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Free Report by Jon Esposito, |
Index  Spotlight Article Articles by Dave Hershman |
| Managing In The Mortgage Maze |
| January 07, 2008 | ||
I can still remember being promoted to manager of production at my mortgage company some twenty-five years ago (of course, I was 12 at the time…).  I had just produced and closed almost 600 loans in my first eighteen months on the street. As a matter of fact, I produced more than the whole company had produced the year before I started. So why not make me a manager? What does a manager in the mortgage business do? I sure did not know. So I called the Mortgage Bankers Association of America and asked them to send me any books they had on mortgage management. There were none. They had a bunch on secondary marketing and more on underwriting. But management—that is something you just did. So within two years I had written the first text on management for the industry—Managing a Branch Office. It was published by the MBA. Now I was an expert and heading production for an even larger company. And teaching at MBA management conferences. Fast forward twenty-plus years later. My MBA book is now out of print. That is the ultimate acknowledgement of my age—having books out of print. No matter, I have written the sequel and self-published. But the point is—there is no more direction now for a manager in the mortgage industry than there was twenty-five years ago. What does a manager do in the mortgage industry? Theoretically they produce their own loans as well as recruiting, training and coaching a sales staff. If they also own their own firm, they may be doing accounting and a host of other administrative jobs. If they work for a large company—they could have tons of company meetings, reports and conference calls. The problem is that every one of these tasks represents a full time job. So in reality what the manager does is produce their own loans, beg people to work for them, hope they will train themselves and fire them if they don’t work out. Sadly, the manager’s time is typically spent fighting fires started by recruiting the wrong people and not training them. Or just ignoring the problems while they close their own pipeline. Doing two or three full-time jobs for a living is very, very tough. It is even tougher with no training and no direction. I am here to give you five very clear-cut rules for successful management in the industry (or anywhere, for that matter). They follow very clearly the outline of my book and training on the topic—
After spending over twenty years training managers, I have decided that is time to take a comprehensive approach to helping managers accomplish these tough tasks with less stress. Less stress is a worthy goal for every manager. And it starts with a comprehensive recruiting plan. That is why Mike Baker and I present the National Mortgage Management Conference two times per year. If you would like more information regarding this conference—email me at This e-mail address is being protected from spam bots, you need JavaScript enabled to view it It is time someone started treating mortgage management as the discipline it is—instead of a place to retire high producers such as myself. ABOUT THE AUTHOR Dave Hershman is the leading author and a top speaker for the mortgage industry with six books—including two best sellers for the Mortgage Bankers Association of America. His mortgage school is the only comprehensive advanced curriculum in the industry. For a schedule of classes, free marketing samples, speaking information and articles by Dave, visit www.originationpro.com or call 1/800-581-5678.
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