Summary:
Recognizing and eliminating time-wasting activities is pivotal in effective time management and self-empowerment. Time is a precious, limited, and non-renewable resource; it is irretrievable once it is gone or wasted. Taking control of your time can instill confidence and authority in your professional journey.
Empower yourself by recognizing the resources that can magnify the value of your time. Whether you hire assistants or utilize technology-based programs, such as time-tracking apps or project management tools, you can control your time and resources, leading to more efficient and productive work. This control is about managing tasks and taking charge of your professional journey, feeling empowered and in control.
Planning the use of time and the relative importance of each daily activity has been a key practice for thousands of years, ensuring you're always prepared and organized.
Organizing daily actions and choices through personal planning or technology-driven methods allows us to accomplish more by leveraging our time. This process, deeply rooted in individual accountability and self-sufficiency, is a key factor in controlling our time and resources. It fosters a sense of accomplishment and productivity, making you feel successful and in control of your professional journey.
Article:
I'd like you to approach every new business transaction expecting to handle issues, solve problems, close the loan, and earn a fee. By proactively working to remove delays, setbacks, excuses, barriers, and misrepresentations, you are not just managing the loan process but empowering yourself and taking control of your professional journey.
Time is precious and not recoverable:
Please don't waste your time on others' affairs unless they ask for help. It will sap our energy and focus. Staying focused and avoiding unnecessary distractions is crucial to maintaining a determined and goal-oriented mindset. This focus and determination will keep you on track and make you feel more driven in your professional journey.
Study the motives of others to ensure we are getting a fair deal rather than a one-sided one, in which we are on the giving end, and they are on the taking end, with little to offer in exchange.
Receiving or giving unwarranted opinions, which are unsolicited and often unqualified, is a sign of superficial relationships. It's important to recognize these and not let them influence your decisions or actions. Instead, focus on seeking and providing constructive feedback in your professional interactions.
Those who offer unwarranted opinions generally have subversive motives.
Those who criticize us generally have nothing to back it up.
Getting angry is a destructive emotion that can cloud our vision.
< UNK> Maintaining a professional and patient demeanor ensures you are respected and valued in your professional interactions. This enhances your professional image and makes you feel more respected and valued in your interactions.
Please don't waste time on social media unless it is a vehicle to accomplish our goals, primarily making money. Otherwise, time spent will make us irritable, depressed, and anxious. It is a bottomless pit, a deep reservoir of strangers' likes that brings nothing to your life besides the immediate gratification of appearing popular.
Social Media platforms are the ultimate frenemy. They are designed to get our attention and cause us to become addicted while raking in advertising dollars. They use algorithm betrayal to stimulate us to follow their golden goose.
Their problem is that the consumer has dozens of options and may search out alternative media platforms to seek the truth.
Stay focused on your goals while deflecting all-time wasters.
It's crucial to save your 'idol time', or the time you dedicate to yourself and your family, amidst your professional commitments. This balance is essential for your well-being and can also enhance your productivity and effectiveness in your professional life.
Each example is named after a Rock and Roll group or one of their songs:
I can't get any satisfaction.
A loan broker calls or emails about a loan request but lacks knowledge about the proposed loan transaction. The broker offers no information about the borrower's qualifications or relevant details about the security property.
Why do some mortgage brokers merely transport a file with no inquiry? The loan broker's role is not just to pass on the package but to collect the data and reasonably assess all the material facts with the idea of full disclosure. This means providing all relevant information about the borrower's qualifications and the security property. Upholding this principle of full disclosure is a fundamental aspect of a loan broker's role and a mark of responsibility and trustworthiness. It informs the borrower and empowers them to make the best decisions, ensuring they are fully informed and in control of their financial choices.
Problems to work through:
Hang on, sloppy:
Sorting through a sloppy loan package submission is time-consuming. The borrower's loan broker is eager to complete the loan so they may accept a minimally completed loan application without complete financial data.
