My first year as a mortgage broker was quite an experience from going to beautiful restaurants for lunch with CPAs to meeting with developers to 3 hurricanes within 6 weeks. What a year!
My first year as a mortgage broker was actually my second year in the mortgage industry. My first year I made $12,536 as a loan processor (you can read about that year in my blog below). It was a an up and down year from closing my first mortgage that I originated, to meeting with CPAs and developers for referral sources, to having 3 hurricanes hit my home. This blog entry will give you a glimpse into what that year was like for me.
I started the year completing my licensing course and passing the state exam. The course was pretty easy (way to easy if you ask me) and the test wasn't that hard either, but I was on my way to closing my first deal. That blog is below too - so I wont go any further here as I don't want to bore my subscribers.
I spent quite a bit of time in my first year trying to find other referral sources besides my friends and family. I started "cold calling". Someone once told me that "cold-calling" is "God's gift to people who don't have enough referrals". I think that saying makes "cold-calling" sound too nice - should be the "devil's gift" if you ask me. Anyways - I am getting sidetracked - back to the topic at hand.
I was very fortunate that the broker I worked for knew quite a few people and that really helped. My broker went to Dr. Phillips High School and was talking with a few of his friends. One was a CPA and we met with him and things started to pick up as he would help get us out to meet with his clients. From there we ended meeting a gentleman who knew a developer that was going to get started on a project of about 20 homes in Dr. Phillips. That deal never came to fruition, but it was exciting to see that we had chance.
I of course continued to cold call. Really that should be called "cold driving". I went down to Winter Park and literally stopped every time I saw a RE broker sign or a Financial Planner sign on the street. It actually worked! I started picking up business of my own and it was a great feeling that people had confidence in me as it allowed me to have more confidence in what I was doing and that was reassuring to both my wife and I. That was until the hurricanes hit.
Charlie, Frances, and Jean. They may sound like names of your high school friend, grocery store clerk, or someone else you know. To me they are what changed my career path and made me realize how fragile life can be and how fast things can change.
The first hurricane was Charlie and it came very unexpectedly. I went to the office on Friday and arrived at 8:00AM that morning to finish up a file that was closing the following week. My broker called around 9:30 and asked what I wanted from the liquor store. Confused?!?!? "Why are we drinking?" He informed me that hurricane Charlie was heading for Orlando and the track of the hurricane had changed overnight. I had lived in Orlando for 7 years and never had even come close to living through a hurricane hitting near my home. I stayed at the office until noon that day. Yes I did have a screwdriver before I left and went home to get things around the home ready. The first bands hit around 1:30PM and it didn't stop until 4:00AM the next morning.
The next 2 hurricanes were very dramatic, but I only remeber bits and pieces of when they hit. I guess like most things - you remember your first time more than the 2nd and 3rd time.
The hurricanes caused a lot of strain on my income that year. The loan that was supposed to close the following week after Charlie ended up needing an appraisal review and then another review after Frances hit. Charlie and Frances were only 2 weeks apart. I didn't make a penny for 62 days from the 3 hurricanes and some of my clients were very upset that I couldn't close their loan on time which lead my referrals sources to also stop sending business my way. It wasn't my fault - the lenders wouldn't close if a hurricane was on the radar and they wanted all properties to be rechecked every time one came through.
I decided that I enjoyed the mortgage industry and realized that if I was going to stay in it that I would need to get into a different position - thats when I decided to become a wholesale account executive.
That's for another blog though.
Hope you have a wonderful and prosperous day!