Probably not, but damn, treat me like a business and not the end result to your PAY CHECK, as this is the case. Clearly this realtor just doesn't get it and I can safely assume this because of her direct comments. End of story. ;o) thanks for the thoughts.

REBECCA.... . I agree 110%, that if more people would put integrity in the business plan, we might not be as deep in this mess as we are now. I wrote about some of this over the weekend, in regards to integrity. Please read : Some loan officers just blatantly lie...!!! Overall, thanks for the kind words and statements... much appreciative. thanks

JASON.... I know, I remember talking about some of it. ANd I agree, those that truly make it through this, will be there and be extremely strong. But it certainly is very tough now. thanks for your support.

LAURA.... . well, I have learned a little more about myself and it's because of these 2 situations. I won't change who I am and how I want to help others, but I will be careful to allow them to treat me like dirt. As mentioned before, end of story. ;o)

HOLLY.... . not every deal is hard... yes, there are some and many, that are really hard. But it's those that scream at you, expecting that anyone can fix these certain problems, which is not usually correct. Just because another loan officer says so, doesn't mean it can be fixed that easily. And they will not usually know until the time they try to close that loan. Overall, I do and try my best and I just won't allow people to treat me otherwise. And I won't let them get to me as much now... and yes, plan on taking some time for myself. But just had a family emergency this weekend. And I just didn't make myself do business all weekend. Family first. thanks

CAROLE.... . don't worry about being late to this post. And yes, I can sense that you wear your heart on your sleeve. I was feeling better until there was a family emergency this weekend, starting Friday night. In any case, thanks for the kind thoughts and for stopping by.

JUN

Jeff: I want you to be my lender, good job. Almost every deal I have these day are a struggle to get them to appraise. What can be done?

JUN

Jeff,

I needed to hear that. I have been in a lull myself. I will be bringing on an assistant and I have been feeling like things have been out of control. Appraisals, media, and on and on. I decided last night to "sac it up" and get back to my plan. I will keep moving forward no matter what is put in front of me. It sounds like you are doing the same and I applaud you for that. It's difficult mentally to be in a business like lending or real estate right now if you do care about people. They don't know what is going on with all the daily changes and sometimes we don't either. The approach of meeting things head on is the only way to do business!!!!

Thank you for posting your thoughts!!!! Keep moving forward!

Tucson Marshall

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