Are You Being Rejected?

Mortgage and Lending with

I recently got an email from a person saying their biggest fear is being rejected. 

Now, what I'll write about today may shock some of you because it may be a bit contradictory from what I've previously wrote.  BUT, I'll ask you to stick with it till the end before you make a judgment.  

I've always said that your biggest job as a Loan Officer is not to sell the mortgage product, but to sell YOU.  Your clients are already coming to you to get what you're selling (a mortgage), you just need to sell you to the clients. 

So, that being said, when someone tells you "no", there may be a self esteem issue going on.   

Traditionally, folks will tell you that when someone is saying "no", they are not directing that to you, it's the product or the "opportunity".   I'm here to tell you, in the mortgage business, they are saying "no" to you.

Now, don't freak out, you need to understand this concept before you get bent out of shape.  

In this business, everyone sells the same type of products, mortgages!  Some Loan Officers claim they have lower rates than the others, some claim they have lower closing costs than the others.  We all have our opinions whether this is true or not, so that issue will not be discussed. 

If everyone has, basically, the same "stuff" to market, what else is there?  It's the company your work for or it's you.   Using that logic, it's safe to say that yes, YOU are being rejected when someone says "no" to you.  

Instead of having the "oh woe is me" feeling, you need to develop the "who's next" attitude. 

Think of it this way, have you ever went to a store to buy something and the feeling you had wasn't exactly positive?   Then you went to another store to buy the exact same thing and it "felt right"?  Believe it or not, everyone has experience that feeling at least once in their life and that could be what went on in your situation. 

The bottom line is, you can't please everyone all the time, so don't feel like you have to.  Just because someone doesn't get a mortgage from you shouldn't get you down.  At least you know your marketing efforts worked because that person came to you.   Feel good about that because now you know you can attract folks, which is what we're wanting to do to begin with.  Eventually, you'll attract the right folks and your business will grow.


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Gary Hehemann

I read a good book called "Start With NO" by Jim Camp.  He talks about not being Needy and begging for the deal.  If you are needy clients can smell it a mile away and either knock you down on your price or go with another lender.  He talks about working on the things you CAN control.  You cant always control if the client goes with you or not but you can control your actions by having the who's next attitude.  If I dont get the deal I dont worry about it I just think about who's next.  It has really helped my sanity.




Jul 22, 2008 04:46 AM #1
Christina Ewing
Perl Mortgage - Chicago, IL

They key is to have a business strategy based on building MANY relationships, and not just a few. Once I got that sort of confidence where my future in the business was contingent on one (sometimes tough) deal, I could sit back..relax...and sell my butt of!

Nice Post!

Jul 27, 2008 11:48 AM #2
James Wexler - Scottsdale, AZ

most of the mortgage guys I know have to know get back on the phones and call for business. You can not have a fear of rejection these days or its time to find another line of work

Aug 09, 2008 06:13 PM #3
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