As a loan broker or agent, it's crucial to ensure the accuracy and completeness of the loan application to avoid potential issues down the line. Incomplete applications can lead to significant problems, and it's your responsibility to prevent them. I know these potential pitfalls so that you can navigate the loan closing process more effectively. You'll be careful, pay attention to detail, and be diligent as a loan broker.
The borrower was infatuated with inflated valuations:
Is time spent sorting out Pie-In-The-Sky property valuations? A few borrowers have illusions of grandeur when suggesting the value conclusion of their collateral property.
A few appraisers will complete an appraisal with inaccurate data, including dissimilar comps, improper adjustments, mismatched data, and plain, messy quality. The funding lender may pull a property profile and go online to analyze comparable(s) and value conclusions, only to be disappointed. A borrower's broker should have done this upfront, which would have saved time and aggravation.
Money for nothing and profits for free:
A borrower has little or no stake in the game. Many borrowers purchase a property with little or no down payment. The new owner then borrows rehab money from a fix-and-flip lender to improve the property.
When they come to you, their loan request is intended to refinance the purchase money first loan and have the rehab debt rolled into one new replacement loan. The borrower owns the property but has no capital at risk and could walk away as the market goes down.
Foolish games:
A loan request based on future rather than current property valuation and current equity is a 'foolish game' that some borrowers play. Future value is speculative and cannot be relied upon. For instance, a borrower might overestimate the future value of their property to secure a larger loan. This approach can lead to unrealistic loan amounts and potential defaults. The idea that a property will increase in value cannot be relied upon unless the lender's business model is to make loans based on hypothetical future value, such as construction and fix-and-flip loans. The business model is acceptable if the risks are priced into the loan. However, if the future value is overestimated, it can lead to a situation where the borrower cannot repay the loan, leading to potential defaults and loss for the lender.
A real estate loan secured by a lien on the property is usually funded based on current protective equity. The market value less the lien(s) equals the value of the protective equity. A loan request that does not contain significant protective equity at the origination will leave the lender at risk of the borrower defaults:
Supercilious and obnoxious fruit cakes:
Pushy and condescending borrowers! Some people love to show disrespect by pretending they know how the business works, but you don't. For instance, they might dismiss your expertise or demand special treatment. The term supercilious comes to mind. They behave as if they are better than you and that your opinions, beliefs, or ideas are not necessary. They feel you are beneath or of lesser quality because they have more experience than you. They may have little or no experience, but you have 10 to 50 years in the trenches. The opposite of arrogance and superciliousness is insecurity. Of course, you don't need any documents. This is hard money. Do you understand the business?
It's crucial to remember that treating everyone you meet with dignity and respect is not just a courtesy; it's a professional standard. Unprofessional behavior, such as belittling others or dismissing their expertise, undermines the trust and cooperation essential for successful loan transactions and reflects poorly on the individual. By maintaining professionalism and open communication, you foster an environment of respect and collaboration, making everyone involved feel more respected and valued and ensuring that the industry's professional standards are upheld.
Silence is not golden:
The borrowers go from interested in obtaining the loan to wishy-washy, silent, and too dark. This behavior can lead to delays and misunderstandings, potentially derailing the loan process. They do not return phone calls and seemingly disregard the service provider's time value. The quicker this loan goes on hold (or into the trash bin), the less time is wasted. Processing and underwriting staff should focus on transactions most likely to close.
The Grateful Dead:
This situation is called 'The Grateful Dead' in the context of loan transactions. It's a situation where the loan broker should have known that the transaction was unfeasible and should never have presented it but still pressures the funding broker to approve and fund the loan. If the loan defaults, this can lead to wasted time and resources, potential reputational damage, and financial loss.
In most cases, saying no to a loan broker who should have known the transaction was a loser and should never have been presented is problematic. The loan transaction, borrower, and collateral property have no chance of success. Still, the loan agent pressures the funding broker to perform supernatural miracles to approve and fund this (POS) loan. Most mortgage brokers are highly professional and always submit complete packages with full disclosure in mind. They understand the bifurcation of being a good fiduciary for the borrower and maintaining a professional approach while dealing with the lender. Could you seek out those professionals to work with and make a mental note of the others?