Private offices for mortgage brokers, once a common thing, are becoming obsolete.

You already know why: mortgage companies, just like my former company, are closing and/or consolidating locations in an attempt to slash costs in this continuing credit crisis. So many people have left the business, and so much work can be done from the Internet, that the whole concept of the big private office seems old fashioned and outdated.

I found this random photo showing just one corner of my "old" office. That silver car on the second shelf was eventually stolen during a break in to the building. Why they wanted a pewter Jaguar and nothing else in my office remains a mystery.

The mortgage business is dumping the last shreds of evidence that there ever was something called "The Boom Years". Cubicles and home office, here we come. Ego, please step aside so we can get to work.

And this is a good thing.

The luxury of a private office was born in a different era. Remember? The underground garage was stuffed with European luxury cars that guzzled gas. Bank reps (now long gone along with their companies) were always lurking in the halls, stalking any subprime loans we mortgage brokers might have laying around our desk (at the bottom of our pile of loans).

The kitchen was full of food 24-7, gifted from title companies. We went out to lunch every day and justified it by telling ourselves we were going with Realtors, or clients.

The truth was, we mostly just went with each other. In our big cars. Then waited 45 minutes for a table. Who cares? The boom was on.

And then there were those offices, which now seem as out of sync as driving around a big gas guzzling SUV. It only took me, as a rookie, a few months to earn my first private office. I actually rebelled against moving in that office. I was learning so much from just being out in the open and listening to everyone else,  that I encouraged the owners to use that office to attract a more experienced person.

They refused, and insisted, so of course I moved in.

Looking back, there were only 2 benefits to the private office:

1. Those subprime reps finally thought I was a "real" loan officer, and not a processor. "Real" loan officers sat in private offices, not out in the open like processors. 
2. The ability to have quiet time by closing my door.

Please note: I did not consider the ego boost normally associated with a private office to be a benefit. This is because I had owned my own business for 20 years prior to the mortgage business, and had already gone through the "Wow, I have a corner office with windows" phase.

Here's the truth: There WAS no benefit that out-weighed all the advantages of sitting out in the open, and feeding off the energy of my surrounding co-workers. I knew this from something that happened at the auto leasing company years ago.

Because our suite was being remodeled, we were crammed into a temporary office down the hall for several months. We stressed over how we could possibly survive not having our private offices. We thought we were being robbed of our "space".

Guess what? Within just a few weeks, business was booming, and we were having the time of our lives working in the little tiny space.

Energy turned into synergy when we were all so close together. Ideas were shared. Concepts were challenged. Teamwork was fostered. It was easier to focus. Together, we celebrated even small victories, and consoled each other on the down days.

By being forced to listen to others, we could quickly recognize what worked and what didn't and adopt new scripts and phrases. Everyone felt competitive and challenged, and we all couldn't wait to start working each day. New business rolled in. Clients could literally feel that energy and drive we were all feeling and it was downright contagious.

It was the exact opposite of what we had expected.

And so I have come full circle, and in my new  mortgage, company I work in a large sunny office with 3 other people, a computer, a phone, a couple of drawers, and a highly energized atmoshere. I can work for hours there and never lose focus.

In my old company I worked in a large sunny office, all by myself, with a big desk, ceiling high plants, a bookshelf full of my personal memorabilia, big cushy chairs for clients, artwork everywhere, and multiple file cabinets. Trying to focus was a challenge and the desire to leave that office after a few hours was nearly insurmountable.

To some people success will always mean closing the door, putting your feet on the desk and staring out your office window.

Here in the mortgage industry, its a brand new day. We have shed our private offices. Conventional wisdom would say we have taken a step backwards, and are being forced into a lesser environment.

Why then, do I feel like I have been promoted each day when I walk into my new office?

Written by Janet Guilbault, Mortgage Lending Expert Based Out of the San Francisco Bay Area